|November 24, 2011|
The Tocantinzinho (TZ) property covers 140 km² and is a granite-hosted disseminated deposit, located in Para State, in the prolific Tapajos district in northern Brazil. The project contains a NI 43-101 compliant Reserve of 1.97 million ounces of gold out of a Measured and Indicated Mineral Resource of 2.39 million ounces of gold.
The TZ project was granted the Preliminary Environmental License (PEL) in September 2012, an important milestone in the permitting phase. The PEL confirms the environmental feasibility of the project and allows the Company to apply for the Construction License, the final permit needed for construction to commence. Preparation of the Feasibility Study (FS) is well advanced with completion expected in Q4 2012. A construction decision would follow completion of the FS.
A decision to construct would be followed by an engineering and construction period with production anticipated to commence in 2016.
TZ Project Area View
(click to enlarge)
Exploration in 2012 is focused on drill testing the high-quality geochemical and geophysical targets peripheral to the TZ deposit. In Q3 2012, exploration activities focused on reconnaissance-level evaluation of the adjacent Rubens Zilio license area through systematic soil sampling and prospecting.
In July 2010, we acquired all of the issued and outstanding securities of Brazauro Resources Corporation ("Brazauro"), confirming our commitment to explore and develop the Tocantinzinho Project in Para state.
Last updated: December 17, 2012.