Dundee Precious Metals Inc. (DPM:TSX) achieved commercial gold production at its Southern Bulgaria Krumovgrad project, from now on to be called Ada Tepe as it is known locally, it announced in a news release.
"Commercial production at Ada Tepe marks the beginning of a new chapter for Dundee Precious Metals, delivering significant growth in gold production and free cash flow," President and CEO Rick Howes said in the release.
Since achieving the milestone, on June 8, Dundee has continued to accelerate recoveries beyond the commercial production level. It expects to ramp up to full design capacity in Q3/19.
The company reported that gold contained in concentrate at Ada Tepe is "expected to be between 55,000 and 75,000 ounces in 2019, producing on average 100,000 ounces of gold contained in concentrate per year for the first five years of production, with a life of mine average of approximately 85,000 ounces at a $404 per ounce cash cost."
The estimated project capex remains between $164 and $166 million.
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