Ελληνικός Χρυσός

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Transcript of Ελληνικός Χρυσός

  • Skouries Project Location

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    N

    10km radius

    Stratoni Port Facility

    Skouries

    Piavitsa

    Tsikara

    Fisoka

    Olympias

    1 km

    Stratoni Operation

    Mine

    Development

    Drill ready targets

    Road

    Permit boundary

    Village

    Power line

    8.1 km Tunnel

  • Skouries Project Overview

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    Deposit Type Cu - Au porphyry

    Initial Capex US$340 million

    Cash Cost (by-product) US$-500/oz Open-pit ; US$190/oz Underground

    Mining Rate 8Mtpa Open Pit ; 4.4Mtpa Underground

    Mine Life 27 years

    Strip Ratio 0.7 : 1.0 (w:o)

    Production ~140,000oz Au, ~30,000kt Cu pa Open Pit ~100,000oz Au, ~22,000t Cu pa Underground

    Processing Flotation (Cu/Au conc.) & Gravity circuit (Au dor)

    Recoveries LOM average ~84% Au and ~91% Cu

    Project Highlights

    EIS approved

    Outotec equipment contract complete

    Long lead items purchased and in Thessaloniki

    Basic engineering package delivered to schedule

    Construction contract being finalized

    Surface clearing initiated

    Optimisation

    Potential to increase recovery from gravity circuit with additional testing

    Size, position & orientation of underground pillars to recover high grade ore

    Optimize pit ramp design to reduce operating costs

    Upside

    Conversion of Inferred Resources to Indicated priority on in-pit material

    Exploration potential with 2 drill ready target areas, Fisoka and Tsikara within 8km of Skouries

    Additional open-pitable resources could benefit Skouries by deferring underground capital

  • Skouries Regional Geology

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    Biotite Gneiss

    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Porphyry

    Schist

    Dyke

    0 200m

    Section

    NW

    Plan View

    Skouries

    5km 0

    N Mavres Petres

    Madem Lakkos

  • Skouries Orebody and Drilling

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    >1.5 g/t Au

    1 - 1.5 g/t Au < 0.7g/t Au

    0.7 - 1 g/t Au >1.2% Cu

    0.8 - 1.2% Cu 0.2 - 0.4% Cu

    0.4 - 0.8% Cu

    0 100 200

    Metres

    Gold grade profile

    0 100 200

    Metres

    Copper grade profile

    Porphyry mineralisation drilled at a nominal spacing of 50m

  • Skouries Reserves & Resources

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Notes:

    Mineral Resources are inclusive of Mineral Reserves (100%)

    Mineral Reserves were estimated using an Au price of US$1,000 per ounce and a Cu price of US$2.50 per lb.

    Mineral Resources were estimated using an Au price of US$1,200 per ounce and a Cu price ofUS$3.50/lb.

    The values for tonnages, grades and contained ounces have been rounded.

    Open Pit dilution averages 0% and extraction is estimated to be 100%.

    Underground dilution averages 3.5% and extraction is estimated at 95%

    Au Grade Cu Grade Contained Au Contained Cu

    Location Tonnes (g/t) (%) (oz) (t)

    Open-PitProven 15,166,000 1.06 0.60% 516,000 91,000Probable 31,816,000 0.52 0.37% 530,000 119,000

    Proven & Probable 46,982,000 0.69 0.44% 1,046,000 210,000

    Measured 15,333,000 1.05 0.59% 516,000 91,000Indicated 49,747,000 0.44 0.34% 708,000 171,000Inferred 72,307,000 0.15 0.17% 350,000 120,000

    UndergroundProven 19,278,000 1.40 0.74% 866,000 143,000Probable 72,102,000 0.72 0.53% 1,678,000 385,000

    Proven & Probable 91,380,000 0.86 0.57% 2,544,000 528,000

    Measured 24,147,000 1.36 0.73% 1,055,000 175,000Indicated 157,123,000 0.61 0.49% 3,067,000 768,000Inferred 43,470,000 0.34 0.39% 477,000 167,000

    Total Proven & Probable 138,362,000 0.81 0.53% 3,590,000 738,000Total Measured & Indicated 246,350,000 0.67 0.49% 5,346,000 1,205,000Total Inferred 115,777,000 0.22 0.25% 827,000 287,000

