Equinox Gold Announced Major Expansion to Aurizona Gold Mine

The updated estimates suggest a 73% surge in mineral reserves, compared to December 31, 2019.

SEATTLE (Scrap Monster): Vancouver, Canada-headquartered Equinox Gold Corp. announced positive results of Pre-Feasibility Study (PFS) in connection with expansion of its Brazilian Aurizona gold mine. It must be noted that Equinox Gold had achieved commercial production at Aurizona in July 2019.

According to company press release, by way of mining the underground and satellite open-pit deposits simultaneously with the existing Piaba open-pit, the mine life of the Aurizona mine could be extended to 11 years, with potential for further expansion. It expects an annual average gold production of 137,000 ounces, with a total life-of-mine production of 1.5 million ounces of gold. The mine will see peak production of more than 160,000 ounces of gold per annum during the period from 2026 to 2029.

The updated estimates suggest a 73% surge in mineral reserves, compared to December 31, 2019.

Commenting on the development, Christian Milau, CEO, Equinox Gold stated that the expansion will generate almost $1 billion of net cash flow at current gold prices. It will create social opportunities for its community partners and substantial value for its shareholders, he added.

Equinox Gold plans to develop this mining district as its flagship asset.

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