Canadian miner Unigold has announced plans to invest an initial US$36 million to develop the Candelones oxide de-posit in the Dominican Republic. The company expects an average production of 31,000 oz of gold per year, according to its latest pre-liminary economic assessment (PEA).
“The Candelones Oxide project has been designed as a small foot-print, environmentally friendly operation that will establish the Com-pany in the local area of the Dominican Republic,” said Joseph Ham-ilton, Unigold’s chairman and chief executive, as quoted in a state-ment.
“The economics are compelling enough that this is being considered as a stand- alone operation providing near term cash flow as the Company continues to expand and evaluate the larger sulphide re-source which the Company believes offers a longer-term develop-ment opportunity,” he said.
Unigold says it expects to create about 100 direct jobs and 50 indirect jobs during operation.