Penny’s Find ‘technically sound’ and ‘financially viable’ – BFS

Gold developer Empire Resources has completed a bankable feasibility study (BFS) for the Penny’s Find project, near Kalgoorlie, in Western Australia, which indicated that the project was “technically sound” and “financially viable”. The BFS, which was based on a probable ore reserve of 146 000 t at 4.62 g/t of gold, showed that the project would generate A$7.6-million undiscounted free cash flow in less than a year, based on a gold price of A$1 500/oz.