PMI Gold Corporation is an international gold company which is focused on developing a substantial West African gold business spanning three strategic project areas in south-west Ghana - in the heart of one of the world's most prolific gold producing regions. Our strategic objective is to become a West African gold producer, initially by mining at the Company's flagship Obotan Gold Project, located within the Asankrangwa Gold Belt.
Obotan was propelled into the investment spotlight in late 2011 with the release of a major increase in resources. In April 2012 PMI announced an updated independent NI 43-101/JORC compliant resource inventory for Obotan, which formed the basis for a Feasibility Study.
The independent NI 43-101 Feasibility Study demonstrated a robust and viable project at Obotan with key highlights including a pre-tax NPV of US$614 million, an IRR of 35% using a US$1,300/oz gold price and 5% discount rate, and Proven and Probable Ore Reserves totalling 34.2Mt at 2.1g/t Au for 2.43Moz across four deposits.
The operation is forecast to produce on average 200,000 oz a year for the first five years. Total production is estimated at 2.26 million recovered ounces over an estimated 11.5 year mine life, with life-of-mine project revenue of US$2.9 billion and forecast life-of-mine cash operating costs of US$626/oz.
The strong economics of the Obotan Project provide a solid investment case, with commencement of construction targeted for Q2, 2013, to achieve first gold production in H2, 2014.
Click here to access further information on the Obotan Gold Project and PMI's other project areas in the Asankrangwa Gold Belt and the Ashanti Gold Belt in Ghana.
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