Expansion of a Gold Mine in Colombia
Caldas Gold is a Canadian mining company. They are a spin off of Grand Colombia Gold, which is currently the largest producer of gold in Colombia.
Caldas is currently advancing a prefeasibility study. This is for a major expansion and modernization of its underground mining operations at its Marmato Project. The project is located in the Department of Caldas, Colombia within a historic mining district.
Further, the Company plans on doing a two phase project. “Our first phase is to take the production from 25,000 ounces to 35-40,000 ounces. This summer we’re going to finish our pre-feasibility. That will give us the go-ahead for us to start building the mine.” says CEO, Serafino Iacono.
The Marmato Project
The Marmato Project contains mineral resources of 2.0 million ounces of gold in the Measured and Indicated categories as well as 3.3 million ounces of gold in the Inferred category. Moreover, the project has excellent infrastructure, being located by the Pan American Highway with access to Medellin to the north and Manizales to the south and has access to the national electricity grid which runs near the property. Markedly, in 2019, the Marmato underground mine produced 25,750 ounces of gold and in 2020, implementation of a mine optimization program is expected to increase gold production to between 32,000 and 37,000 ounces. Additionally, Caldas Gold expects to complete a prefeasibility study for the underground mine expansion by mid-2020.
“Right now, we are looking at doing a project with a 15 year mine life and we’re very comfortable that this project is going to increase not only in life, it’s going to increase in size also.” says Iacono.
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