PMI Gold Corporation: Obotan Gold Project Feasibility Study Demonstrates a Robust, Viable Project, Poised for Development
28 Agosto 2012 - 3:00PM
Marketwired Canada
PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES
Highlights:
-- Independent NI 43-101 compliant Feasibility Study confirms a financially
and technically robust mining operation at Obotan, with key outcomes
including:
-- Pre-Tax NPV of US$614M and Post-tax NPV of US$387M, assuming a
US$1,300/oz gold price, 5% discount rate and contract mining
scenario (consistent with January 2012 Pre-feasibility Study)
-- Pre-tax IRR of 35% and post-tax IRR of 28%
-- Capital payback period of 2.9 years
-- At current prices of $1600/ounce,
-- Pre-tax NPV rises to US$1.07B and post-tax NPV to US$686M
-- Pre-tax IRR of 54% and post-tax IRR of 43%
-- Capital payback period of 2.0 years
-- Average production of 221,500 oz Au pa over the first five years
-- Total production of 2.26 million recovered oz Au over the 11.5 year
mine life
-- Life-of-mine Project Revenue of US$2.9 billion
-- Estimated average life-of-mine cash operating costs of US$626/oz
-- Increased Proven and Probable Ore Reserves of 34.2Mt at 2.21g/t for
2.43Moz of gold across four deposits. This is a rise of 170,000 oz
from the January 2012 Pre-feasibility Study.
-- Capital cost estimate of US$296.6M including a pre-strip mining cost
of US$82.2M
-- Feasibility Study completed with a high level of cost estimates based on
firm tenders from suppliers, and quotes from five mining contractors.
-- Final Investment Decision (FID) on track for Q4 2012, with interim Board
approval to expedite engineering designs of key long-lead items.
-- At the end of July 2012, PMI had US$39m cash.
-- Environmental studies, Mining Lease Application and other statutory
approvals on track to be finalized during Q4 2012.
-- A select group of leading international banks have provided detailed
indicative offers to deliver debt financing facilities for the
development of the Obotan Project.
-- PMI continues to focus exploration on tenements close to the Obotan
Project, and the Kubi and Asanko exploration projects which offer
potential to become future production centres.
-- Together with Obotan, these centres support the Company's medium-term
objective of becoming a mid-tier West African gold producer.
PMI Gold Corporation ("PMI" or "the Company") is pleased to report positive
results from the independent NI 43-101 Feasibility Study on its flagship
100%-owned Obotan Gold Project in Ghana, through its wholly-owned subsidiary
Adansi Gold Company Ghana Limited ("Adansi"). The Feasibility Study has outlined
a strong and viable gold project based on a gold price of $1300/ounce that will
form the cornerstone of PMI's emerging West African gold production strategy.
The strong economics of the Obotan Project provide a solid investment case with
the commencement of construction targeted during Q1 of 2013 to achieve first
gold production from Obotan in 2014, conditional on obtaining all statutory
approvals, Board Approval, and the finalization of financing arrangements.
The Feasibility Study commenced in the January 2012 Quarter and was completed by
GR Engineering Services Limited ("GRES") with support and input from a range of
internationally renowned consultancy groups including SRK, Orelogy, Knight
Piesold and AERC. Cost estimates have been based on quotes from five mining
contractors and firm tenders received from suppliers.
Further details of the Feasibility Study include:
-- Increased Proven and Probable Reserves of 34.2Mt at 2.21g/t for 2.43Moz
of contained gold has been calculated. This represents a 13% increase in
tonnage and 8% increase in contained gold compared with the maiden
Proven and Probable Ore Reserve in the January 2012 Pre-feasibility
Study (30.3Mt at 2.32g/t for 2.26Moz of gold). A 4.7% reduction in grade
has been offset by the conversion of additional Inferred Resources to
Indicated Resources then into reserves as a result of successful in-fill
drilling programs. There are additional Inferred Resources within the
open pit which have not been included in the Ore Reserve but which may
be converted in future.
-- Life-of-mine production of 2.26M oz of recovered gold over an initial
11.5 year production life (exclusive of 1 year pre-strip operations).
The waste-to-ore ratio has been reduced from 7.6 in the Pre-feasibility
Study to 6.4 (including the pre-strip). Post pre-strip, the life of mine
strip ration drops to 5.6:1.
