The Perama Hill gold project is a late-stage development project in Greece. The property consists of two mining titles covering an area of 1,897.5 ha, and two mining exploration licenses covering an area of 1,762.7 ha.
Processing of the Environmental Impact Assessment (EIA) application through the Greek Ministry of Environment (MoE) continues with approval anticipated by year-end 2012. All indications from the government agencies remain positive towards the project. Estimated development capital is $189 million. Upon receipt of all permits and licenses we will make a construction decision. Construction would follow with development capital estimated at $189 million. Production is expected in 2015.
Average gold production at Perama Hill is forecast to be 110,000 ounces per year at a cash operating cost of $278 per ounce.
Exploration in 2012 has focused on infill drilling to better define gold grade distribution. Drilling has targeted structually-controlled mineralization between Perama Hill and Perama South deposits. Exploration drilling of targers outside of the existing resource model and at Perama south will commence in Q4 2012. Throughout Q3 2012, geotechnical holes were drilled in the plant site for design of civil structures and foundations and in the open pit area for design of pit slope stability.
Technical Report on the Perama Hill Project 2010 (PDF)
Last update: December 17, 2012.