Goldsource Mines reports on progress in South America

Goldsource Mines recently released an update on its Eagle Mountain Gold Project in Guyana, saying it will commission its Phase I production by the fourth quarter.

The report addresses the near-surface oxide resources ("saprolite") at the South American mine. 

Phase I development estimates are that there will be 1,000 tons removed each day form the open pit gravity plant. They estimate that capital costs between $4 million and $5 million will be gained through pre-production. This is below the earlier $5.9 million estimate that was given in the Preliminary Economic Assessment Technical Report in September 2014.

Post-commissioning cash operating costs will be approximately $500 to $600 per ounce of gold.

"We are pleased with Eagle Mountain's construction progress with the ongoing shipments to the site of the processing plant, and equipment and the testing of the secondary aggregate plant with possibly residual gold production,” Goldsource's President Yannis Tsitos said. “We fully expect to deliver the Phase I construction on-time and budget for (the fourth quarter of) 2015."

Built by Sepro Mineral System of Canada, the gold processing plant is able to process 100 tons each hour. The plant has two packages: one in Guayana that is 95 percent complete and needs final site preparation and a second that is 100 percent fabricated scheduled for delivery this month.