Midas Gold Nears Production at Stibnite
Midas Gold (TSX: MAX)(OTC: MDRPF) – currently trading just below US$1 per share – has released results of an independent Feasibility Study (FS) and technical report completed on its flagship Stibnite Gold Project — central Idaho.
This is a major accomplishment for the Midas Gold team as the Stibnite Project would become one of the largest and highest-grade open pit gold mines in the US and the country's only primary producer of antimony — a critical and strategic mineral.
Highlights from the FS include:
Expected Annual Average Gold Production of 466,000 ounces at All-in Sustaining Costs of US$427/oz during the First 4 Years of Operation
Recover nearly 120 Million Pounds of Antimony
At US$1,850/oz gold, Robust Project Economics Yield NPV (5%) of US$1.9 Billion, and
Average Annual Free Cash Flow of US$594 million in the First 4 Years of Operation
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Midas president & CEO, Laurel Sayer, commented via press release:
"The Feasibility Study represents a major milestone for Midas Gold as we continue to advance the Stibnite Gold Project. The positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible. Each step of the way, our approach to responsible, restorative, modern mining in Idaho has been reconfirmed. We are now one step closer to seeing the river and water quality improved, 550 direct jobs for Idahoans and production of the critical mineral, antimony."
Additionally, the FS verifies a positive local economic benefit to Idaho communities bringing more than $1 billion in initial capital investment and, as mentioned, more than 500 direct paying jobs during operations.
Beyond the obvious positive economics, Stibnite is an important environmental project for America as part of the planned restoration work includes the development of a sustainable fishery with enhanced habitat to support natural populations.
After more than 4 years of reviews by various agencies, the Stibnite Project can now move to final phases of review under the National Environmental Policy Act.
Yours in profits,
Editor, Resource Stock Digest
Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.