-- Life-of-mine average cash operating costs are estimated at US$626/oz
(excluding royalties, refining costs). Total cash operating costs are
estimated at US$722/oz including royalties and refining costs,
positioning the Obotan Project at the lower end of the global cash cost
curve.
Commenting on the Feasibility Study results, PMI's Managing Director and CEO,
Collin Ellison, said:
"We are very pleased with the results of the Obotan Feasibility Study, which
clearly demonstrates the potential to develop a robust, long-term mining
operation capable of delivering strong investment returns that will form the
cornerstone of our emerging gold business in West Africa.
"We are currently continuing detailed design and engineering work, as well as
assessing options to optimize capital and operating costs while we continue
discussions with potential project financiers. This puts us firmly on track to
make a development decision during the fourth Quarter of 2012, paving the way
for us to secure project finance and commence development early next year."
"A select group of leading international banks have provided detailed indicative
offers to deliver debt financing facilities and we are currently assessing these
offers in conjunction with our advisors, Optimum Capital Pty Ltd, in order to
determine the best combination of debt and equity funding to underpin project
development. The Company has also made excellent progress with the statutory
approvals process and is well placed to finalize its environmental approvals and
secure the grant of a Mining Lease during the fourth Quarter of 2012.
"PMI is assembling a highly skilled technical team with extensive experience in
developing gold projects in West Africa. This team will realize the Company's
broader corporate objective of creating a substantial mid-tier gold producer in
West Africa.
"The key elements of this strategy are already well advanced with over 85,000m
of exploration drilling completed, focused on identifying potential additional
oxide resources within economic trucking distance of the Obotan treatment plant,
as well as progressing the Kubi Project as a potential second standalone
operational centre and exploring the exciting Asanko Project, which covers a
significant portion of the highly prospective Asankrangwa Gold Belt.
"These projects will deliver the second and third growth horizons for PMI Gold,
building on the strong foundations established at Obotan."
Mineral Resources & Ore Reserves
The previously-reported JORC / NI43-101 compliant Mineral Resource inventory for
the Obotan Gold Project was estimated by SRK Consulting and reported to the
ASX/TSX on 11 April 2012.
--------------------------------------------------------------------------
NI43-101/JORC Code Compliant: SRK Resource Estimate (March 2012), based on
0.5 g/t Au lower cut-off grade
--------------------------------------------------------------------------
Measured Indicated
------------------------------- ------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
Deposit (million) (g/t Au) (million) (million) (g/t Au) (million)
--------------------------------------------------------------------------
Nkran 11.74 2.55 0.96 20.41 2.12 1.39
--------------------------------------------------------------------------
Adubiaso 1.50 2.98 0.14 2.67 2.41 0.21
--------------------------------------------------------------------------
Abore 2.33 1.78 0.13 3.70 1.53 0.18
--------------------------------------------------------------------------
Asuadai n/a n/a n/a 2.44 1.28 0.10
--------------------------------------------------------------------------
TOTAL 15.57 2.47 1.23 29.21 2.00 1.88
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Measured &
indicated Inferred
------------------------------- ------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
Deposit (million) (g/t Au) (million) (million) (g/t Au) (million)
--------------------------------------------------------------------------
Nkran 32.15 2.28 2.35 14.47 2.21 1.05
--------------------------------------------------------------------------
Adubiaso 4.17 2.59 0.35 1.25 1.91 0.08
--------------------------------------------------------------------------
Abore 6.03 1.60 0.31 3.92 1.50 0.19
--------------------------------------------------------------------------
Asuadai 2.44 1.28 0.10 2.00 1.33 0.08
--------------------------------------------------------------------------
TOTAL 44.79 2.16 3.11 21.91 1.99 1.40
--------------------------------------------------------------------------
(All resource numbers are rounded to 2 decimal places- 10,000 tonnes).
