Mr. Andre Gagne reports
KOMET RESOURCES INC.: FIRST RESULTS OF THE VAT LEACHING PILOT TESTS
Komet Resources Inc. has released the first results from the VAT leaching pilot tests.
Started back in January, pilot testing was undertaken as part of a complete and meticulous assessment of on-site ore processing equipment. The leaching process was completely upgraded and modified to use a percolation (upflow) system instead of a flooding (downflow) system. These pilot tests will carry on through the next couple of months and will seek to optimize this new process by systematically varying parameters such as debit, granulometry, gold grade of treated material and elution performance.
Testing was conducted using the waste material available on site (see Jan. 29, 2015, press release). So far, treated material graded an average of 1.75 grams per tonne gold and recovery rates obtained from leaching averaged 66 per cent with a cash cost of $340 per ounce. Three gold elution were made resulting in 1.9 kilograms of gold (weighted average of 20.07 carats or 84 per cent) and generating a revenue of $75,809. President and chief executive officer Andre Gagne declares: "With those surprising and encouraging results and the the gravimetry circuit pilot tests beginning next July, our slogan 'Produce to discover...' takes on its full meaning." All the results are based on the analysis from the laboratory of SGS at Ouagadougou using fire assay followed by atomic absorption spectrometry.
VAT LEACHING OPERATING COSTS -- PILOT TESTS
Unit price Unit price
Quantity (XOF) (CAD) Total (XOF) Total (CAD)
Chemical
reactives
Cyanide (kg) 15.625 4,550 $9.52 71,094 $148.73
Caustic soda
(kg) 9.375 490 $1.03 4,594 $9.61
Carbon (kg) 3.611 1,500 $3.14 5,417 $11.33
Assay
Ore 2 7,500 $15.69 15,000 $31.38
Carbon (kg) 0.75 15,000 $31.38 11,250 $23.54
Diesel
322 excavator
($/day) 0.5 11,700 $24.48 5,850 $12.24
Loader ($/day) 0.5 8,450 $17.68 4,225 $8.84
322 emptying
($/day) 1 11,700 $24.48 11,700 $24.48
Dump truck
($/day) 1 2,600 $5.44 2,600 $5.44
Labour (hour)
Security 3.50 563 $1.18 1,969 $4.12
Excavator
operator 3 563 $1.18 1,688 $3.53
Loader operator 1 563 $1.18 563 $1.18
Truck operator 2 563 $1.18 1,125 $2.35
Laborer loading 14 563 $1.18 7,875 $16.47
Laborer emptying 14 563 $1.18 7,875 $16.47
Water and
electricity
Water ($/litres) 46.375 30 $0.06 1,391 $2.91
Electricity
($/kwh) 960 80 $0.17 76,800 $160.67
Total cash
cost/VAT 231,014 $483.29
Tons per VAT 39
Waste processed
grade (g/t) 1.75
Gold per VAT (g) 68.25
Recovery grade 66%
Recovered gold per
VAT (g) 45.045 CAD
Gold price (XOF/g) 22,814 $47.73
1 VAT value (XOF) 1,027,659 $2,149.91
Operating cost (XOF) 231,014 $483.29
Gold price (XOF/g) 22,814 $47.73
Gold (g) equivalent 10.13
Recovery grade 66%
Gold needed 15.34
Tons for 1 VAT 39
Minimum grade (g/t) 0.39
Cost/oz (XOF) 159,515
Cost/oz (CAD) $340.12
Gold price
(CAD/oz)(i) $1,513.00
Grams for 1 oz 31.1035
Exchange CAD to
XOF(i) 469
Gold price (XOF/oz) 709,597
Notes:
(i) Exchange rate is the average for the first quarter of 2015 according to
Oanda and gold price is the average price for the first quarter of 2015
according to London Metal Exchange.
XOF: West African CFA franc
Jacques Marchand, PEng, Geo, is the qualified person who has reviewed this news release and is responsible for the geological information presented there.
We seek Safe Harbor.
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