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(Alliance News) - SolGold PLC said Wednesday it it has continued to make progress with the pre-feasibility study for the Alpala prospect in Ecuador, as well as gathering information for the proposed definitive feasibility study.
The gold explorer said work is mainly on eight areas of investigation, including geotechnical studies, surface logistic facilities, power supply & hydro co-generation options, and the finalisation of the social and economic impact study.
Subject to funding and land acquisition programs, SolGold expects the pre-feasibility study to be completed in the third quarter of 2020, and the definitive feasibility study by the end of the first quarter of 2021.
SolGold also said it is in discussions for securing a funding package for the development of the Alpala project, which involves around USD150 million for two years for completing the DFS, and SolGold's 85% share of both pre-development costs and development capital expenses, which comes up to around USD2.7 billion.
Funding discussions are progressing encouragingly, SolGold said, and if an agreement is reached, finalisation and settlement could take to eight weeks.
Shares in SolGold were 8.9% higher at 14.16 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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