Johannesburg, South Africa — MININGREVIEW.COM — 05 June 2009 – African-focused gold mining, exploration and development company Pan African Resources plc – in the process of preparing to move ahead with its Manica project in Mozambique – has completed its preliminary in-house pre-feasibility study. Independent consultants have signed off the mine design, resource estimate and environmental impact assessment, and capital expenditure estimates and plant design have been reviewed internally.
A company release issued here added that the pre-feasibility study had been based on a Manica resource of 2.571Moz (33.8Mt @ 2.36g/t) as announced on 26 February 2009. After completing a modelling exercise using the internationally-recognised Surpac 3D mine design modelling system, the company planned to apply a two-phased approach to the mine design.
It said that phase one of the design would incorporate an open-pit design, mining to a vertical depth of 30m. Phase two would see the company move production underground, where various mining methods would be applied depending on geological conditions.
The release revealed that Manica would mine up to 80 000 tpm, delivering a total of 9.26 Mt over an 11-year life of mine. Total production would amount to 917 000 oz at a cost of US$375/oz. Estimated capital expenditure on the project would be US$80 million (R640 million).
The company has been engaging with other exploration parties operating in the Manica district, with the full support and encouragement of the Mozambique Ministry of Mineral Resources, in an effort to consolidate additional resources in the area. If successful, this could further improve the financial parameters of the project.
“We’re pleased with our findings and are working towards consolidating other potential mineralised areas in the district to grow our current resources, further our optimisation work and receive independent verification,” said Pan African CEO Jan Nelson.“The next step will be completing a bankable feasibility study.”