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Thursday, 26th March 2009 (1331 views)

Greystar Resources has been able to provide predictions of gold production levels after receiving the results of a feasibility study on its Angostura project in Colombia.

The firm said that it expects to produce an annual total of 511,000 ounces of gold over the 15-year lifespan of the mine, based on a gold price of $700 (£481) per ounce for the first three years and $650 per ounce afterwards.

Such a figure would amount to 4.2 million ounces being produced over the period of mining operations, which have been scheduled to commence in 2012, based on a start date for construction of 2010.

Greystar's executive vice-president Frederick Felder commented: "Based on the positive results of the study, we will be proceeding with the next phase, which is a bankable feasibility study."

He added that the environmental and social impact assessments included in this research should be complete before the end of 2009.

Earlier this month, Greystar revealed that the investment in the company by International Finance Corporation had been completed, with proceeds for this being worth a gross figure of CAD$12,039,864 (£6,731,487).

 

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