Xanadu Completes Scoping Study for Kharmagtai Project

Xanadu Mines (TSX:XAM,ASX:XAM) has completed a scoping study for its Kharmagtai open pit copper-gold project in Mongolia.

Highlights from the press release are as follows:

• Scoping study completed for Xanadu’s Kharmagtai open pit copper and gold project, confirms the company’s strategy to explore for high-value large copper porphyry systems in Mongolia;

• Based on results, the company will progress additional drilling at the project and proceed with more advanced mining studies;

• The scoping study was focussed on open pit mining only and should be considered an interim study – leaving a great deal of potential upside development opportunity;

• The scoping study identifies important opportunities for further upside both from extending the life of the open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near surface at several locations; and

• Underground mining targeting the high-grade Stockwork Hill and Copper Hill deposits has not been considered in this study but represents a clear and compelling path to further value creation and the ability to expand into a larger project within the current and any future mineral resource upgrade.

Andrew Stewart, Xanadu managing director and CEO, commented:

“The open pit scoping study clearly demonstrates that the Kharmagtai copper-gold project is one of the leading development assets globally today. The scoping study indicates the potential to develop a low-strip ratio open pit mining operation in an accelerated time frame, with rapid payback of the life-of-mine infrastructure for future open pit and underground mining operations. Whatever lens you look through, whether it is value, strip ratio, cost, mine life, production profile or scalability, we believe Kharmagtai has the potential to be an outstanding project.”

Click here to read the full press release from Xanadu Mines.