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Monday, February 6, 2023

Nw: Dundee Precious updates Bulgaria life of mine opinion

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Dundee Precious Metals Inc.has launched an up to this point mineral helpful resource and mineral reserve estimate and said it sees extra production over the life of its Ada Tepe gold mine in Bulgaria.

Highlights of the brand new life of mine opinion encompass an estimated produce bigger in recoverable gold to concentrate of approximately 66,000 ounces and better reasonable gold grade of 5.2 g/t, when in contrast with 4.6 g/t in the treasured life of mine opinion.

The new estimate forsees a median of approximately 16,500 ounces of extra gold production per year for 2023 by means of 2026.

The up to this point opinion is anticipated to strengthen Dundee Precious’s previously issued three-year outlook for gold production, which might perhaps well be up to this point with the free up of the firm’s fourth quarter and year-end 2022 financials on February 16, 2023.

On January 12, 2023, Dundee Precious shares closed at $7.36 and currently commerce in a 52-week differ of $8.41 and $5.40.

Dundee is a Canadian world mining firm with operations and initiatives positioned in Bulgaria, Namibia, Ecuador and Serbian. It furthermore has exploration initiatives in Armenia, Bulgaria and Serbia. Its asset portfolio contains a 10.3% stake in Sabina Gold & Silver Corp. (SBB-TSX) which is setting up the 100%-owned Aid River gold project in Nunavut.

Dundee’s working resources encompass the Chelopech and Ada Tepe mines in Bulgaria and Tsumeb area of expertise smelter in Namibia, apart from the vogue stage Timok gold project in Serbia plus the Loma Largo project in Ecuador.

Dundee has previously said it achieved its production targets closing year by producing 273,100 ounces of gold and 30.8 million pounds of copper from Ada Tepe and Chelopech. Ada Tepe achieved its absolute top quarterly production of 2022 in the fourth quarter, producing approximately 28,100 ounces of gold. It produced 94,000 ounces for the year, which was once on the upper end of the firm’s production guidance.

The up to this point proven and probable mineral reserve at Ada Tepe consists of 415,000 contained gold ounces and 250,000 contained silver ounces.

“Since commissioning in 2019, Ada Tepe has persevered to outperform expectations,’’ said Dundee Precious President and CEO David Rae. “We are confident that Ada Tepe will continue to bring sturdy results, supported by this improved life of mine opinion.’’

In the fourth quarter Chelopech produced approximately 45,300 ounces of gold and 7.4 million pounds of copper. That introduced production for the year to 179,100 ounces of gold and 30.8 million pounds of copper.

The Tsumeb smelter processed approximately174,000 tonnes of complex concentrate, which was once below the annual guidance of 185,000 to 200,000 tonnes.

Meanwhile, Dundee has said it is finalizing the revised feasibility survey for its Loma Largo project in Ecuador, which is heading in the correct route for production in the main quarter of 2022.


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