Galane Gold Ltd. completed an update of the 2014 preliminary economic assessment on the Summit Mine and Banner Mill. Galane has developed a more detailed mine plan for Summit (assisted by a new survey of the underground mine), changed the mining and trucking operations to owner operator, completed a detailed analysis of the plant restart requirements and updated all the operating costs relating to Summit. The key results of the updated PEA based on the current known resources are: A 7-year mine life; Average annual production of: 9,500 ounces of gold, 444,000 ounces of silver, 14,700 ounces of gold equivalent production; Capital cost of USD 13.4 million; Peak funding requirement of USD 8.2 million; Project payback in 26 months; Pre-tax NPV (5%) of USD 66.4 million; and All-in sustaining cash cost of USD 864 per ounce of gold.
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- Galane Gold Ltd. Completes an Update of the 2014 Preliminary Economic Assessment on the Summit Mine and Banner Mill