Artemis Gold Inc. is planning an upgrade for the current Blackwater Mine processing plant.
“The Phase 1A plans announced today will deliver a 33 per cent increase in plant capacity, at an industry leading capital intensity of less than $55 per annual tonne of throughput. The project will be funded out of operating cash flows, and the payback period is expected to be less than six months,” said Artemis Gold CEO Dale Andres.
“We expect Phase 1A to de-risk and enhance future free cash flows that are aimed at funding a larger Phase 2 expansion.”
The Company estimates Phase 1A will be completed at a capital cost of $100-$110 million.
Major mechanical equipment for this phase has been ordered, including a vertical mill to provide additional primary grinding capacity.
Construction work has also commenced with excavation of foundations in the plant area, while the concrete batch plant for the scope of work is being commissioned on-site.
The Company is continuing to progress the design and engineering for an optimized and accelerated Phase 2 expansion, including alternative methods for mine waste haulage.
The Blackwater Mine, roughly 160 kilometres southwest of Prince George, achieved its first gold and silver pour in January this year, and commercial production in May.
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