Victoria Gold Corp (TO:VIT) has received the final (water) permit it requires to develop the Eagle Gold Project into a working mine, after a considerable two years of work for the company. Eagle is a shovel-ready, fully permitted, pre-financed gold project (ie all permits received with First Nation support in place), which has robust economics at current (and lower) gold prices. VIT is to complete further satellite deposit drilling with the aim of delineating new resources that will then refine Eagle’s production profile. VIT intends to publish a revised Eagle feasibility study by end 2016.
Interim results show end-August cash of C$12.9m
VIT’s interim financial statement indicates cash burn of C$962k per quarter and an end-August cash balance of C$12.9m. Adjusting for its H116 results,we estimate that VIT will finish FY16 with cash of c C$9.3m, which we anticipate will cover its FY17 work programme. However, VIT is currently finalising the scope and budgets for its FY17 work programmes, so we await this guidance to refine our cost profile for the company through FY17 and beyond.
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