  • Skouries Mining

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Open pit

    Depth 240m; Ore 47Mt; Waste 35Mt

    Strip ratio 0.7:1.0 (w:o)

    Throughput 8.0 Mtpa

    Average grade 0.69 g/t Au; 0.44% Cu

    Pit design based on preliminary geotech, further optimisation possible

    Final depth determined by iterative calculation of total NPV with underground and minimisation of land-use

    Evaluating economics of owner vs contractor mining

    Underground

    Throughput 4.4mtpa

    Sub-level open-stoping

    Average grade 0.86 g/t Au; 0.57% Cu

    Optimisation of design including size, position & orientation of underground pillars with additional geo-tech drilling

    1. Open Pit

    240m

    700m

    Un

    der

    gro

    un

    d N

    SR c

    ut-

    off

    2. Underground

    Access ramp

    Haulage Shaft

    Sub-levels

  • Skouries Processing Plant ~21ktpd Single Line

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    Schist

    Amphibolite Gneiss

    Intrusive

    Ore

    Paste to TMF

    Primary Crushing To -150mm

    SAG Mill

    COPPER/GOLD CONCENTRATE

    ~26% Cu

    ~26g/t Au

    Gravity circuit

    DOR ~ 80% Au

    Ball Mill

    Paste Thickeners

    FLOTATION

    Saleable products

    30% of Gold

    7-8Mtpa

    120,000tpa during O/P

    Optimised throughput Up to 8Mtpa for softer open pit ore

    Paste thickener technology used which will reduce tailings land-use and water return pumping costs

    Plant sited at location with best geotechnical stability leading to reduced ground works

    Compact layout

    Improved gold gravity technology for dor production is expected to boost recovery

    Efficient underground and open pit ore transport system

    Backfill underground reduces land-use

    Overall Au Recovery ~84% Overall Cu Recovery ~91%

  • Skouries Plant Design

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

  • Skouries Site Layout

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

  • Skouries Metal Production

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Plant Throughput O/P Plant Throughput, U/G

    Copper concentrate

    1013 tph ROM, (softer ore) 881 tph ROM

    ~120,000 tpa average OP ~88,000 tpa average U/G ~2% w/w to final concentrate

    Payable copper ~30,000 t/year OP ~22,000 t/year U/G

    Payable gold (inc. dor) ~145,000 oz/year OP ~100,000 oz/year U/G

    Dor production ~50,000 oz/year OP ~35,000 oz/year U/G

    Concentrate copper grade ~26%

    Concentrate gold grade ~26g/t

    Readily saleable, clean CuAu concentrate + Au Dor

    Plot plan of Skouries process plant

  • Skouries Operating Costs

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    On-Site Operating Costs /t $/t

    Open-Pit Mining Cost (per t moved) 1.65 2.15

    Underground Mining Cost 16.50 21.45

    Open-Pit Processing (8 mtpa) 3.50 4.55

    Underground Processing Cost (4 mtpa) 4.50 5.85

    G&A + Tailings Cost 0.55 0.72

    Off-Site Costs and Assumptions

    Gold Payable % 95%

    Copper Payable % 95%

    Concentrate Transport+Treatment Cost $/t 110.00

    Gold Refining Cost $/oz 8.00

    Copper Refining Cost $/lb 0.08

    Cash Cost (net by-product)

    Open-Pit US$/oz -500

    Underground US$/oz 190

    LOM Average US$/oz -15

    Notes:

    1. Cash costs include off-site costs

    2. Cash costs based on payable gold ounces

    3. Assumes $1.30/ exchange rate and $5500/t ($2.50/lb) Cu

  • Skouries Capital Costs (2012-2016)

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    Initial capital of ~$340 million required to commence plant production with open-pit ore in 2015

    Additional ~$63 million will be spent on underground development.

