Gold Rim Exploration Inc. Completes Preliminary Economic Assessment at Cotogchoa Project in Quito, Ecuador
A preliminary economic assessment of Gold Rim Exploration Inc.'s Cotogchoa project in Quito, Ecuador has identified an open-pit zone capable of producing an average of more than 3,000 ounces of gold a year over a four-to-six-year period for a potential mine production of nearly 20,000 ounces of gold, making the project the company's most successful project in the country.
In the first three years the company anticipate production of between 6,000 and 8,000 ounces of gold with an average yield of 1.97 grams of gold per ton.
Gold Rim Exploration Inc. are forecasting initial production costs at USD $1,441 per ounce for the first 2 years, reducing to approximately USD $1,347 per ounce thereafter once all set-up costs and facilities have been established.
Using base case prices of USD $2,350 per ounce, the zone named Diablo, would deliver a pre-tax return of around USD 19 million over a 6-year period.
The initial capital being assigned to the Diablo zone for set-up is at USD $3.88 million which will be sufficient to cover plant, machinery and will also allow for further exploration.
Mr. Andrew Abrahamson, Chief Operations Officer with Gold Rim Exploration stated, "The project has shown to have measured and indicated resources of up to 8,000 ounces of gold which is staggering and took us all by pleasant surprise. The entire team at Quito deserve special credit, as does Antonio Cortez, our regional senior manager, for his persistent negotiations with the local council and communities in allowing us to be granted the relevant permissions to mine."
Gold Rim Exploration Inc. will keep all shareholders updated with regard to the progress made at the Diablo zone by the first quarter of 2025.
