- CONSTRUCTION OF ELECTRICAL FACILITIES TO COMMENCE
- PROJECT UPDATE CONFERENCE CALL TO BE HELD APRIL 24, 2013
TORONTO, April 16, 2013 /PRNewswire/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX: SUE) (BVL: SUE) (OTCQX: SDDDF) receives approval of its environmental impact study ("DIA") and obtains a construction permit for the switchyard and electrical facilities from the Ministry of Energy and Mines of Peru. With the approval granted and the permit in place, the Company will move forward with the construction of the electrical project.
Peter Tagliamonte, Chairman and CEO of Sulliden, commented, "The start of the switchyard construction marks another important step in the advancement of the Shahuindo Project. The new electrical facilities will provide low cost grid power to the Shahuindo mine. In addition, the new facilities will help improve access and quality of electrical power in the province of Cajabamba."
The Shahuido project is a straightforward open pit heap leach recovery mine with low capital requirements and bottom quartile operating costs. The capex of the mine is an estimated $131.8 million, which will support a mining rate of 3.65 million tonnes per year and annual production of approximately 90,000 gold equivalent ounces at projected average cash operating costs of $552 per ounce.
On September 6, 2012, Sulliden awarded an Engineering, Procurement and Construction ("EPC") contract to Abengoa Peru S.A. ("Abengoa") for the construction and installation of the electrical substation. The following month, October 2012, an electrical connection agreement was completed and signed with Abengoa for electrical power supply to the Shahuindo mine.
Conference Call Announcement
On Wednesday April 24, 2013 at 11:00 AM EST, Sulliden's management team will host a conference call to provide a general update on the Company and discuss recent news and upcoming events. Following management's comments, the lines will be opened for a period of Q&A.
Conference call information:
Date: April 24, 2013
Time: 11:00 AM EST
Toronto dial-in number: 647-427-7450
Toll Free dial-in number: 1-888-231-8191
Conference call replay information:
Toronto dial-in number: 416-849-0833
Toll Free dial-in number: 1-855-859-2056
Pass code: 37186832
Replay Availability: April 23, 2013 to May 21, 2013
Joe Milbourne, Vice President of Operations and Technical Services for Sulliden is the Company's designated Qualified Person for the purposes of the Feasibility Study. Mr. Milbourne has reviewed and approved the scientific and technical contents of this press release.
Sulliden Gold Corporation Ltd. is a Canadian development-stage company focused on bringing to production its low-cost gold and silver project located in a prolific gold belt in northern Peru. Since 2009, the Company has delivered two mineral resource updates, completed a Preliminary Economic Assessment and Feasibility Study, and is now in the advanced stage of permitting. Sulliden is listed on the Toronto (TSX) and Lima (BVL) stock exchanges under the symbol "SUE", as well as the premier tier of the U.S. Over-the-Counter (OTC) market (OTCQX) under the symbol "SDDDF". For more information about Sulliden, please visit www.sulliden.com.
On behalf of Sulliden Gold Corporation Ltd.:
|Chairman & CEO||President|
Caution regarding forward-looking information:
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the impact of the DIA approval on the company and its implications on the permitting process and, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and anticipated production schedule. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Sulliden Gold Corporation Ltd.