Tuesday, 21st August 2007 (1973 views)

Recent exploration at Canarc Resource's New Polaris mine has yielded positive results, it has been announced.

According to Canarc, a preliminary assessment of building a gold mine capable of producing 80,000 ounces per year at the New Polaris has revealed that he project generates a pre-tax undiscounted net present value of CA$60.4 million.

Meanwhile, scheduled resources at the gold mine is 806,000 tonnes measured and indicated grading at 13.2 grammes per tonne (g/t) of gold after dilution and 944,000 tonnes inferred grading 11.9 g/t of gold after dilution.

"It is gratifying to see the New Polaris gold mine project come through a rigorous preliminary assessment of building an 80,000 ounces per year high grade underground gold mine with positive results," commented chairman Bradford Cooke.

The production rate is anticipated at 600 tonnes per day with 80,000 tonnes expected to be mined annually.

Canarc has established five opportunities by which to improve the base case cash model at the mine, these include increasing the mine life – currently set at eight years.

 

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