In October 2012 Kula Gold presented a Feasibility Study on the Woodlark Island Gold Project to the PNG Mineral Resources Authority. This Feasibility Study concludes that there is a viable gold project based on pit designs optimised at a gold price of US$1200 per ounce supporting a 9 year mine life from a planned 1.8Mtpa gravity and carbon in leach (CIL) plant.
The Feasibility Study provides the foundation for permitting, financing and development of the Project.
The Project is based on 3 open pits containing Mineral Resources of 1.5 million ounces of gold. A JORC compliant Ore Reserve of 766,000 ounces was estimated by independent engineers L.J. Putland & Associate.
JORC Resource is 2.12 now million ounces of gold.
Highlights of the Feasibility Study
The Feasibility Study has demonstrated a low risk viable gold project based on 3 open pit mining areas optimised at a gold price of US$1200 per ounce supporting a 9 year mine life from a planned 1.8Mtpa gravity and carbon in leach (CIL) plant.
Consultancy Groups Involved with the Feasibility Study
- Arccon Mining Services – Process Design
- Knight Piesold – Land Based Tailings, Waste Dump Design and Water Management
- Coffey Mining – Pit Optimisations and Pit Designs
- LJ Putland & Associates – Pit Designs, Reserves and Mining Schedules
- Peter O’Bryan & Associates – Geotechnical
- Klohn Crippen Berger – Hydrology and Hydrogeology
- Metcon – Metallurgy
- Orway Mineral Consultants – Metallurgy
- EBA Engineering Consultants Ltd – Deep Sea Tailings Design
- RW Nice and Associates – Metallurgy