IAMGOLD Corporation announced Monday positive results from a Feasibility Study conducted for its Boto Gold Project in Senegal, West Africa.
The results outline an economically robust project with an anticipated low cost of production and long operating life.
In addition, the feasibility study (FS) demonstrates a significant economic and operational improvement compared to the Pre-feasibility Study results announced in February of this year.
Steve Letwin, President and CEO of IAMGOLD, said, “Boto Gold has evolved from a grassroots exploration discovery to a robust development project with nearly 2 million ounces in reserves.
“I congratulate the team for their success in improving the project economics by as much as they have. The 23% after-tax IRR and the 151% increase in the NPV at a lower gold price assumption are marked improvements from those reported in the pre-feasibility study.
“This is a solid, low-cost project which is expected to deliver 140,000 ounces annually, on average, for nearly 13 years.
“While a final investment decision is yet to be made, and there is still permitting work to be done, we’re looking at a high-value project that adds to IAMGOLD’s already impressive growth profile.”
Project Highlights 100% Basis
- Proven and probable reserves increased by 0.51 million ounces to 1.93 million ounces grading 1.71 g/t Au versus the P&P reserves from the PFS which indicated resources of 2.49 million ounces grading 1.61 g/t Au.
- Mine Life of 12.8 years with mill throughput of 2.75 million tonnes per annum average annual production of 140,000 ounces, averaging 160,000 ounces annually during the first six years LOM cash costs of $714/oz and all-in sustaining costs of $753/oz
The Feasibility Study was completed jointly by IAMGOLD and Lycopodium Minerals Canada Ltd, with inputs from technical studies completed by Specialist Consultants.
A technical report summarizing the FS is expected to be filed on SEDAR in due course.