Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. T here is no certainty the PEA will be realized. The PEA summarized above is preliminary in nature, is based on numerous assumptions and includes the use mineral resources including inferred mineral resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. This study is an important step in unlocking value for all stakeholders at the Combined Project in Guanajuato. Behre calculates a Base Case payback period of 1.87 years.īehre's PEA provides a high-level view of VanGold's plan to process material from both El Pinguico and El Cubo at a centrally located mill. Using commodity prices of $22.41/oz Ag and $1756/oz Au, which are +15% above the Base Case the after-tax NPV(5%) is $79.0 M and the IRR is 344%. On an after-tax basis, the combined project generates a Base Case NPV (5%) of $32.9 M and an IRR of 105%, excluding El Cubo acquisition costs. The PEA considers a plan to ramp up to a 750 tonne-per-day (" tpd") operation, with an initial mine life of 7.0 years. Cash flow estimates were prepared on an after-tax basis and in accordance with NI 43-101 Standards of Disclosure for PEA studies, using Base Case metal prices of $1527 for gold and $19.49 for silver. These estimates use a 1:80 ratio for Au and Ag prices.īehre prepared a discounted cash flow model for the Combined Project to determine the Net Present Value (NPV), Internal Rate of Return (IRR), Initial Capital and Sustaining Capital, and payback period. According to the Company's recently announced PEA from Behre Dolbear and Company (USA) Inc., (" Behre") the Combined Project contains total indicated resources of 718,655 tonnes grading 160 gpt Ag and 1.90 gpt Au, or 306 gpt AgEq, which equates to 7.2 M oz AgEq, and total inferred resources of 1,453,000 tonnes grading 214 gpt Ag and 2.78 gpt Au, or 435 gpt AgEq, which equates to 20.4 M oz AgEq. In the coming months, the Company intends to refurbish the El Cubo mill and begin processing mineralized material from both its El Pinguico and El Cubo properties (the " Combined Project") at the mill beginning in Q4, 2021, ramping up to a throughput of ~750 tonnes per day. As a graduate of the University of Guanajuato School of Mines, it is satisfying to see both of these mines returning to operating status, becoming part of the long history of the Guanajuato mining district that has been the source of many successful mines for almost 480 years." The availability of mineralised material from El Pinguico's historic stockpiles and El Cubo's current resources as well as a new approach from management gives us great flexibility in deciding where to source material for the mill, and how to sequence that throughput. VanGold's newest advisory board member Ramon Davila said: "With this acquisition VanGold can readily combine the El Cubo and El Pinguico assets to create Mexico's newest silver and gold producing company. It remains the Company's intent to begin processing mineralised material at the mill from our El Pinguico and El Cubo operations by Q4, 2021." ![]() ![]() VanGold Director Hernán Dorado said: "Now we begin the process of re-commissioning the El Cubo mill. VanGold and Endeavour closed the purchase and sale of the El Cubo Complex on April 9, 2021, with the execution of customary closing documents in Mexico and Canada, and with the payment to Endeavour of US$7,000,000 cash, plus applicable Mexican VAT of US$1,275,200, and the delivery to Endeavour of 21,331,058 shares of VanGold. ![]() On Mathe Company signed a definitive asset purchase agreement with Endeavour (the " Endeavour Agreement") to acquire the El Cubo Complex, finalizing the binding letter agreement entered into between VanGold and Endeavour in mid-December 2020. (" Endeavour") (EXK) (EDR) located 8km by road northeast of the Company's El Pinguico silver-gold project near the city of Guanajuato, Mexico. VANCOUVER, BC / ACCESSWIRE / Ap/ VanGold Mining Corp (the " Company" or " VanGold") (TSXV:VGLD) is pleased to announce it has closed the acquisition of the El Cubo Mine and Mill complex (the " El Cubo Complex") from Endeavour Silver Corp. Endeavour Silver Now Our Largest Shareholder
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