Avnel Gold Mining Ltd. Announces Warrant Exercise Raising C$13.1m
![Avnel Gold Mining Ltd. Announces Warrant Exercise Raising C$13.1m](https://www.minenportal.de/media/goldseiten-news.jpg)
As of the date above the Company has issued share capital of 375,193,300 shares.
About Avnel Gold
Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company's focus is to develop its 80%-owned Kalana Main Project from a small underground mine into a low-cost, open pit mining operation. The Company is also advancing several nearby satellite deposits on the 387 km2 30-year Kalana Exploitation Permit.
On March 30, 2016, the Company reported a Mineral Reserve estimate and the results of a Definitive Feasibility Study ("DFS") prepared by Snowden Mining Industry Consultants.
The DFS outlines an 18-year open-pit mine life at the Kalana Main Project recovering 1.82 million ounces of gold at an average "all-in sustaining cost" of $595 per ounce over the first five years of steady state production and $784 per ounce over the life of mine with an initial capital cost of $196 million.
Utilising a gold price of $1,200 per ounce and a 5% discount rate, the DFS reported a net present value ("NPV") of $257 million after-tax and imputed interest, and an internal rate of return ("IRR") of 38% on a 100% project basis.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Contact
Howard Miller
Chairman and CEO
Phone: +44 207 589 9082
UK Mobile: +44 07768 696129
Canadian Mobile: +1 416 726 8174
Email: howard@hbmiller.co.uk
Ian McDonald, Vice-President, Corporate Development
Phone: +1 647 407 2515
Email: imcdonald@avnelgold.com
www.avnelgold.com