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Similar a Explore New Potential at El Gallo Complex Mine
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Explore New Potential at El Gallo Complex Mine
- 1. Welcome to El Gallo Complex Mine Tour 1
- 2. Ian Ball – Senior Vice President Introduction 2
- 3. Taking a Phased Approach Original Plan El Gallo + Magistral + Palmarito Production 2014 3
- 4. Taking a Phased Approach A Better Way Forward Magistral El Gallo + Palmarito Phase 1 Phase 2 Production 2012 Production 2014 4
- 5. Key Benefits • Cash flow now • Build operational team • Test costs assumptions (labour, mining, etc.) • Prove success through phased approach 5
- 6. Magistral Mine 2007 6
- 7. Background • Operated 2002-2005 • Produced 70,000 oz Gold • Placed on care maintenance • Operating permit remained in place 7
- 8. Background • 2007: McEwen Mining acquired project • 2009: El Gallo Phase 2 discovered • 2012: Rebuilt Phase 1 • 2012: Positive Phase 2 feasibility study 8
- 9. Past Operational Issues 1. Poor recoveries: crush size / soluble copper 2. Long leach times 3. Low mining rates 4. Minimal working capital Could we fix it? YES! 9
- 10. What Did We Do? 1. Installed 3 stage crusher: 3/8 inch 2. Cold strip for soluble copper 3. Contract mining 4. Strong balance sheet 10
- 11. How Did We Do? Great! Budget: $15 Million Final cost: $13.5 Million Completion date: Q3, 2012 Under Budget, On Schedule 11
- 12. El Gallo Phase 1, 2013 12
- 13. El Gallo I EPCM Contractor Overview Sonoran Resources 13
- 14. Sonoran Resources Previous Projects Cerro Prieto Project Santa Elena Mine Sonora Mexico Sonora Mexico • EPCM – Gold Silver Mine • Procurement and Construction Management • Oversaw permitting • Constructed and commissioned mine • Negotiations for surface and water rights Oatman Mine Mesquite Mine Arizona U.S.A. California U.S.A. • Dewatering underground • Construction of ADR Plant • Upgrades to electrical • Recommissioned refinery • Recommissioning ventilation • Development of truck shop • Electrical upgrades Golden Summit Alaska U.S.A. La Bolsa Project • Fabricated gravity circuit Sonora Mexico • Installed crushing circuit • Prefeasibility Study • Scoping Study 14
- 15. Initial Assessment - September 2011 15
- 16. Key Areas of Rebuild 1. Process Plant 2. Crushers 3. Heap Leach Expansion 4. Process Pond Upgrade 16
- 17. Process Plant Before After 17
- 18. Assay Laboratory Before After 18
- 19. Refinery Before After 19
- 20. Vault Before After 20
- 21. Generators Before After 21
- 22. Installed Cold Strip & Acid Wash Circuit 22
- 23. Crushers 2 Stage Before 3 Stage After 23
- 24. Heap Leach Pad Before After 24
- 25. Increased Capacity and Gold Recovery 25
- 26. Process Ponds 26
- 27. Increased Capacity and Reliability 27
- 28. Gold Pour 28
- 29. El Gallo 1 A Team That Builds Success! 29
- 30. John Read – Senior Geologist Exploration 30
- 31. Phase I Resources M&I Resource 345,000 oz Au Samaniego Pit M&I Resource San Rafael Pit 113,350 oz Au Lupita Pit M&I Resource 46,600 oz Au 0 500 Meters N Sagrado Corazon Pit 31
- 32. Lupita Deposit + Pit Design 0 200 Meters N 32
- 33. NW SE Lupita 46.1m @ 2.1 g /t Au Incl. 5m @ 9.9 g /t Deposit 44.4m @ 1.1 g /t Au SECTION LUP-74 Incl. 2.5m @ 9.5 g /t 12.8m @ 3.0 g /t Au Incl. 1.1m @ 23.3 g /t 0 100 Meters 33
- 34. NW SE Lupita Deposit SECTION LUP-58 11m @ 0.96 g /t Au 41.2m @ 1.3 g /t Au 65.2m @ 0.5 g /t Au Incl. 1.7m @ 13.4 g /t 0 100 Meters 34
