Goldsource Mines Inc.

Published : August 01st, 2014

Goldsource Mines (TSXV:GXS) (FSE:G5M) Announces Results of Preliminary Economic Assessment Report for Eagle Mountain Gold Project in Guyana - Video News Alert on InvestmentPitch.com

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Keywords :   Debt | Gold | Gold Production | Recovery |

Goldsource Mines (TSXV:GXS) (FSE:G5M) Announces Results of Preliminary Economic Assessment Report for Eagle Mountain Gold Project in Guyana - Video News Alert on InvestmentPitch.com

Vancouver, BC, August 1, 2014 -. Goldsource Mines (GXS.V) (G5M.F) has announced the results of its Preliminary Economic Assessment Technical Report for the company`s 100% owned Eagle Mountain gold project, a near-surface saprolite oxide resource located in Guyana, South America, approximately 230 kilometres southwest of the capital, Georgetown.

InvestmentPitch.com has produced a "video news alert" about Goldsource Mines. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Goldsource" in the search box.

Conceptually, the PEA results suggest that the project has low capital and operating costs, minimized technical risk and a short development timeline.

Not considered in the PEA are the in-situ "fresh-rock" resources of Indicated 2,331,000 tonnes @ 1.52 grams per tonne gold containing 114,000 ounces and Inferred 13,433,000 tonnes @ 1.13 grams per tonne, containing 486,000 ounces, both at 0.5 grams per tonne cut-off.

Ioannis (Yannis) Tsitos, Goldsource`s President stated: "We are extremely pleased with the PEA results for this relatively low-risk phase of development for the Eagle Mountain gold project. The results exhibit very attractive Rates of Return. The creativity of the phased construction approach, its modular design and the simplicity of the mining and processing of the low-strip ratio saprolite material have resulted in an optimized development scenario for this deposit. In addition, the inventory of potentially recoverable ounces of gold in the oversize materials and the underlying hard rock resource provide us with a significant `blue-sky` potential for further development."

Following are some highlights of the Base Case economic estimates, using a gold price $1,250 per ounce.

  • Pre-tax Net Present Value of $69.4 million and after-tax NPV of $45.6 million, using a 5% discount rate
  • Pre-tax NPV of $61.1 million and after-tax NPV of $39.8 million, using a 7% discount rate
  • Pre-tax Internal Rate of Return of 84% and after-tax IRR of 63%
  • Phase 1, pre-production capital costs of $5.9 million, includes a 15% contingency
  • Total capital costs including proposed Phase II, III, and IV expansions, and sustaining capital are estimated at $24.2 million
  • Cash operating costs, exclusive of sustaining capital, for saprolite mine life averages $480 per ounce gold, including a 15% contingency
  • Cost per tonne of mill feed averages $8.96
  • Pre-tax undiscounted operating cash flow before capital expenditures totalling $123.4 million.
  • 8-year Life of Mine Production  PEA mine plan totalling 8.6 million tonnes at an average grade of 1.20 grams per tonne gold (diluted and recoverable).
  • Of the 8.6 million tonnes, only 7.3 million tonnes (undersize sub-2mm) grading 1.20 g/tonne gold will be conceptually processed. The remaining tonnes (oversize larger than 2mm) would be stockpiled for further metallurgical test work and potential further processing.
  • Conceptually, the first four years of gold production would be 5,600, 14,400, 21,600 and 28,800 ounces gold, respectively.
  • 8 year life of mine production estimates 168,700 ounces gold from gravity-only processing at estimated 60% recovery
  • Inventory of 161,900 oz Au in settlement ponds from gravity-only processing rejects for potential future reprocessing using standard technologies.

For more detailed information, please refer to the company`s latest news release. The NI 43-101 Technical Report is being completed by Toronto-based A.C.A. Howe International and will be filed on Sedar.com within 45 days.

N. Eric Fier, Goldsource`s Chief Operating Officer commented: "Through our experience, we have applied the responsible phased-approach business model to the Eagle Mountain gold project in order to minimize initial capital and project risk. This conceptual approach encompasses a "Phase I" starter open cut for mining at 1,000 tonnes per day with subsequent low impact and low cost gravity-only processing. Upon successful completion of Phase I, the Company plans to systematically install and operate three additional similar plants over a four-year schedule with a cumulative rate of 3,500 to 4,000 tonnes per day.Conceptually, additional processing plants will be paid for through operating cash flow. The project has several potential opportunities to accelerate PEA-defined production once initial success in Phase I is achieved."

The company does not presently have the funds to carry out these developments and plans to source the funds through equity or debt financing or a combination thereof.

Goldsource is trading at $0.26 and with 79.1 million shares outstanding, the company is capitalized at $20.6 million. For more information please visit the company`s website www.goldsourcemines.com, or contact Fred Cooper at 1-866-691-1760 or email info@goldsourcemines.com.

About InvestmentPitch

InvestmentPitch.com is a leading international producer and distributer of specialized video content for the investment community. The company specializes in producing three minute videos based on news releases, research reports and other news of interest to investors.

CONTACT:
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: InvestmentPitch via GlobeNewswire

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Goldsource Mines Inc.

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CODE : GXS.V
ISIN : CA38153U1084
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Goldsource Mines is a coal exploration company based in Canada.

Goldsource Mines holds various exploration projects in Canada.

Its main exploration properties are BORDER and BALLANTYNE in Canada.

Goldsource Mines is listed in Canada and in Germany. Its market capitalisation is CA$ 118.5 millions as of today (US$ 87.0 millions, € 80.9 millions).

Its stock quote reached its highest recent level on June 06, 2008 at CA$ 9.75, and its lowest recent point on December 28, 2018 at CA$ 0.04.

Goldsource Mines has 166 970 000 shares outstanding.

