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Shares in Roxgold Inc (CVE:ROG) gained more than 6% in heavy volumes on Monday, after announcing a robust feasiblity study for its high-grade Yaramoko project in Burkina Faso.
In afternoon dealings the Toronto-based junior was off its highs changing hands at $0.65, up 3.2% on the Toronto Venture Exchange. Around 2.2 million shares in the $153 million company had changed hands compared to the usual daily average of 430,000.
Roxgold’s share price is up 46% since the start of the year after announcing a string of good drilling results from the West African nation and a number of financing deals to push the project forward.
Yaramoko stands out as a project thanks to a combination of a high-grade deposit containing probable reserves of 759,000 oz of gold at an average grade of 11.83 g/t gold and some of the lowest costs in the industry – all in sustaining costs of $590 an ounce.
The Yaramoko feasibility improves on the PEA and calls for a $106 million underground mine producing 99,500 ounces on average annually for an initial 7.4 years. Construction starts end-2014.
Roxgold owns 100% of Yaramoko, but the government of Burkina Faso is entitled to 10% of the project after the formal award of permits.
Burkina Faso with a population of 16 million people, is the continent’s fourth largest gold producer after Mali and has commissioned eight new mines over the past six year.
Comments
sun
check out (WAF) West African resources in Burkina also. They are way undervalued compare to Roxgold and heading in a similar direction. A few more shares on issue but coming up with good grades, scoping study due in a few weeks.