The government of the Mexican state of Sinaloa has agreed to provide the required infrastructure to support the Santo Tomas copper-gold-silver project of Exall Resources (TSE).
The company estimates that the value of such work — road construction, electrical power, telephone connections and housing — will exceed US$25 million.
The government of the northern state says the mine development will provide jobs and act to stimulate economic growth in the area. A spokesman for the state says independent engineering studies estimate that the project will generate about 2,500 jobs during the construction period, 1,300 jobs during operation and 6,500 additional indirect jobs.
A prefeasibility study outlined proven and probable reserves, in the North Pit area, of 428.8 million tonnes grading 0.368% copper (cutoff grade: 0.2%) or 247.6 million tonnes at 0.439% (cutoff: 0.35%).
The total reserve estimate (all classes) is more than 1 billion tonnes grading 0.33%. The deposit is open on strike and at depth.
Based on a mining rate of 120,000 tonnes per day, annual production is estimated to be 138,000 tonnes copper, 69,000 oz. gold and 2.3 million oz. silver.
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