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Property News
June 22, 2011
Metals Exploration provided an update relating to step out drilling and regional exploration activities at the Runruno gold-molybdenum project in the Philippines.
Metals Exploration announced the results of its Feasibility Study and a resource update for the Runruno project in the northern Philippines. The study confirms the viability of a project producing an average of 96,700 ozs of gold per annum over a mine life of 10.4 years with an average forecast operating cost $477/oz gold. Capital cost was forecast to be US$149.3 million with a payback within 3.5 years at US$1,000 gold and a ?IRR 20% at $1,000/oz gold.
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