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Excellon Resources Inc. (TSX:EXN) announced updates to the optimization plan for its Mexico-based Platosa silver mine. It outlines a simplified dewatering solution for the mine.
Excellon Resources Inc. (TSX:EXN) announced updates to the optimization plan for its Mexico-based Platosa silver mine. It outlines a simplified dewatering solution for the mine.
As quoted in the press release:
During recent months, Hydro-Ressources Inc. and Technosub Inc. of Quebec, Canada continued to refine the Optimization Plan, resulting in the following positive revisions:
- Reduction of capital expenditure to $6 million, to be incurred in stages over ten months, a 40% reduction from upfront capital required in the original plan ($9.9 million)
- Elimination of costly surface dewatering wells, instead using underground drain wells as the primary method to achieve drawdown of 3.8 metres/month
- Immediate energy savings through increased pump efficiency
- Installation of high efficiency pumps and underground drilling to begin immediately
Brendan Cahill, president and CEO of Excellon, commented:
Further trend analysis over recent months has allowed us to develop a far less capital intensive optimization plan for Platosa. We can now implement the plan using only underground wells, eliminating the need for surface wells and saving $4 million in upfront capital expenditures. Capital raising in this environment has been challenging, but with the funding now in place, we have a clear path forward for increasing production and lowering costs at Platosa.
Click here to read the full Excellon Resources Inc. (TSX:EXN) press release.