South Africa police standoff with illegal gold miners escalates
The police sealed off access to the Buffelsfontein gold mine in Stilfontein several weeks ago to deny the miners access to food and other essentials.
Sutter Gold Mining Inc. (TSXV:SGM) said Wednesday it will go ahead with mine and mill construction at the company’s Lincoln gold project in California, according to a report by Canadian Press:
The decision follows completion of an independent preliminary economic assessment that indicated “positive economics” for the project near Sutter Creek, Calif., using a base gold price of US$1,100 an ounce.
The project will be financed through a $20 million prepaid gold facility from RMB Australia Holdings. Sutter has agreed to deliver a total of 53,027 ounces to RMB, at a price of approximately $950/oz.
An NI 43-101 reported, completed in 2008, shows 223,055 contained ounces of gold for the Lincoln-Comet and Keystone areas. The total inferred resources are 2.161 million tonnes grading 6.6 g/t gold, for 458,914 contained ounces of gold.
