RE: Fraser Institute Mining Survey28 Apr 2022 09:48
SolGold's MD & CEO, Darryl Cuzzubbo, commented on the PFS:
"I am extremely pleased to announce the results of the pre-feasibility study for the proposed Cascabel mine in Ecuador. In essence, it supports what we have believed all along - that this project is no ordinary mining asset. Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador's emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future.
This project is economically attractive and based upon assumptions that we believe can be delivered upon. There is further upside that will be explored over the coming months and the next phase of the project as we seek the necessary Government approvals to move into early works and execution.
Such a project will create over 6,000 indirect and direct jobs, not to mention will bring significant royalty and tax revenue benefiting all Ecuadorians."
SolGold's Chair of the Cascabel Project Steering Committee, Keith Marshall, commented on the PFS:
"I am very encouraged with the pre-feasibility study. It offers, what I consider to be, a robust but flexible solution for the development of the underground mine at Cascabel. The study focused on the "right sizing" of the project, with the objective of reducing the technical and execution risk. It also provides a straightforward approach to mining the deposit that optimises selectivity, without compromising any of the resource and maintaining optionality.
I am confident that the study lays the solid groundwork for the next steps in the Cascabel project. I am particularly looking forward to progressing the study work and being able to expand our operational activities in Ecuador."
Former CEO and now Non-Executive Director and a direct and indirect shareholder with 12.9% of SolGold Nick Mather said:
"The various upsides at Cascabel offered by additional mineralised porphyry systems still being outlined and assessed, potential for additional production and treatment plant capacity, refinements to the mine plan, continued low cost of capital and what I see as the opportunity for long run higher copper prices as the world electrifies, suggest that this project indeed has considerable further upside to be evaluated.
More importantly, SolGold's comprehensive exploration footprint and ongoing exploration success will, in my view, establish not just one project of significance but a string of them throughout Ecuador, defining a globally important copper province and the potential to have a significant impact on Ecuador's economy. In a world of visionary enterprise looking to address escalating metal demand to facilitate global electrification and limit global warming to 2oC in an economically, socially and environmentally just manner, SolGold's position is unique."