    Item Unit 2012 2013 2014 2015 2016 Total

    Capitalized Waste-Stripping US$mln 0.0 0.0 10.5 13.0 15.0 38.5

    Road Development & Other US$mln 6.5 9.0 5.5 0.0 0.0 21.0

    Open-Pit Equipment US$mln 0.0 22.0 17.0 6.0 0.0 45.0

    Flotation plant US$mln 5.0 60.0 65.0 45.0 0.0 175.0

    Tailings ponds US$mln 0.0 1.5 6.5 8.0 9.5 25.5

    Infil l/Geotech Drill US$mln 1.5 3.5 0.5 0.0 0.0 5.5

    Mill Equipment US$mln 0.5 0.5 29.0 0.0 0.0 30.0

    EPCM US$mln 1.5 6.0 7.0 3.5 0.0 18.0

    Phase II U/G Development US$mln 1.0 6.0 18.5 18.5 18.5 62.5

    Total Development Capital US$mln 16.0 108.5 159.5 94.0 43.0 421.0

  • Skouries Development Schedule

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Commercial Production expected Q3 2015

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

    Engineering

    Procurement

    Site Preparation

    Plant Construction

    Pit & Tailings Construction

    Underground Development

    Shaft Construction

    Mechanical Completion

    Commissioning/Start-up

    Commercial Production

    2012 2013 2014 2015

    Act

    ivit

    y D

    escr

    ipti

    on

  • Skouries Future Considerations

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Conversion of inferred resources to measured and indicated.

    Potential for satellite deposits.

    Clean Cu concentrate provides multiple options for marketing.

    Potential delays caused by vocal minority issues.

    Potential winter weather delays.

  • Skouries Photos -Surface Work & Archaeological Study

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

  • Skouries Photos Surface Clearing and Drilling

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

  • Skouries Photos Mill Cells at Fabrication Plant

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    Schist

    Amphibolite Gneiss

    Marble

    Intrusive

    Now in Storage in Thessaloniki

  • Certain of the statements made in this Presentation may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information

    within the meaning of applicable Canadian securities law. These forward-looking statements or information include, but are not limited to statements or information with respect to financial disclosure, estimates of

    future production, the future price of gold, estimations of mineral reserves and resources, estimates of anticipated costs and expenditures, development and production timelines and goals and strategies.

    We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about the price of gold, anticipated costs and

    expenditures and our ability to achieve our goals. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can

    be no assurance that the forward-looking statement or information will prove to be accurate.

    Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results,

    performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Should one or

    more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Such risks,

    uncertainties and other factors include, among others, the following: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production, mineral reserves

    and resources and metallurgical recoveries; mining operational and development risk; litigation risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment;

    currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; the risks that the integration of acquired businesses may take longer than expected; the

    anticipated benefits of the integration may be less than estimated and the cost of acquisition may be higher than anticipated; the ability to complete acquisitions; competition; loss of key employees; additional

    funding requirements; share price volatility; community and non-governmental actions and defective title to mineral claims or property, as well as those factors discussed in our most recent interim and annual

    management discussion and analysis and in the sections entitled "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 30, 2012, including the risk factors incorporated by reference

    in such circular. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-

    looking statements and information.

    Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors

    that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also many of the factors are beyond our control. There can be no assurance that forward-looking

    statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipate in such statements. Accordingly you should not place undue reliance on forward-

    looking statements or information.

    Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in

    the Company's reports filed with the securities regulatory authorities in Canada and the U.S. All forward-looking statements and information contained in this presentation are qualified by this cautionary statement.

    Cautionary Note to U.S. Investors: Mineral Reserves and Mineral Resources - The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" referred to in the Company's disclosure are

    Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and

    Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council as amended from time to time by the CIM. These definitions differ from the definitions in the United States

    Securities & Exchange Commission ("SEC") Guide 7. Under SEC Guide 7 standards, a final or bankable feasibility study is required to report reserves, the three-year historic average price is used in any reserve or

    cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

    The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource" used in the Company's disclosure are Canadian mining terms as defined in accordance with

    National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral resources which are not mineral reserves do not have demonstrated economic

    viability.

    While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under

    standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in the Company's disclosure concerning

    descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "inferred mineral resource" there

    is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be

    upgraded to a higher category. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

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  • Thank You TSX: ELD NYSE: EGO

    Total shares outstanding (as of June 30, 2012): 712.9 M

    Investor Relations: Nancy Woo (604) 601-6650 [email protected]

    20 www.eldoradogold.com