Luca Mining – 500 TPD Milestone At Tahuehueto Gold Project, and Closes Over-Subscribed Private Placement For CAD$24.9 Million
Mike Struthers, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA) joins me to discuss two significant milestones for the Company. As outlined in the June 28th news release, the Tahuehueto Gold Project in Durango, Mexico, has achieved a production capacity of 500 tonnes per day (“tpd”), on time and budget and the Company closed an oversubscribed private placement for $24,896,551.42.
We discuss the move to 500 tpd at Tahuehueto and the next step to 1,000 tpd by the end of the year. At 1,000 tpd the mine will have a net present value of USD $131.8m, an IRR of 65%, and will have an average all-in sustaining cost of USD $855/oz AuEq over the 10-year mine life. Mike provides an overview of what the key elements are to grow to 1,000 tpd and the expected costs.
If you have any follow up questions for Mike please email me at Fleck@kereport.com.