Victoria Gold’s Eagle Gold Mine is set to pour its first gold mid September.
The Eagle Gold Mine is located in Canada’s Yukon Territory. Pouring the first gold will be a big achievement. CEO, John McConnell has been involved with Victoria Gold for more than 10 years. He has taken the Eagle development through permitting, exploration, infill drilling, engineering, feasibility studies and financing. They’ve now undergone more than 14 months of construction. So, it will be very satisfying when they’ve poured their first gold.
“The big step is to achieve commercial production, which we’ll obtain sometime in the second quarter of 2020. In full production we’ll produce 200,000 ounces of gold per year at an all in sustaining cost of less than 750 per ounce.” says McConnell.
“We use a gold price of twelve fifty as our base case. So that’s a five hundred dollar U.S. per ounce margin for every ounce we produce. Times two hundred thousand ounces. This little company will be cash flowing 100 million per year.” McConnell continues.
The Eagle Gold Mine is on track to be the largest gold mine in Yukon history.
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[BTV NewsBTV News]