- 35. McEwen Sonora Chihuahua ExploraGon El Gallo Project Complex Baja California Durango Sinaloa Zacatecas McEwen Pacific Ocean ExploraGon Guamuchil 100 Project 0 N Nayarit Km Jalisco 35
- 36. Mines in Western Mexico N 36
- 37. El Gallo Complex Production Areas + New Potential 37
- 38. Mina Grande Haciendita 0 500 N Meters 38
- 39. Blast Hole Rig Diamond Drill Rig 39
- 40. 40
- 41. Haciendita Exploration Project SECTION HC-10 SW NE 16.4m @ 2.07 g /t Au 23.8m @ 1.3 g /t Au 5.4m @ 1.49 g /t Au 17.8m @ 1.78 g /t Au 0 100 Meters 41
- 42. Mina Grande Haciendita 0 500 N Meters 42
- 43. 43
- 44. Mina Grande Exploration Project SECTION MG-13 SW NE 4.65m @ 12.35 g /t Au Incl. 1m @ 44.1 g /t 12.5m @ 6.43 g /t Au Incl. 1.2m @ 49 g /t 5.1m @ 5.72 g /t Au Incl. 1.3m @ 18.6 g /t 0 100 Meters 44
- 45. Patricia Angulo – Human Resources Community Relations 45
- 46. Mining brings prosperity to communities where economic activities are limited. 46
- 47. Compañía Minera Pangea in Region since 1995 McEwen Mining Acquired Project 2007 47
- 48. Three main municipalities surround the mine: Mocorito, Salvador Alvarado and Sinaloa. 48
- 49. Villages Around the Mine Los Becos Projects El Tule de Arriba Villages Cerro Agudo El Tule El Mezquite San Miguel Los Medina Las Milpas de los Gonzalez 49
- 50. Mission To develop profitable mineral deposits and enhance the community where we work. 50
- 51. Since 2007 McEwen Mining Contributed US $3,000,000 51
- 52. McEwen Mining helps sponsor traditional holidays such as: Child´s Day, Mother's Day, Teacher’s day, and Christmas. 52
- 53. Providing Water for the Local Community 53
- 54. In 2010 US$20,000 donated to 24 schools Consisting : Air Conditioners Water Coolers Construction Material Fans Education Material Sports Equipment 54
- 55. Schools Donation Program Children’s Day School Supplies Christmas Educational Material 55
- 56. Making Schools Better Before After DESPUES 56
- 57. El Gallo Multipurpose Court In 2011 a multipurpose court was built for the El Gallo community. 57
- 58. El Valle Road Paving (2 km) Investment US$650,000 ANTES 2012 58
- 59. El Valle Paving Road Inauguration April 2012 59
- 60. El Magistral, Mocorito, Sinaloa In 2012, 4 houses built to relocate residents 60
- 61. 61
- 62. Bill Faust – COO / Fernando Aguilar – Operations Manager El Gallo Phase 2 62
- 63. El Gallo Complex 63
- 64. El Gallo Phase 2 • Conventional Open Pit, Mill, Agitated Leach • Est. Capex $180 Million • Est. production 5 Million silver oz / year • Est. cash cost $10 / oz • Mine life est. 6.5 years 64
- 65. Looking North Towards Process Plant 65
- 66. Looking South Towards Open Pit 66
- 67. Stoc Leach Ore kpile Open Pit Waste Dump El Gallo Open Pit Design 67
- 68. View of Historic Palmarito Pit 68 68
- 69. Open Pit Waste Dump N Palmarito Open Pit Design 69
- 70. El Gallo Phase 2 Reserve Tonnes Silver Gold Silver Gold Classification (000’) (g/t) (g/t) (000’oz) (oz) Proven Mineral Reserve 11,185 101.0 0.125 36,336 44,816 Probable Mineral Reserve 534 107.2 0.075 1,840 1,286 Proven and Probable Reserve 11,719 101.3 0.123 38,176 46,102 70
- 71. El Gallo - Construction • Pits mined using contractor • Permitting underway submittal Q1 2013 • EPCM Contractor – M3 Engineering • Construction start expected Q3 2013 71
- 72. CYCLONE CLUSTERS Process Flowsheet 3-STAGE STOCKPILE CRUSHING LEACH TANKS BALL MILL CCD CIRCUIT DORE REFINERY MERRILL CROWE DRY STACK TAILINGS 72
