Overview of Nova Scotia gold projects

A unified production plan for the Touquoy and Cochrane Hill Gold Projects based on conceptual study level modelling has been developed. Total potential output is expected to exceed 900,000 ounces at current gold pricing.

The production plan involves re-location of the planned Touquoy 2 Mtpa gravity/CIL treatment plant to Cochrane Hill following completion of the Touquoy operation and presents a potential 90,000 ounces per annum over a minimum 10 year mine life.

These conceptual production projects are underpinned by a mineral resource inventory of over one million ounces of gold:

 
Tonnes
(millions)
Grade
(g/t gold)
Contained gold
(ounces)
Touquoy
Measured Resources
2.8
1.5
130,000
Indicated Resources
7.3
1.5
350,000
Inferred Resources
1.6
1.5
77,000
Total Touquoy
11.7
1.5
557,000
Touquoy West
Indicated Resources
0.9
1.9
54,000
Inferred Resources
0.6
2.2
45,000
Total Touquoy West
1.5
2.0
99,000
Total Touquoy Project
13.2
1.5
656,000
Cochrane Hill
Indicated Resources
4.5
1.8
251,000
Inferred Resources
5.6
1.6
298,000
Total Cochrane Hill Project
10.1
1.7
549,000
 
TOTAL NOVA SCOTIA
23.3
1.6
1,205,000
 

Project financing

Atlantic Gold has appointed Haywood Securities Inc (Toronto) as financial adviser to investigate the potential listing through a merger or other arrangement of the Touquoy and Cochrane Hill projects on the Toronto Stock Exchange (TSX). This process is now well advanced with proposals from a number of such entities under review.
In parallel with this initiative Atlantic Gold remains in close contact with Australian investment banks with particular expertise in providing funding for resource developments.

In addition productive discussions continue with representatives of provincial government departments and agencies with respect to project financing which may be available under existing government programs.

Touquoy UPDATED

The Definitive Feasibility Study for a 2.0 Mtpa conventional gravity/CIL production plan for the open-pit Touquoy Gold Project has been completed. The DFS will provide Atlantic Gold with the basis to further advance discussions with potential financiers for the Project funding.

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Cochrane Hill

The Cochrane Hill property is located 80 km east of Atlantic Gold's Touquoy Gold Project and secures 5 km of highly prospective terrain. The Cochrane Hill resource has been upgraded to 10.1 million tonnes @ 1.7 g/t for 549,000 contained ounces of gold. A resource development drilling program is underway to determine the most profitable approach to accessing this resource.

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Nova Scotia Regional

Reconnaissance exploration over broad tracts of highly prospective, under-explored, wholly-owned tenements and more detailed exploration targeting well mineralised positions on optioned properties.

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LAST UPDATED: 29 July 2010
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