GBM targets gold from small heap-leach operation by next year

Australian miner GBM Resources expects to start gold production from a small-scale heap leach operation on the Eugenia deposit at Mt Coolan in the fourth quarter of 2017, following the completion of a scoping study. The study, carried out by Mining One, demonstrates that a 16-month operation at Eugenia has the potential to generate a strong positive cash flow, with recovered gold ounces totalling 32 588 oz at a C1 cost of $848/oz. Capital is estimated at $8.3-million.