Sandstorm Gold shared a summary of the results from the Hod Maden Pre-Feasibility Study. All figures are in U.S. Dollars and are on a 100% project basis unless otherwise stated. Sandstorm has a 30% interest in the Hod Maden project located in Artvin.
According to the PFS Proven and Probable Mineral Reserves increased to 2,61 million ounces of gold and 129,000 tonnes of copper. While mine life is expected as 11 years, annual average production is expected to be approximately 266,000 gold equivalent ounces with average head grade of 11.9 g/t AuEq
Sandstorm President & CEO Nolan Watson commented about shared Pre-Feasiblity Study. “Hod Maden was discovered only three years ago and has since made remarkable progress towards production, at a pace that few projects in the mining industry could match and Sandstorm is pleased to be partnered with one of the best Turkish mining operators, “The PFS outlines total production of more than 2.6 million gold equivalent ounces over an 11 year mine life and with the by-product credits from copper, we expect gold to be produced at a low all-in sustaining cost. The current financing plan is 65% debt financing, leaving Sandstorm’s capital contribution at less than $30 million. I look forward to continued development at Hod Maden and as further exploration and technical work is completed, we expect this resource base to grow even larger than currently outlined.”
