Metals Exploration says latest figures back up Runruno viability
26 January 2010
Metals Exploration, the Pacific Rim natural resources group, has updated its guidance on the economic parameters for its Runruno gold and molybdenum project on the island of Luzon in the northern Philippines.
The project was recently given a revised resource estimate of 1.5 million ounces of gold and 25.4 million pounds of molybdenum and is now set to target annual production of approximately 100,000 ounces of gold and 1 million pounds of molybdenum oxide over a minimum ten year mine life.
Metals Exploration said it expects to receive an updated resource estimate from Mining Associates within the next few weeks which will include all drill hole data received up to the end of 2009. This will allow more comprehensive and definitive pit optimisation work to be completed, leading to more detailed numbers being fed into the final feasibility study, which is scheduled to report in April.
The capital cost of the project is not expected to exceed $150 million, with operating costs anticipated to be less than the previously indicated $463 per ounce of gold, before molybdenum credits.
Jonathan Beardsworth, the managing director of Metals Exploration, said: “I think this confirmation of the continued economic viability of the Runruno project is what investors have been waiting for since the resource update announcement in November. Indeed our internal calculations show little difference in NPV between the original resource and this modified operation because of the lower capital and operating costs. The lower capital cost, of course, should also make it easier to arrange bank project financing.”
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