- 73. Tailings Storage Mill Open Pit N Surface Rights El Gallo Phase 2 Site Layout 73
- 74. Surface Rights Boundary Substation Water Storage CCD Tanks Crushers Ball Mill Leach Merrill Tanks Crowe N El Gallo Phase 2 Process Plant Layout 74
- 75. Planned Site for Process Plant 75
- 76. Dry Stacked Tailings 76
- 77. Future Substation Site – Project Power 77
- 78. Ian Ball – Senior Vice President El Gallo Phase 2 Economics 78
- 79. El Gallo Phase 2 Initial Capital - $180 M Process US Dollars (x000) Site Prep. $3,867 Crushing $15,686 Ore Storage $3,435 Mill $12,836 Leaching $28,552 Merrill-Crowe $9,688 Refinery $4,168 Tailings $20,195 Water $4,765 Power $8,382 Reagents Tanks $3,570 Buildings $2,632 Freight $8,590 Subtotal $126,365 Indirect Costs Mobilization $1,856 EPCM $19,903 Commissioning / Spares $2,345 Owner’s Cost $8,766 Contingency (14.4%) $18,813 Subtotal $51,683 Total $178,048 79
- 80. El Gallo Phase 2 Operating Costs Production Cost $10 / oz Silver Cost Per Ore Tonne Processed Mining $7.40 Processing $21.37 Refining $1.43 Royalty $1.01 G&A $2.16 Gold By-Product Credit ($1,415 per ounce) ($4.63) Total Operating Costs $28.74 80
- 81. El Gallo Phase 2 Mine Plan Avg 5.2 Million oz Silver / yr Silver Silver Gold Gold Ore Production Grade Production Grade Strip Ratio Tonnes Year (000’) (gpt) (oz) (gpt) (Waste:Ore) (000’) 1 6,113 135.1 4,030 0.095 1.99 1,669 2 5,540 113.4 11,754 0.248 2.65 1,825 3 5,562 113.6 6,189 0.123 2.89 1,825 4 4,241 86.0 5,271 0.106 3.22 1,825 5 4,632 94.4 4,949 0.099 2.53 1,825 6 4,749 95.5 4,152 0.088 1.84 1,825 7 1,182 47.8 1,964 0.078 2.22 925 Total 32,019 101.3 38,309 0.123 2.61 11,719 81
- 82. El Gallo Phase 2 Metallurgical Testing Area Silver Recovery Gold Recovery (%) (%) Silver and Gold 84.3 83.2 Recovery Cyanide (kg/tonnes) 1.52 Lime (kg/tonne) 6.77 82
- 83. El Gallo Phase 2 Financial Returns After Income Tax Base Case Spot Case ($25 Silver / ($32 Silver / $1,415 Gold) $1,700 Gold) IRR 26% 44% NPV 0% $184 $354 NPV 5% $118 $248 NPV 10% $73 $174 Annual Cash Flow $56 $82 Payback (yrs) 2.6 1.8 *Dollar figures in millions 83
- 84. Simon Quick – VP Projects Permitting, Water Rights and Supply 84
- 85. Experienced Team Permit Specialist: Water Rights + Supply: Patricia Aguayo Dr. Miguel Rangal • MS Chemical Engineering • Ph.D. in hydrology • Permitted: Alamo Dorado, • Current projects: La Bolsa Mine Torex, Timmins Gold, • Good relationship with Goldcorp. SERMANAT • Specializes in Water Rights Registration 85
- 86. Sinaloa Permitting Favourable Marlin Gold permit submitted: El Gallo Complex (May 1st, 2012) • Located in Sinaloa • Granted 140 days • Positive sign…! 86
- 87. 3 Required Permits: (MIA) Manifestacion de Impacto Ambiental • EIS equivalent USA (ETJ) Estudio Justificativo Para Cambio Uso Suelo • Change of Land Use (ER) Analisis de Riesgo • Risk Analysis 87
- 88. Permitting Schedule MIA (60 – 120 Days) ETJ (60 – 120 Days) ER (60 – 120 Days) Permit Submission Expected Approval Q1 2013 Q2 2013 Q3 2013 Q4 2013 88
- 89. Regulators Like Safe & Simple Dry Tailings Eliminates dam failure Reduces environmental impact Lowers reclamation costs 89
- 90. Water rights secured: 1 Million M3 / Year x 2 Water requirements satisfied: 17 l/s Well 5 Well 1 6.3 l/s 2.2 l/s Well 3 3.3 l/s Well 4 40.4 l/s - Production well l/s Litre per second - 90
- 91. Filter Press – Dry Stack Tailings 91