The Eagle Is Close to Takeoff
Interview with Victoria Gold CEO John McConnell
Kevin Michael Grace

Victoria Gold Corp V.VIT announced September 4 the completion by the Yukon Environmental and Socio-Economic Assessment Board of the Draft Screening Report for its Eagle Gold Project, located 375 kilometres north of Whitehorse, Yukon Territory. The report recommended that “the Eagle Gold Project be allowed to proceed without a review.” As a result, completion of the environmental assessment process is expected by 1Q 2013.

According to a February 2012 feasibility study, Eagle contains 91.6 million tonnes grading 0.78 grams per tonne gold for a resource of 2.3 million ounces proven and probable. The indicated resource is 4.86 million ounces, and the inferred resource is 1.49 million ounces. The study forecast annual production of 192,000 gold ounces for 12 years at a cost of $542 per ounce. The initial CAPEX (including prestripping) is $399.7 million, while life-of-mine sustaining capital costs are $132.9 million and closure costs (net of salvage value) are $64.2 million. Based on $1,325-per-ounce gold, the project has a pretax net present value (NPV) of $380.8 million (at a 5% discount rate), a 24.1% internal rate of return and a payback period of 3.1 years.

Read more of this interview with Victoria Gold CEO John McConnell.