Loma Larga next gold mine to open in Ecuador

A feasibility study suggests that the Loma Larga
gold mining project near Cuenca in southern Ecuador is anticipated to
yield 2.6 million gold equivalent ounces over its 12-year lifespan,
according to the project’s owner.

The study, conducted by DRA Americas on behalf of the mine owner, INV
, indicates an anticipated annual cost of $768 an ounce to
extract the mine’s riches, including silver and copper ore as well as
the primary goal, the gold.

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Gold equivalent ounces are derived from calculations that include
the other anticipated byproducts, such as silver or copper, where:
(Ounces of Byproduct Mined x Byproduct Price) / Gold Price = Gold
equivalent ounces.

INV Metals has scheduled groundbreaking for 2020 and expects to
begin producing its first gold
 from the Loma Larga site in 2021.

The owner identifies Loma Larga as one of five strategic mining
projects explored in Ecuador. It is the next one to be financed and
properly permitted in the South American nation.

Changes in the mine plan and other adjustments permitted an increase
in estimates for Loma Larga’s mineral reserves, to 13.9 million metric
tonnes, grading at 4.91 grams of gold per metric ton, 29.6 grams of
silver per metric ton and 0.29 percent copper, according to INV Metals.

INV Metals Inc. is a Canadian mineral resource company headquartered
in Toronto and focused on the development and exploration of the Loma
Larga gold property.

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