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| Historic mine at Stibnite. Image source: Midas Gold. |
(Kitco News) – Midas Gold (TSX: MAX) (OTCQX: MDRPF) announced today the results of an independent feasibility study (“FS”) and technical report completed on its Stibnite gold project in Idaho.
According to the company’s statement, Stibnite would become “one of the largest and highest-grade open pit gold mines” in the United States and the country’s only primary producer of antimony, a critical and strategic mineral.
The company expects annual average gold production of 466 thousand ounces at all-in sustaining costs of US$427/oz during the first 4 years of operation.
Highlights of the FS include NPV (5%) of US$1.9 Billion at US$1,850/oz gold, and average annual free cash flow of US$594 million in the first 4 years of operation.
“The feasibility study represents a major milestone for Midas Gold as we continue to advance the Stibnite gold project,” said President and CEO Laurel Sayer. “The positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible.”
The project is located at Stibnite in Valley County approximately 92 miles by air and 144 miles by road northeast of Boise, Idaho. The project consists of mining the Yellow Pine, Hangar Flats and West End deposits using conventional open pit methods, conventional processing methods to extract gold, silver and antimony.