The total annual production of Inmet Mining (TSE) could top 300,000 oz. gold in 1997, following completion of a feasibility study on the Ovacik property in western Turkey.
The study concludes that the project, owned one-third by Inmet and two-thirds by the Source Group, could be placed into full production for a capital expenditure of $47 million. The cash operating cost is projected at US$160 per oz., with production there topping 100,000 oz. annually.
Ovacik has proven and probable reserves of 1.3 million tonnes grading 11.7 grams gold per tonne, plus an inferred resource of 1.7 million tonnes grading 7 grams. The deposit is open along strike and at depth.
A prefeasibility study on the Mastira project, in northern Turkey, concludes that an operation producing 45,000 oz. gold per year could be built for $23 million and incur a cash operating cost of US$160 per oz. The deposit has inferred reserves of 1.1 million tonnes with an average grade of 10.9 grams.
Trenching at another of Inmet’s Turkish projects, Kaynarca, has revealed gold mineralization with grades ranging from 2 to 4 grams over widths of 5 to 20 metres.
Meanwhile in northern Quebec, Inmet’s Troilus project is under construction, with production slated for early 1997. Troilus will crank out 160,000 oz. gold per year, and the cash cost is projected to be below US$200 per oz.
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