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Valentine gold project, Canada – update

Image of haul truck loading at the Valentine gold mine

Photo by Calibre Mining Corp

25th October 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Valentine gold project.

Location
Central region of Newfoundland and Labrador, Canada.

Project Owner/s
Calibre Mining Corp acquired the project from Marathon Gold in January 2024.

Project Description
An updated feasibility study has presented, for the first time, a three-pit mine plan, based on the Marathon, Leprechaun and Berry deposits, with increased mineral reserves, an extended mine life and a higher gold production profile.

The study proposes the concurrent openpit mining of the deposits.

Average gold production is estimated at 195 000 oz/y over a 14.3-year mine life.

Other aspects of the mine design, such as the site layout, basic mill flowsheet, mill expansion strategy, thickened tailings deposition strategy, 400-person camp and low-cost site power through the NL Hydro power grid, remain as previously conceived in the April 2021 feasibility study.

Potential Job Creation
There will be full-time direct employment of 405 people during peak construction and 522 during operations.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate, of $634-million and an internal rate of return of 22%, with a payback of 2.8 years.

Capital Expenditure
C$744-million.

Planned Start/End Date
The first gold pour is scheduled for the second quarter of 2025.

Latest Developments
Calibre has reported that construction of the mine is progressing well, reaching nearly 81% completion by the end of September.

However, Calibre Mining president and CEO Darren Hall has also indicated that cost pressures have emerged, mainly owing to contractor performance, resulting in increased manpower and associated costs.

While the performance issues have been addressed, Calibre has stated that the estimated initial project capital is now forecast to be about C$744-million, compared with a C$653-million estimate in August.

Hall has stressed, however, that the project remains fully funded and that Calibre is “confidently tracking” towards mechanical and electrical completion   in the first quarter of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Calibre Mining Corp, tel +1 604 628 1012 or email calibre@calibremining.com.

Edited by Creamer Media Reporter

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