Antilles Gold (ASX:AAU) begins value-adding circuit work at La Demajagua

Antilles Gold (ASX:AAU) begins value-adding circuit work at La Demajagua

January 9, 2024 Off By Rueben Hale

Antilles Gold has begun test work to produce value-adding doré from the gold concentrate generated by the La Demajagua mine in Central Cuba.

The Company is hopeful that the concentrate processing facility will significantly boost the production of gold-antimony-silver concentrate, thereby improving the project’s economics.

A two-stage fluidised-bed roaster, antimony leach circuit, and CIL design are expected to cost an extra US$50M, with the total development cost expected to be approximately US$ 150 M.

La Demajagua Mine’s additional infrastructure will be approved by September 2024.

“Though it is disappointing to see the commencement of construction of the La Demajagua project pushed back to late 2024, the benefits of potentially increased profits, project NPV, and its de-risking by producing gold metal rather than a gold concentrate with high arsenic content, justified taking the time to complete the additional test work, engineering, and revised financial modelling for the concentrate processing facility to be added to the mine,” Antilles Gold Chairman Brian Johnson said.

“In the interim, planning for the relatively small Nueva Sabana gold-copper mine is progressing on all fronts including permitting and financing to commence the 10-month construction period in June 2024, and establishing a strong cash flow by mid-2025.”

About the La Demajagua Project

The La Demajagua project is a 50:50 joint venture between Antilles Gold and Cuban mining company, GeoMinera SA. The joint venture has already initiated preliminary discussions with several mining groups that have shown interest in investing in Cuba and taking up a shareholding in the joint venture to participate in the development of La Demajagua and the Nueva Sabana mine in central Cuba, along with other future projects. In the event of other investors joining the venture, Antilles Gold’s shareholding will be reduced, but the potential return on its investment of ~A$25M would still be outstanding.

About Antilles Gold

Antilles Gold Limited, previously PanTerra Gold Limited, has experience in mining gold and silver at Las Lagunas in the Dominican Republic. The company is now developing La Demajagua, a gold/silver mine in Cuba, in a joint venture with Cuba’s mining company, GeoMinera SA. The mine will be built on the old Delita gold mine on the Isle of Youth in southwest Cuba.

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