Following completion of mine optimization and planning, an updated Ore Reserve
statement has been completed by Orelogy Mining Consultants, as outlined below:
------------------------------------------------------------------------
NI43-101/JORC Code Compliant: Feasibility Study Obotan Ore Reserve
------------------------------------------------------------------------
Tonnes Grade Contained
Class (Mt) (g/t Au) Gold (Moz)
------------------------------------------------------------------------
Proven 14.8 2.39 1.14
------------------------------------------------------------------------
Probable 19.4 2.08 1.30
------------------------------------------------------------------------
Total 34.2 2.21 2.43
------------------------------------------------------------------------
Technical Notes:
1. The Orelogy Mineral Reserve was estimated by construction of a block
model within constraining wireframes based on Measured and Indicated
resources.
2. The Reserve is reported at lower a cut-off grade of 0.5g/t Au, which
defines the continuous/semi-continuous mineralized zone potentially
amenable to the low grade, bulk tonnage mining scenario currently being
considered by PMI.
3. The grades and Reserve tonnes have been modified by an average ore loss
and mining dilution of 4.8% with a mining dilution grade of 0.0g/t gold
4. An average metallurgical recovery of 92.8% was used in defining the
optimal pit shell
5. The Mineral Reserves are based on the March 2012 Mineral resource
reports for the Nkran, Adubiaso, Abore and Asuadai deposits
6. All tonnes reported are dry tonnes
7. The base case pit optimization utilized a US$1,300/oz gold price
8. Mineral Reserves are reported in accordance with the NI 43-101 & JORC.
This compares to the previous Ore Reserves (below) as reported in the Pre-
Feasibility announcement.
------------------------------------------------------------------------
NI43-101/JORC Code Compliant: Pre-Feasibility Obotan Ore Reserve
------------------------------------------------------------------------
Tonnes Grade Contained
Class (Mt) (g/t Au) Gold (Moz)
------------------------------------------------------------------------
Proven 14.0 2.36 1.06
------------------------------------------------------------------------
Probable 16.3 2.28 1.20
------------------------------------------------------------------------
Total 30.3 2.32 2.26
------------------------------------------------------------------------
(Any inconsistencies due to rounding).
Key Project Parameters
The Feasibility Study results demonstrate a technically robust mining operation
with anticipated life-of-mine (LOM) parameters as follows:
--------------------------------------------------------------------------
Item Description / Estimate
--------------------------------------------------------------------------
Mining method Open Pit Mining
--------------------------------------------------------------------------
Processing rate 3Mtpa primary ore, 3.8Mtpa oxide ore
--------------------------------------------------------------------------
Metallurgical recovery 92.8% average
--------------------------------------------------------------------------
Total recovered gold 2.26 million oz
--------------------------------------------------------------------------
Mine Production Life 11.5 years
--------------------------------------------------------------------------
Cash operating costs $626/ oz
--------------------------------------------------------------------------
Pre-Production Capital Cost $296.6M
--------------------------------------------------------------------------
Pre-tax operating cashflow $953M
--------------------------------------------------------------------------
Life of Mine sustaining mine capital $35.6M
--------------------------------------------------------------------------
Construction commencement(i) 1st Quarter 2013
--------------------------------------------------------------------------
First production(i) End of 1st Quarter 2014
--------------------------------------------------------------------------
(i) Subject to Financial Investment Decision (FID) timing
Capital Cost Breakdown
-----------------------------------------------------------------------
Cost Area US$ Million
-----------------------------------------------------------------------
Process Plant Direct $ 83.6
-----------------------------------------------------------------------
Infrastructure $ 49.2
-----------------------------------------------------------------------
Indirect $ 26.1
-----------------------------------------------------------------------
Spares and First Fills $ 8.9
-----------------------------------------------------------------------
Owners Costs $ 26.2
-----------------------------------------------------------------------
Pre-Strip $ 82.2
-----------------------------------------------------------------------
Mining Establishment $ 20.3
-----------------------------------------------------------------------
Initial Capital $ 296.6
-----------------------------------------------------------------------
Deferred & Sustaining Life of Mine Capital $ 35.6
-----------------------------------------------------------------------
Operating Cost Breakdown
--------------------------------------------------------------------------
Total Cost US$/t US$/oz Au
Costs US$ Million Milled Recovered
