Wanguo Gold's Gold Ridge mine reveals significant resources

Wanguo Gold Group Limited announced a voluntary summary of the feasibility study for its Gold Ridge Mine project. As of October 20, 2024, total resources in the mining area are estimated at 289,416 kt of ore, containing 367,104 kg of gold metal, at an average grade of 1.27 g/t. Remaining resources within the final open-pit design are 249,310 kilotons of ore, with a gold grade of 1.32 g/t, equating to 328,593 kg of gold metal.

The project involves a new 10 Mtpa concentrator and an existing 3 Mtpa concentrator, targeting a production period of approximately 20 years. Overall recovery for the old and new plants is projected at 79.72%, while heap leaching operations are expected to yield 48.00%. The project requires an additional capital investment of approximately $517 million to increase flotation capacity to 13.5 Mtpa.

The financial evaluation for the project uses a gold price of $3,000/oz in 2025, decreasing to $2,000/oz after 2030. The average operating cost per unit of ore in the full-capacity year is estimated at $31.65/t. The direct production cost for the new 10 Mt mineral processing plant is $8.71/t of ore.