a p r i l / m a y 2 0 1 5
www.resourceworld.com
9
7
COFFEE
GOLD PROJECT
Robust Economics at
USD$1,250/Oz Gold
Open-pit, Heap Leach
Gold in Canada
TSX-V: KAM
www.kaminak.com
info@kaminak.com 1-844-646-4520
kamcimad 2015 mar.indd 1 3/19/2015 11:36:20 AM
The Environmental and Social Impact
Assessment for access roads and a bridge
upgrade was submitted in December. The
environmental baseline report and impact
assessment for the Kobada concession has
been completed.
chESapEaKE gOld cOrp. [cKg-TSXv]
Chesapeake Gold received an updated
positive PEA in April 2011 for its 100%-
owned Metates gold-silver-zinc project 160
km northwest of Durango, Mexico, one of
the largest undeveloped gold and silver
projects in the world.
Independent Mining Consultants
reported NI 43-101 proven and probable
reserves of 18.5 million oz gold, 526 mil-
lion oz silver and 4.2 billion lbs zinc. Metal
prices assumed for the reserves are US
$1,350/oz gold and US $25/oz silver at a
cut off grade of 0.35 g/t gold equivalent.
M3 Engineering & Technology then com-
pleted a positive prefeasibility study (PFS)
that indicates a large 120,000 tpd open pit
operation with a 25-year mine life. Average
annual production during the first six
years of full production is 845,000 oz gold,
25 million oz silver and 190 million lbs
zinc at a AuEq cash cost of $355/oz, net of
zinc credits.
The company's consultants are pre-
paring an updated PFS that would lower
initial ore throughput to 30,000 tpd
in Phase I versus the 60,000 tpd in the
2013 PFS and gradually ramp up to 90,000
tpd that will be mostly funded from cash
flow. This scalable approach will be the best
combination of lower initial capex while
maintaining key operating efficiencies.
Alternate mill sites are being evaluated
closer to the mine that would reduce costs.
Positive testwork and scope changes are
expected to reduce the costs of placing
the mine into production. Initial capex is
expected to be US $1-1.5 billion. Phase I
metal production in the updated PFS is
expected to average 140,000 oz gold, 16
million oz silver and 58 million lbs zinc
annually. Chesapeake has $30 million in its
treasury.
