Beadell Resources (ASX:BDR) wholly-owns the Tucano project, which is Brazil’s third largest gold mine.
Keys to the project are open pit resources of 100 million tonnes at 1.67g/t gold for 5.37 million ounces and open pit reserves of 25.7 million tonnes at 1.57g/t gold for 1.30 million ounces.
Add to this underground resources of 4.86 million tonnes at 4.06g/t gold for 634,000 ounces.
CY2016 production is forecast to be 145,000-160,000 ounces of gold, with AISC forecast of between US$715-US$815 per ounce.
This provides significant margins as spot gold remains over US$1200 an ounce.
Beadell is now heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.
The halt will remain in place until the opening of trade on Tuesday 23rd February 2016, or earlier if an announcement is made to the market.
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