Gold Road Resources (ASX:GOR) (Gold Roador theCompany) is pleased to announce the
completion of the Scoping Study (theStudy) for the development of the Gruyere Project. As is
normal for this class of study, this Study has been completed to an overall approximately 30% level
of accuracy. The Gruyere Project comprises a large scale open pit mine at Gruyere, a narrow vein
underground mine at Central Bore and a conventional 5Mtpa Carbon In Leach (CIL) processing
facility at Gruyere (with 7.5Mtpa and 10Mtpa scenarios also investigated).
Highlights
§Study indicates an economically robust gold project
§Base Case of 5Mtpa throughput (with 7.5Mtpa and 10Mtpa scenarios investigated)
§Base Case key metrics - projections and estimates @A$1,350/oz
1
:
·Average gold production of 190koz recovered per annum over 11 year life of
mine (LOM) for 2.1Moz total production recovered
·Gold revenue of A$2.8 billion over LOM ‐ further upside based on recent gold
price increases
·Average Cash Cost of A$838/oz and All In Sustaining Cost (AISC) of A$916/oz
(defined on Page 2)
·Net pre‐tax cash flow of over A$550 million over LOM (after capital)
·All‐inclusive pre‐production capital cost estimated at A$360 million
·More than 70% of forecast production target is in Measured and Indicated
Resource categories
·Average LOM strip ratio (waste:ore) of 1.6:1
§Board approves Pre‐Feasibility Study to commence immediately, with Stage 1 to
focus on optimal plant size and throughput
SCOPING STUDY PARAMETERS - CAUTIONARY STATEMENT
The Study referred to in this report is based on low accuracy level technical and economic assessments, and is
insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at
this stage; or to provide certainty that the conclusions of the Scoping Study will be realised. There is a low level
of geological confidence associated with Inferred Mineral Resources and there is no certainty that further
exploration work will result in the conversion of Inferred Mineral Resources to Indicated Mineral Resources or
that the production target itself will be realised.
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