--------------------------------------------------------------------------
Mining $ 850.4 $ 24.84 $ 376.5
--------------------------------------------------------------------------
Processing $ 473.1 $ 13.82 $ 209.4
--------------------------------------------------------------------------
General & Administration $ 90.6 $ 2.65 $ 40.1
--------------------------------------------------------------------------
Sub Total $1414.0 $ 41.31 $ 626.0
--------------------------------------------------------------------------
Bullion and Refining $ 12.1 $ 0.35 $ 5.3
--------------------------------------------------------------------------
Royalties $ 205.6 $ 6.01 $ 91.0
--------------------------------------------------------------------------
Total Operating Cost $1631.7 $ 47.67 $ 722.3
--------------------------------------------------------------------------
Financial Evaluation
--------------------------------------------------------------------------
@ U$1300 / ounce @ U$1600 / ounce
--------------------------------------------------------------------------
Project revenue $ 2.9 B $ 3.61 B
--------------------------------------------------------------------------
Project pre-tax cash flow $ 953 M $ 1.58 B
--------------------------------------------------------------------------
Project pre-tax NPV (5% discount rate) $ 614 M $ 1.07 B
--------------------------------------------------------------------------
Project pre-tax NPV (8% discount rate) $ 472 M $ 856 M
--------------------------------------------------------------------------
Project pre-tax IRR 35% 54%
--------------------------------------------------------------------------
Project Implementation
Subject to the Board of Directors' Financial Investment Decision (FID), key
project milestones comprise;
---------------------------------------------------------------------------
Key Project Implementation Milestones - Targeted Dates
---------------------------------------------------------------------------
CY2012 CY2013 CY2014
--------------------------------------- ----------------- -----------------
1H 2H 1H 2H 1H 2H
---------------------------------------------------------------------------
Completion of
Feasibility Study x
---------------------------------------------------------------------------
Project Finance x
---------------------------------------------------------------------------
Commencement of
Construction x
---------------------------------------------------------------------------
Mining Pre-strip x
---------------------------------------------------------------------------
First Production x
---------------------------------------------------------------------------
Foundations for a Substantial West African Gold Mining House
The completion of the Obotan Feasibility Study puts in place the foundations for
development of PMI's first operating gold mine in Ghana, and represents the
first step in the execution of the Company's broader growth strategy to become a
substantial West African producer across multiple production centres.
The Company believes that its strategic 580km2 land-holding in the highly
prospective Ashanti and Asankrangwa Gold Belts in south-west Ghana will support
an aggressive organic growth strategy that has the potential to deliver this
level of production in the medium term.
In order to realize this objective, PMI has completed over 85,000m of drilling
to date on high priority regional targets within its three potential production
hubs - the Obotan, Kubi and Asanko projects. The three key objectives of this
work are:
-- Obotan Project: To identify additional oxide resources within an
economic trucking distance of Obotan, defined as the Obotan Exploration
Area of Influence defined by a 15km radius of the proposed treatment
facility at Obotan. Recent drilling has focused on prospects including
Fromenda, Afiefiso and Kaniago (Adansi), with recent drilling at
Fromenda returning excellent results and indicating the potential for
the Fromenda Shear to host significant oxide gold mineralization. The
Company is aiming to delineate JORC/NI43-101 compliant resources for
some of these oxide prospects next year;
-- Kubi Project: To re-evaluate the existing resources (NI43-101/JORC
compliant Measured resource of 0.66 million tonnes at 5.30 g/t Au for
112,000oz; Indicated resource of 0.66 million tonnes at 5.65g/t Au for
121,000oz; Inferred resource of 0.67 million tonnes at 5.31 g/t Au for
115,000oz) and assess the potential for new discoveries at the Kubi
Project, located 60km south-west of Obotan, as the foundation for PMI's
second production centre in south-west Ghana. Recent drilling has
intersected significant zones of gold mineralization at the Kubi South
Prospect, 1.5km south of the Kubi Main Deposit, highlighting the
potential for economic mineralization to be discovered within close
trucking distance of the Kubi Main Deposit. Kubi lies immediately along
strike from the 60Moz (pre-mined) Obuasi goldfield owned by AngloGold
Ashanti; and
-- Asanko Project: To discover significant new standalone gold deposits
within the Asanko Project, which occupies a commanding position covering
over 40 strike kilometres of the under-explored Asankrangwa Gold Belt,
providing a strong pipeline of future exploration and development
opportunities that could collectively justify the development of a third
production centre for the Company.
