Santana Minerals' (NZE:SMI, ASX:SMI) Bendigo-Ophir project in New Zealand is expected to produce 1.2 million ounces of gold from open pit and underground mining based on its pre-feasibility study, the company disclosed in a Friday Australian bourse filing.
The estimate is based on an average all-in-sustaining cost of AU$1,416 per ounce at the current spot price of AU$4,000 per ounce.
Sanatana's board also announced an ore reserve estimate of 15.5 million tonnes at 2.4 grams per tonne of gold for 1.2 million ounces.
The mining company's shares were down almost 6% in recent Friday trade in New Zealand and fell past 1% in Australia.
Price (AUD): $0.65, Change: $-0.04, Percent Change: -5.80%
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