Cassidy Gold Receives Exploration Permit in Guinea

29 June 2011 (Last Updated June 29th, 2011 18:30)

Cassidy Gold has received an exploitation permit covering all gold resources identified to date at its Kouroussa gold project in Guinea, West Africa. The exploitation permit covers a total area of 16km² within the firm's 949km² exploration permits, which are subject to renewal

Cassidy Gold has received an exploitation permit covering all gold resources identified to date at its Kouroussa gold project in Guinea, West Africa.

The exploitation permit covers a total area of 16km² within the firm's 949km² exploration permits, which are subject to renewal provisions described in the Guinean Mines Code.

A scoping study completed by Coffey Mining in 2009 has concluded that Kouroussa could produce an average of 79,000oz of gold annually at a cash operating cost of $484 per oz over a 6-year mine life.

The study has also estimated initial capital costs of $97m for the Kouroussa Project, with a further $11m estimated for sustaining capital.

Cassidy Gold is currently in the process of updating this Scoping Study.