Process plant
Process Plant
Emergency Stockpile
Emergency stockpile
Process Plant
ASTER and Sag mill sections of the Process Plant
CCD-BIOX-ASTER tanks
CCD/BIOX/ASTER tanks
CIL
CIL tanks
Neutralization tanks
Neutralizaton tanks
pipes
Piping
pipes
Piping
Air-Water services
Air/Water services
RSI bridge
Bridge that will hold the RSI pipes
RSI pipes
Installation of pipes leading to RSI
BIOX laboratory
BIOX laboratory
BIOX laboratory
Switch yard
Mine access road
Mine access road
Safety berm placed along mine access road.
Safety berm placed along mine access roads.
Slope rehab
Slope rehabilitation
Gabion wall to protect river from flooding
Gabion wall to protect river from flooding
female driver
Female driver driving Komatsu HB785-7
Power lines
Power lines in full operation
Fully constructed road rehabilitation
Fully constructed road rehabilitation
Water system
Slope rehabilitation along the processing plant site
Slope rehabilitation along the processing plant site
Nursery
Regular water quality, air and noise monitoring are conducted within the FTAA area
Regular water quality, air and noise monitoring are conducted within the FTAA area
The company donated 1 Million coffee seedlings for the National Greening Program of the Philippine government.
Company donated 1 Million coffee seedlings for the National Greening Program of the Philippine government
Company-sponsored student scholars visiting the project site are given an orientation by a senior geologist
Two scholars of the company recently finished college education
Two scholars of the company recently finished college education
Community pharmacy and medical clinic funded by the company to cater to health needs of the community.
School children beneficiaries of feeding program
Basic Learning Program are given to adults who were not able to go to regular school
Aside from jobs, the community are given livelihood to help them stand on their own feet after the project decommissions
Animal dispersal as part of the livelihood program for the community
Medical mission, feeding program and other program for the benefit of the community

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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

US$46.2m/yr

 

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.

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