Metals Exploration's Nicaragua gold project reaches 40% completion

(Alliance News) - Metals Exploration PLC on Monday said construction and development activities at the La India gold project in Nicaragua are continuing to advance ahead of schedule.

The project is now 40% complete, ahead of the 35% planned completion at mid-March, the company said.

The London-based minerals exploration firm, with assets in the Philippines as well as its Nicaragua development, expects first gold production at La India in December, in line with previous estimates.

The project budget increased by 3.6% to USD171 million from USD165 million, as total project expenditure to the end of February reached approximately USD80 million, 2.6% higher than the USD78 million originally forecasted.

The project is funded by free cash flow from the company's Runruno gold mine in the Philippines, and a USD30 million gold pre-pay facility.

However, the company is pursuing an equipment loan of USD20 million to secure against its mining fleet, for which expenditures have reached USD15 million out of a total projected cost of USD29 million.

Metals Exploration said bulk earthworks are fully complete, while overall engineering is 85% complete. Further work is still required on the processing plant foundations, although 94,800 tonnes of low-grade commissioning ore have been stockpiled on the run-of-mine pad ahead of commissioning.

Overall, non-process infrastructure at the La India site is 77% complete.

Metals Exploration shares were up 1.9% to 12.53 pence each on Monday morning in London.

By Martin Miraglia, Alliance News reporter

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