The Colnic mine is a large open pit mine in the west of Romania. It is located about 30 kilometres north of the town of Deva, 400 kilometres from the capital Bucharest. It is estimated that it holds reserves of more than two million ounces of gold and 135,000 tonnes of copper. The mine is owned by Toronto-based Carpathian Gold. Although the company has not released its production estimates, it is still hopeful about the mine’s future.
The company is in the process of optimizing the mine plan. This optimized mine plan will be the basis for the new PEA. The new PEA is anticipated to be completed by the end of Q1 2019. The optimized mine plan will then be further developed into a Bankable Feasibility Study, which is anticipated to be completed by the end of this year. The company is currently investing approximately USD 264 million in the project.
Rovina is the largest undeveloped copper-gold asset in the world. The mine contains 10.1 million ounces of gold equivalent and 233 million tonnes of copper. Its porphyry system is a large source of copper. It is estimated to have a mine life of 16.8 years. The Rovina mine has a throughput of approximately 7.2Mtpa. It is expected to produce 106,000oz of gold and 19Mlb of copper within its first ten years of operation.
The Colnic mine was awarded a mining exploitation permit. It has a resource of 10.1 million ounces of gold equivalent. The project is scheduled to start production by 2024. It will use low impact mining techniques to extract the minerals. The project will produce a high-grade copper and gold concentrate, which will be suitable for European smelters. However, if the project is successful, it will produce more than one million ounces of gold equivalent annually.
The Rovina Valley project is a copper-gold mine in Romania. It is located 25km north of Deva and is part of Romania’s Golden Quadrilateral Mining District. The area is underlain by a series of porphyritic intermediate intrusive rocks. The Rovina, Colnic, and Ciresata porphyries are underlain by the brecciated-porphyritic rock.
The Rovina Valley project is a sustainable gold project. The project has no wet tailings facility and no cyanide at all. In addition, the company intends to be a “green” gold mine by eliminating cyanide, reducing the amount of cyanide needed in the process. This project is also expected to provide tax revenues for the community. There are no known environmental risks associated with the mine, but some environmental issues should be considered.
The Ciresata deposit has amenable bulk underground mining. It is not a Mineral Reserve, but its resources are not proven to be commercially viable. The estimated resources are not Mineral Reserves. The company did not demonstrate a demonstrated economic viability of the project. Its Ciresata deposit is a bulk underground mine. It is an open-pit mine, which means the resource estimate for this deposit is only part of its potential.