Gold and copper junior Metminco Limited (LON:MNC) is making good progress at its Miraflores gold project in Colombia and expects to complete a feasibility study in the third quarter.
Completion of the baseline monitoring for the Environmental Licence (EIA) is another critical element and submission to the relevant authorities will be by the end of 2017.
Bill Howe, chief executive, said work to date at Miraflores had been ‘highly encouraging’.
Designing is now underway on the underground mine and infrastructure. Metallurgical testing has confirmed historic recoveries and work has started on the current ore at Miraflores to identify the best extraction process.
“The company's firm target of becoming a gold producer with the planned development of the Miraflores Project in the first quarter 2019 is unchanged," he said.
“At Los Calatos [Peru], work towards completion of the pre-feasibility study is progressing well. We are highly positive towards the outcome of this study in light of steadily improving copper fundamentals.”
In April, the junior received US$300,000 from the convertible note facility with Redfield with the remaining $450,000 to be received no later than 12 May 2017. Metminco also has a funding facility with Lanstead Capital.
Shares dipped 6% to 4.25p.
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