Surface Mine Stage 1 – view1
Surface Mine Stage 1 – view2
Surface Mine Stage 1 – view3
Surface Mine Stage 1 – view4
Surface Mine Stage 1 – view5
Surface Mine Stage 1 – view5
Stage 1
Surface Mine Stage 1 – view6
Aerial view of ROM pad and Process Plant
Aerial view of ROM pad and Process Plant
Aerial view of Process Plant
Aerial view of Process Plant
RSI - spillway view
RSI - pond view1
RSI - pond view1
RSI - pond view2
RSI - pond view2

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Definitive Feasibility Study

The Definitive Feasibility Study (DFS) on the Runruno project was launched on the 1st February 2009, and reported approximately a year later in early May 2010. The DFS was preceded by both an initial Concept Study, examining the outline economics and methods applicable to Runruno, and by the more detailed Scoping Study which was completed in November 2008.

The DFS built on the results of the Scoping Study released last year, and is a comprehensive forward analysis of the Runruno project economics to be used by financial institutions to assess credit-worthiness for project financing. The DFS includes drilling and design of the mine, process plant, tailings storage facility and associated infrastructure.

FCF Minerals Corporation (FCF), the manager of the Runruno project, formed an experienced team to manage the study. This team is under the direction of the Project Director, Ian Holzberger, who is accountable for the overall performance of the budget and work program. The DFS team is responsible for all phases of the study which will be complied in-house using inputs from specialist external consultants.

Throughout the process the company has ensured there is continual consultation and communication with the local community and landowners, as well as liaison with the Philippines National and Provincial Governments and other interested or affected parties.

Definitive Feasibility Study Results

The Study confirmed the viability of the Runruno project, forecasting average production of 96,700os of gold per annum over a mine life of 10.4 years, with a forecast operating cost $477/oz gold before any molybdenum credits. The capital cost forecast is to be US$149.3 million – giving payback within 3.5 years at US$1,000/oz gold.

The Feasibility Study was project managed by the Company, with all material components undertaken by independent external consultants including Mining Associates (Resource and Mining), Goldfields and SGS (Metallurgical and Testwork), Lycopodium (Process Engineering), Leighton (Constructability and Capital Cost Review), GHD (Tailings Storage Facility, Detailed Pit Design, Mine Schedule), Aboitiz (Power Supply), AECOM (Roads, Environment and Permitting) and SGV (Taxation).

The study has been based on a mineable reserve prepared by Mining Associates with an open pit mining operation and biological leaching using the proven BIOX® process combined with conventional carbon in leach treatment to recover gold to doré bullion and molybdenum to a saleable molybdenum product.

Key Project Fundamentals

A summary of the key project fundamentals is presented below:

Description Item
Capital Cost US$149.3m
Average Mining Rate 12.2 Mtpa
Average Operational Strip Ratio 5.9:1
Design Milling Rate 1.75 Mtpa
Average Gold Grade 1.89 g/t
Gold Recovery 91.9%
Average Gold Production 96,700 ozs/yr
LOM Gold Production 1,006,000 ozs
Average Operating Cost



Further details are available within the announcement dated 4th March 2010, available within the Company News area of the website. The document can be downloaded directly here.