Sprott Backs Cambodian Gold Project
Sprott Private Resource approved a $60 million investment in Emerald Resources' Okavu gold project.
Located in eastern Cambodia, the project wound up its definitive feasibility study in 2017 which reported an ore reserve of 14.3 million tonnes at 2.0g/t gold for 907,000 ounces. The average all-in-sustaing cost is estimated at US$731 per ounce over an initial seven year life-of-mine operation.
Emerald said that Sprott also offered an additional facility of up to US$100 million to fund future project development and acquisition opportunities identified by Emerald.
Emerald's Managing Director, Morgan Hart, looks forward to working in Cambodia.
"The offer by Sprott to finance Emerald in the development of the Okvau Gold Project follows a thorough technical due diligence process which demonstrates the robust nature of the Project and supports the Company's strategy of becoming the first modern large-scale Cambodian gold producer."