BUCHAREST (Romania), April 13 (SeeNews) – Canada's Eldorado Gold Corporation said it will invest $3.9 million (2.96 million euro) in exploration activities in Romania this year.
“Drilling is planned for both extensions of the Certej deposit, and for satellite targets on the surrounding exploration licenses. In the Certej deposit area, drilling targets the high grade Kaiser vein system along the west edge of the proposed pit,” Eldorado Gold Corporation said in a statement on Thursday.
Certej is an epithermal gold/silver deposit located in western Romania. Eldorado owns 80% of the project through its subsidiary Deva Gold S.A.
The total development capital required for Certej is now estimated at around $270 million, which is an increase of 15% over the results of a feasibility study conducted in the fourth quarter of 2010. The new estimation includes a 750 tpd (tonnes per day) oxygen plant in Eldorado’s capital investment plan, whereas prior studies had assumed plant rental.
Eldorado Gold Corporation also plans exploration drilling for targets in the historically-mined Magura and Teascu areas and in Certej North exploration license, all located close to Certej deposit, it said.
Certej mine is expected to yield on average 130,000 ounces (3.68 tonnes) of gold and 660,000 ounces (18.7 tonnes) of silver per year at operating cash costs (net of by-products) of $400/oz, Eldorado Gold Corporation said.
Eldorado Gold Corporation is a Canadian international gold producer with seven operating mines, three mines under construction, three development projects and an extensive exploration program. It operates in China, Turkey, Brazil, Greece and Romania.
($=0.7593 euro)