PMI has this year established a significantly expanded in-house exploration
project evaluation and development capability to enable it to unlock the value
of its broader portfolio of projects in south-west Ghana and implement the
strategies and programs required to realize these growth objectives.
Collin Ellison
On behalf of the Board,
Managing Director & CEO
NI 43-101
Obotan Gold Project:
Feasibility Study Mineral Resources and Reserves Estimate:
Information that relates to Mineral Resources at the Obotan Gold Project is
based on a resource estimate that has been carried out by Mr Peter Gleeson, a
full time employee of SRK Consulting, Australia. Mr Gleeson is a Member of the
Australian Institute of Geoscientists (MAIG). Information that relates to
Mineral Reserves (for the Feasibility Study) at the Obotan Gold Project is based
on a reserve estimate that has been carried out by Mr Ross Cheyne, a full time
employee of Orelogy Mining Consultants. Mr Cheyne is a Fellow of the
Australasian Institute of Mining and Metallurgy (FAusIMM). Both have sufficient
experience which is relevant to the style of mineralization and type of deposit
under consideration and to the activity undertaken to qualify as a Competent
Person as defined in the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC), and as a
Qualified Person (by ROPO) as defined in terms of NI43-101 standards for
resource estimate of gold. Mr Gleeson and Mr Cheyne have more than 5 years'
experience in the field of exploration results and of resource/reserve
estimation and consent to and approve the inclusion of matters based on
information in the form and context in which it appears.
The Mineral Resource and Mineral Reserve estimates have been prepared in
accordance with the 2010 Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Definition Standards for Mineral Resources and Mineral Reserve as
incorporated by reference in National Instrument 43-101 of the Canadian
Securities Administrators, and is consistent with the Australasian Guidelines
and Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves (Revised December 2007) as prepared by the Joint Ore Reserves Committee
of the AusIMM, AIG and MCA (JORC).
PMI will file a NI 43-101 compliant technical report on the Obotan Project
outlining the Mineral Resources and Reserves Estimate and the result of the
Feasibility Study. The report will be available on www.sedar.com within 45 days
of the date of this press release. The NI 43-101 technical report will be
authored by Peter Gleeson MAIG for SRK, Ross Cheyne FAusIMM, for Orelogy, and
Gerry Neeling FAusIMM of GRES. These independent Qualified Persons have verified
the data in this news release. Collin Ellison, President & CEO, MIMMM, C.Eng, is
a "qualified person" within the definition of that term in NI 43-101, has
supervised the preparation of the technical information contained in this news
release.
Pre-Feasibility Study Mineral Reserves Estimates:
Information that relates to Pre-Feasibility Study Mineral Reserves as previously
reported on the Obotan Gold Project is based on a reserve estimate that has been
carried out by Mr Duncan Pratt, a full time employee of SRK Consulting,
Australia. Mr Pratt (CP Mining) is a Member of the Australasian Institute of
Mining and Metallurgy (MAusIMM) and has sufficient experience which is relevant
to the style of mineralization and type of deposit under consideration and to
the activities undertaken to qualify as a Competent Person as defined in the
2004 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC), and as a Qualified Person in terms of
NI43-101. Mr Pratt consents to and approves the inclusion of matters based on
information in the form and context in which it appears.
Technical Notes:
1. The SRK Mineral Reserve was estimated by construction of a block model
within constraining wireframes based on Measured and Indicated
resources.
2. The Reserve is reported at lower a cut-off grade of 0.5g/t Au, which
defines the continuous/semi-continuous mineralized zone potentially
amenable to the low grade, bulk tonnage mining scenario currently being
considered by PMI.
3. The grades and Reserve tonnes have been modified by a 95% mining
recovery and a 5% allowance for mining dilution at 0.0g/t gold.
4. At 93% metallurgical recovery for Oxide and Transitional material and
94.5% metallurgical recovery for Fresh material was used in defining the
optimal pit shell
5. The Mineral Reserves are based on the October 2011 Mineral resource
reports for the Nkran, Adubiaso, Abore and Asuadai deposits
6. All tonnes reported are dry tonnes
7. The base case pit optimization utilized a US$1,300/oz gold price
8. Mineral Reserves are reported in accordance with the NI 43-101 & JORC.
Kubi Gold Project:
The information that relates to Mineral Resources at the Kubi Main Deposit,
Ghana, is based on a resource estimate that has been audited by Simon Meadows
Smith, who is a full time employee of SEMS Exploration Services Ltd, Ghana.
