Premier

Highlights

Plant construction at Premier, April 2012
  • Plant construction underway
  • Commissioning targeted to start in Q2, 2012
  • Delineated resource with excellent near-mine exploration potential.
  • Abutting the high-yield AngloGold Ashanti/ Kinross JV Serra Grande mine

Premier is a high-potential, brownfields Gold project consisting of 15 concessions that total approximately 150km². Of the concessions, one already has approval from mining. 

88,900 inferred ounces have been delineated through a small drilling program that was supplimented by historical data.  The Company has concluded a mining and engineering study investigating the feasibility of starting small-scale mining within the year at an initial rate of between 10,000oz to 20,000oz per annum.  Cleveland's Board of Directors has reviewed this study and granted approval for the Company to move towards mining.  Premier is held as a 50:50 Joint Venture with Edifica Participações.

The mining-approved concession adjoins the highly-productive Serra Grande gold project, which is held in joint venture by Kinross and AngloGold Ashanti.
Falcon concentrators ready for installation

The Serra Grande project consists of two operating underground gold mines accessed by decline, Mina III and Mina Nova; three orebodies that have been accessed by underground development, Corpo SUL, Corpo IV, and Corpo V; and two orebodies under evaluation, Forquilha and Palmeiras.  According to company reports released to the TSX, around 3 million ounces of gold have been extracted from the Mina III and Mina Nova ore-bodies with the first 17 years of production bearing costs of less than $200/oz.

 
Latest News

The company secured the Plant Installation Licence in Februrary and major siteworks started soon after.  All components of plant have now been secured and will be mobilised to site as the cement slab finishes curing.  The pre-existing infrastructure on site, the simple and small-scale initial plant design, and prefabricated components should significantly limit the time required for construction.