(All dollar amounts are in United States dollars, unless otherwise stated)
Toronto, Ontario–(Newsfile Corp. – May 21, 2024) – Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) (“Omai Gold” or the “Company”) is pleased to announce the filing of a National Instrument 43-101 Technical Report supporting the Preliminary Economic Assessment (“PEA”) of the Wenot Deposit on its Omai Gold Project in Guyana.
Omai Gold’s Positive Milestone
Elaine Ellingham, President and CEO, expressed excitement about the Preliminary Economic Assessment being a major milestone for the Company. The assessment provides a promising production scenario that indicates the potential for significant economic growth for Omai, positioning it to once again become a large-scale gold producer. The Company is actively exploring opportunities to expand the proposed Wenot development, aiming to enhance the overall mine plan while advancing engineering towards a Pre-Feasibility Study within the next 12 to 18 months. Additionally, despite not factoring in the adjacent Gilt Creek Deposit in the PEA economics, further engineering studies are planned with confidence that it will bolster future mine planning.
Highlights of the Preliminary Economic Assessment
On April 4, 2024, the Company revealed key metrics from the Preliminary Economic Assessment for the Wenot Deposit:
- After-tax NPV5%: $556 million with an after-tax IRR of 19.8%
- Initial capital: $375 million with sustaining capital of $172 million over the mine’s life
- Projected average gold production: 142,000 oz per year over a 13-year mine life
- After-tax payback: 4.3 years at base-case $1,950/oz gold (3.5 years at $2,200/oz gold)
- Average cash operating costs: $916/oz gold with all-in sustaining costs of $1,009/oz
- Cumulative cash flow: $1.07 billion after-tax over 13 years
- Total payable gold production: 1.84 million ounces
- Average head grade: 1.51 g/t Au with 92.5% process recovery
For detailed information, the Report can be accessed on SEDAR+ and the Company’s website.
The Potential of Omai Gold Mines
Omai Gold Mines Corp. owns the Omai Prospecting License, which includes the past-producing Omai Gold Mine in Guyana, and the Eastern Flats Mining Permits. The PEA for the Wenot Deposit indicates the potential for significant gold production over a 13-year period. With a rich history of gold production, Omai is strategically positioned with access to historical data that can leverage its future mining operations, making it an attractive investment option in the gold mining sector.
Investor Information
For further details, visit the Omai Gold Mines Corp. website or contact:
Elaine Ellingham P.Geo.
President & CEO
elaine@omaigoldmines.com
Phone: +1 416-473-5351
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
**Additional Insight:**
1. **Market Potential:** With gold prices projected to remain strong, the Omai Gold Project’s optimistic Preliminary Economic Assessment positions the company favorably in the market. Investors may find Omai Gold Mines Corp. a compelling opportunity for gold mining investments.
2. **Sustainable Growth:** Omai’s focus on operational expansion beyond the Wenot Deposit demonstrates a commitment to long-term sustainability and growth, indicating a strategic vision for the future of the company’s mining operations.
3. **Industry Resilience:** The successful history of Omai Gold Mine’s past gold production, coupled with modern exploration and development strategies, showcases the resilience and adaptability of the mining industry in evolving economic landscapes.
