Golden Independence releases Independence Project PEA, Nevada

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Golden Independence Mining Corp. [IGLD-CS; GIDMF-OTCQB; 6NN-FSE], operator, released the results of a positive preliminary economic assessment (PEA) for the 51%-owned flagship Independence Project, which adjoins the Nevada Gold Mines Phoenix-Fortitude mining operations in the Battle Mountain/Cortez trend, 24 miles southwest of Battle Mountain, Nevada.

Independence PEA highlights include an After-Tax NPV5% of US$35 million with an IRR of 18% at US$1,700/oz gold and US$24/oz silver; significant leverage to metal prices with after-tax NPV5% of US$45M and IRR of 22% at spot prices. Average annual production of 32,050 oz gold at an AISC of US$1,078/oz (net of silver credits); LOM production of 195,443 oz gold and 1,281,420 oz silver; LOM after-tax cash flow of US$59 million at Base Case prices and US$72 million at spot prices. Initial Capital of US$63 million, including working capital and contingencies. Mine life of 6.1 years exploiting only 60% of the near surface resource contained within a US$1,800/oz gold price pit.  Spot prices used were US$1,799/oz gold and US$22.47/oz silver.

“The PEA shows that at Base Case gold prices of US$1,700/oz, the heap leach component of the Independence Project has a significant positive net present value and very strong leverage to the gold price. At current spot prices, the project’s estimated net present value increases by over 30% to US$45 million with an after-tax IRR of 22%,” stated Golden Independence CEO, Christos Doulis. “Our focus in 2022 will be to continue to examine opportunities to significantly grow the Project though additional exploration work and strategic acquisition, additionally, unlocking the value of the high-grade skarn, and advancing and expanding the heap leach component of the Project.”

The PEA provides an attractive preliminary economic case for the near-surface development of the Independence project.

Golden Independence Mining, operator of the Independence Joint Venture with Americas Gold Exploration Inc., is a development company focused on the advanced-stage Independence Project.


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