Idaho General Mines says mining project worth $1.4 Billion
Idaho General Mines Inc. (AMEX:GMO) reported today that it has completed a study of its Mt. Hope molybdenum property and has found that the project has a net present value (NPV) of $1.4 billion.
After conducting due diligence the company also determined that the project, which the company calls its “Mt. Hope Bankable Feasibility Study,” is expected to produce 38.3 million pounds annually over the first five years with average grades of 0.1% molybdenum.
The company also anticipates that the property will have a 44-year mine life including 32 years of mining operations and 12 years of low-grade production.
The project is estimated to have direct operating costs of $4.42 per pound over the first five years.
Idaho General Mines participates in the exploration and development of molybdenum, silver, gold, base metals, and other specialty metals. The company has two molybdenum properties; its Mount Hope Project, a primary molybdenum deposit in Eureka County, Nevada, and Hall-Tonopah, a molybdenum project in Nye County, Nevada.
Shares of Idaho General Mines are up 11.32%, or $0.67, to $6.59 in mid-day trading.
