INDOCHINE Mining is close to completing the key landowner investigation study (LIS) at its Mt Kare gold project in Enga..
This required a ground survey of the location of the land boundaries among the clans identified in the LIS and would be included in the final submission of the landowner investigation report.
The company was on track to apply for a mining licence in August with production starting in mid to late next year.
Chief executive Stephen Promnitz (pictured) expressed confidence at a summit last year that gold production of between 170,000 and 200,000 ounces per annum could begin as early as next year.
He said the company had worked hard to secure the support of local communities and assembled an experienced team to manage community expectations.
He said Indochine’s listing was the culmination of much work since it acquired 100% of Mount Kare in 2011.
Mt Kare is situated 15km from Barrick Gold’s 28 million ounce Porgera gold mine, one of the world’s top 10 gold mines with annual output of more than 500,000oz for over two decades.
Significant infrastructure including roads and power lines were close to Mt Kare.
Mt Kare’s total mineral resource was currently 43 million tonnes at 1.5 grams per tonne for 2.1 million ounces of gold, and 18 million ounces of silver, with nearly 75% in the higher confidence measured and indicated category.
Production was targeted at about 200,000oz gold per year at 10 grams per tonne along with silver production of about 820,000oz per year. – Proactive Investors