Simon Meadows Smith is a Member of the Institute of Materials, Minerals and
Mining (IMO3), London and has sufficient experience which is relevant to the
style of mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the 2004 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves, and under NI43-101. Simon Meadows Smith
consents to the inclusion in the presentation of the matters based on
information in the form and context in which it appears.
Technical Notes:
1. Resources figures for Kubi are based on a 2.0g/t Au cut-off grade
2. Mineral Resources are reported in accordance with NI43-101 & JORC.
Exploration Results:
The information that relates to Exploration Results is based on information
compiled by Thomas Amoah, who is employed by Adansi Gold Company (Gh) Ltd, a
wholly owned subsidiary of PMI Gold Corporation. Mr Amoah, who is a Member of
the Australian Institute of Geoscientists (MAIG), has sufficient experience
which is relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Amoah
consents to the inclusion in this report of the matters based on his information
in the form and context in which it appears.
Scientific and technical information contained in this news release has been
reviewed and approved by Thomas Amoah, MAIG, MSEG. a "qualified person" as
defined under National Instrument 43-101. Field work was supervised by Mr Amoah
(VP-Exploration). Drill cuttings were logged and sampled on site, with 3kg
samples sent to the MinAnalytical prep laboratory on site, and analyzed for gold
by fire assay-AA on a 50 gram sample charge or by screened metallics AA finish
in MinAnalytical laboratory in Perth. Internal QC consisted of inserting both
blanks and standards into the sample stream and multiple re-assays of selected
anomalous samples. Where multiple assays were received for an interval, the
final value reported was the screened metallic assay if available, or in lieu of
that the average of the other results for the interval. Results from the QC
program suggest that the reported results are accurate. Intercepts were
calculated using either a minimum 0.1 g/t Au (Kaniago (Adansi) Prospect,
Afiefiso Prospect and 513 Prospect) or 0.5 g/t Au (Fromenda Prospect) cut off at
the beginning and the end of the intercept and allowing for no more than three
consecutive metres of less than 0.1 g/t Au (Kaniago (Adansi) Prospect, Afiefiso
Prospect and 513 Prospect) or 0.5 g/t Au (Fromenda Prospect) internal dilution.
True widths are estimated at from 60% to 70% of the stated core length.
Forward-Looking Statements
This news release includes forward-looking statements or information.
Forward-looking statements or information involve risks, uncertainties and other
factors that could cause actual results, performances, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statement. All statements other than statements of historical
fact included in this release, including, without limitation, statements
regarding future gold production; initial mine life; average annual gold
production; forecast life of mine cash cost; initial capital cost; forecast
operating parameters including ore mined, mill feed and recoveries;
determination of a development decision for the Obotan Project; full production;
and financial outcomes of the FS, including NPV, are forward-looking statements
of information. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements or information. Important factors that could
cause actual results to differ materially from the Company's plans or
expectations include the actual results of current exploration activities;
changes in gold prices; changes in exchange rates; possibility of equipment
breakdowns, delays and availability; changes in mine plans; exploration cost
overruns; unexpected increases in costs of equipment, steel, cement and
consumables such as diesel and fuel oil; unexpected environmental liabilities or
social charges; the unknown impact of the 10% windfall profit tax announced by
the Government of Ghana; title defects; the failure of contract parties to
perform the unavailability of capital and financing; adverse general economic,
market or business conditions; regulatory changes; failure to receive necessary
government or regulatory approvals; and other risks and factors detailed herein
and from time to time in the filings made by the Company with securities
regulators and stock exchanges, including in the section entitled "Risk Factors"
in the Company's Annual Information Form dated September 20, 2011.
Any forward-looking statement or information only speaks as of the date on which
it was made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such.
To view Nkran Open Pit Mine, Proposed Plant Layout, and Figures 1 and 2, please
click on the following link: http://media3.marketwire.com/docs/PMV0828.pdf
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