TSX Mining News: Goldsource (TSX-V: GXS) Announces
Construction Update at Eagle Mountain Gold Project
VANCOUVER, BC - May 28, 2015 (Investorideas.com mining
stocks newswire) Goldsource Mines Inc. ("Goldsource" or the
"Company") is pleased to announce that construction at its Eagle
Mountain Gold Project ("Eagle Mountain") located in Guyana, South
America is progressing on schedule and currently on budget. Goldsource
anticipates commissioning for Phase I production to take place by Q4, 2015.
Phase I development anticipates a 1,000 tonnes per day open pit gravity plant
with estimated pre-production capital costs of US$5.9 million and
post-commissioning cash operating costs of under US$500 per ounce of gold. All current
plans are based on the Preliminary Economic Assessment ("PEA")
Technical Report prepared for the Company, dated effective June 15, 2014, and
filed September 16, 2014 on SEDAR at www.sedar.com. Further details on the PEA are also provided in the Company’s news
release, dated July 31, 2014, available on the Company’s website at www.goldsourcemines.com.
Yannis Tsitos, President and Director stated, "We
are pleased with Eagle Mountain’s construction progress with the first shipment
of processing plant equipment on budget and schedule in June. This new
equipment will include two SB2500 Falcon concentrators, gold recovery room,
refinery, pumps, electrics and on-site laboratory. We have assembled a strong
team of experienced professionals to manage the construction of Eagle Mountain
and fully expect to deliver Phase I on-time and budget."
The most significant construction activities are as
follows:
·
Detailed engineering of Sepro processing plant
(100% completed).
·
Construction of gold processing plant (100 tonnes
per hour) from Sepro Minerals Systems Corp., Langley, Vancouver, British
Columbia to be delivered to Guyana in two packages, as follows:
·
Package #1 to be delivered to Guyana in Q2 2015
from Canada and the United Kingdom (95% completed).
·
Package #2 to be delivered to Guyana in Q3 2015
from Canada and Mexico (20% completed).
·
Rehabilitation of the existing 10-kilometre road
between Mahdia town (commercial airport) and Eagle Mountain camp including
construction of eight new bridges (75% completed).
·
Procurement & purchase of mining equipment
including the most recent acquisition of a new excavator and loader (50%
completed).
·
Pre-production auger drilling program for
confirmation and condemnation (75% completed). See comment below on initial
results.
·
Recruitment of key operations personnel (15%
completed).
·
Camp facility rehabilitation and upgrades (15%
completed).
·
Site preparation of plant and initial mining area
(10% completed).
·
Procurement & purchase of secondary gold
processing plant for exploiting existing old tailings area (10% completed).
Q1 2015 condemnation auger drilling under the
proposed processing plant area has encountered near surface mineralization of
up to 6 metres (0.0 to 6.0 metres, total auger depth) grading 2.0 gpt Au.
Mineralization encountered is outside of the PEA resource estimation. Further
drilling is underway to decide if moving the proposed plant site is warranted.
Since the processing plant requires minor site preparation, relocation to a
"non-mineralized" area (several available) is obtainable with no
disruption to the current construction schedule or budget.
The Qualified Person under National Instrument
43-101 Standards of Disclosure for Mineral Projects for this news release is N.
Eric Fier, CPG, P.Eng, Chief Operating Officer for Goldsource, who has reviewed
and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is
a Canadian resource company that is progressing its advanced-stage, 100%-owned
Eagle Mountain Gold Project in Guyana towards initial staged production in
2015. Goldsource is led by an experienced management team, proven in making
exploration discoveries, achieving construction on time and budget, and fast
tracking production.
Ioannis (Yannis) Tsitos
President & Director
Goldsource Mines Inc.
President & Director
Goldsource Mines Inc.
For Further Information:
IGoldsource Mines Inc.
Contact: Ioannis (Yannis) Tsitos, President
Contact: Ioannis (Yannis) Tsitos, President
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1760 (Canada & USA)
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Vancouver, British Columbia V6C 3P1
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation. Such
forward looking statements concern Goldsource’s strategic plans and
expectations in the PEA for the development of the Eagle Mountain Gold Project;
the amount of future production of gold over any period; cash operating costs
per ounce of gold; life of mine; estimated pre-production cost; and the Company’s
ability to be a low cost producer in 2015. Such forward looking statements or
information are based on a number of assumptions, which may prove to be
incorrect. Assumptions have been made regarding, among other things: conditions
in general economic and financial markets; ability to realize the PEA and
develop and finance the project; accuracy of the interpretations and
assumptions used in calculating inferred mineral resource estimates;
availability of mining equipment; availability of skilled labour; timing and
amount of capital expenditures; performance of available laboratory and other
related services; and future operating costs. The actual results could differ
materially from those anticipated in these forward looking statements as a
result of the risk factors including: the timing and content of work programs;
results of exploration activities and development of mineral properties; the
interpretation of drilling results and other geological data; the uncertainties
of resource estimations; uncertainty as to actual capital costs, operating
costs, production and economic returns at the Eagle Mountain Gold Project;
reliance on the PEA; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company’s management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date the statements were made. The Company
undertakes no obligation to update or revise any forward-looking statements
included in this news release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by applicable law.
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