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Financings of Goldsource Mines Inc.
4/25/2011Announces Increase to Private Placement Financing
6/27/2008Completes $18 Million Private Placement
6/20/2008Prices $18 Million Private Placement
6/16/2008Announces Private Placement Financing
12/22/2005Closes Final Tranche of Private Placement
12/12/2005Closes Second Tranche of Private Placement
12/5/2005Closes $4.7 Million First Tranche of $5.9 Million Private Pl...
11/23/2005Announces $5.9 Million Private Placement
Option Grants of Goldsource Mines Inc.
4/24/2008 Announces Grant of Stock Options
Nominations of Goldsource Mines Inc.
12/16/2008Appoints Vice President Of Operations
6/3/2008Appoints New Director
Financials of Goldsource Mines Inc.
9/30/2008THIRD QUARTER ;SEPTEMBER 30, 2008
Project news of Goldsource Mines Inc.
3/17/2011(Border)Files Positive Preliminary Assessment Report for the Border ...
2/28/2011(Border)Receives Positive Preliminary Assessment for the Border Coal...
2/26/2009(Border) Announces Coal Continuity Developing in Pasquia Sub-Basin, ...
2/9/2009(Border)Updates Border Winter Drill Program; Intercepts New 50 Metr...
1/13/2009(Border)Commences Border Winter Drill Program; Receives Ballantyne C...
11/11/2008(Border)Confirms Thermal Coal Quality At Border Coal Property, Saska...
8/19/2008(Border)Completes Initial Drill Program Border Property, Saskatchewa...
8/5/2008(Border)Intercepts 36.8 Metres of Continuous Coal: Border Property, ...
3/10/2008(Border)Commences Drill Program on Saskatchewan Diamond Properties
6/6/2006(Border)Begins Drilling on Saskatchewan Big River Diamond Property
Corporate news of Goldsource Mines Inc.
7/11/2016Goldsource Reports Production Results for Q2 and H1 2016; Ea...
6/23/2016Goldsource Reports Results of AGM
6/21/2016Goldsource Achieves Commercial Production at Eagle Mountain ...
4/20/2016Eagle Mountain Gold Project Phase I Commissioning Update, Ye...
4/18/2016Goldsource Announces Early Warrant Exercise; Accelerates Pla...
1/28/2016Goldsource Begins Commissioning of Eagle Mountain Mine
12/17/2015Goldsource Announces Grant Of Stock Options
12/15/2015Goldsource Provides Eagle Mountain Construction Update
11/3/2015Goldsource Provides Eagle Mountain Gold Project Construction...
9/1/2015Goldsource Provides Construction Update at Eagle Mountain Go...
3/23/2015Goldsource COO to Take Partial Leave of Absence
3/23/2015Goldsource Commences Construction at Eagle Mountain Gold Pro...
3/5/2015Goldsource Commences Construction at Eagle Mountain Gold Pro...
2/26/2015Goldsource COO to Take Partial Leave of Absence
2/17/2015Goldsource Mines Announces Grant of Stock Options
12/31/2014Goldsource Mines Completes Final Tranche of Private Placemen...
12/31/2014Goldsource Mines Completes Final Tranche of Private Placemen...
12/15/2014Goldsource Mines Completes $6.7 Million First Tranche of Pri...
12/15/2014Goldsource Mines Completes $6.7 Million First Tranche of Pri...
12/9/2014Goldsource Mines Announces Private Placement of up to $7.5 M...
12/9/2014Goldsource Mines Announces Private Placement of up to $7.5 M...
9/16/2014Goldsource Files Eagle Mountain Preliminary Economic Assessm...
8/26/2014Goldsource Announces Mining Permit on Eagle Mountain Gold Pr...
8/1/2014Goldsource Mines (TSXV:GXS) (FSE:G5M) Announces Results of P...
7/31/2014Goldsource Announces Positive Preliminary Economic Assessmen...
4/23/2014Goldsource Mines Updates Eagle Mountain Amending Agreement
4/14/2014Goldsource Mines Announces Adoption of New Stock Option Plan...
3/20/2014Goldsource Mines Nominated for 2014 “Deal of the Year” Award
3/20/2014Goldsource Mines Nominated for 2014 "Deal of the Year" Award
5/14/2013Announces Proposed Reduction of Outstanding Stock Options, C...
7/11/2011Proposes Merger with Coal Gasification Technology Company -P...
5/19/2011Completes $3.7 Million Financings via Short Form Offering Do...
4/19/2011Announces $3 Million Financing Via Short Form Offering Docum...
3/31/2011Announces Joint Venture Agreement on 25% of Westcore Energy ...
12/1/2008Receives Saskatchewan Work Permits; Confirms Winter Drill Pr...
7/28/2008Drills 23.2 Metre Coal Intercept at Border Property
7/21/2008Border Coal Drill Program
7/14/2008Commences Border Coal Drill Program
6/26/2008Receives Additional Saskatchewan Coal Permits
6/20/2008Mining Industry TV will be airing their show this weekend fe...
6/18/2008Receives Saskatchewan Coal Permits; Confirms Summer Drill Pr...
5/30/2008Retains Norwest For Independent Review of Saskatchewan Coal ...
5/22/2008Receives Ministry Confirmation of Priority Status for Coal A...
5/9/2008Adopts Shareholder Rights Plan
5/5/2008 Confirms Saskatchewan Coal Discovery Analytical Results and...
4/23/2008 Updates Drill Program on Saskatchewan Diamond Properties
5/3/2006Receives Exchange Approval for Investor Relations and Minera...
4/13/2006Signs With Minera Pacific Inc. and Engages Investor Relation...
2/13/2006Big River Diamond Property Airborne Geophysical Survey Compl...
12/29/2005Announces Stock Option Grants
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