F E B R U A R Y / M A R C H 2 0 1 7
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begin in Q2 2018. In the first three years
of production, annual production at Cerro
Moro is expected to be 150,000 ounces of
gold and 7.2 million ounces of silver. The
life-of-mine average annual production is
expected to be 130,000 ounces gold and 6.4
million ounces of silver over an initial six-
year mine life
The first concrete pour took place last
August and the bulk earthworks were
completed ahead of schedule. As of late
2016, Cerro Moro was ahead of schedule
in three main areas: underground devel
-
opment, detailed engineering and process
plant construction.
Yamana Gold owns and operates several
other precious metal and base metal mines.
LYDIAN INTERNATIONAL LTD.
Lydian International Ltd. [LYD-TSX:
LYDIF-OTC] has arranged a US $24 million
secured credit facility with Ameriabank
CJSC to be used for equipment purchases
at its 100%-owned Amulsar gold proj
-
ect located 170 km southeast of Yerevan
in south-central Armenia. Lydia is now
within US $50 million of its total Amulsar
financing plan of at least US $420 million.
The Mining Right was approved for
Amulsar in late 2014, allowing Lydian to
proceed with development. Mine con
-
struction at Amulsar, which has paved
road access, began in October 2016 for an
open-pit mining and conventional heap
leach operation. There is both high-voltage
power and water available at the mine site.
Amulsar will be Armenia's largest gold
mine, with estimated mineral resources of
3 million measured and indicated ounces
and 2 million inferred ounces.
Waste-to-ore ratio is 2.4:1. Life-of-mine
gold recovery estimated at 87%; column
tests show +90% recovery. Proven and
probable reserves (at a 0.2 g/t gold cut-off)
total 96,654,100 tonnes grading 0.78 g/t
gold and 3.6 g/t silver for 2,421,500 ounces
of gold and 11, 292,300 ounces silver.
Gold production is targeted to aver
-
age over 200,000 ounces annually over an
initial 10-year mine life with the first gold
production expected during Q1 2018.
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