SYDNEY (Yosefardi) – ASX-listed Sihayo Gold Limited has received a permit from the government of Indonesia to extend the feasibility study period to October 6, 2014 for Pungkut Gold Project’s contract of work (CoW) in North Sumatra.
Sihayo holds 75% interest in the project with total area of 66,200 ha.
Sihayo Gold Ltd estimated construction capital of up to US$60 million for Pungkut Gold project. The cost includes diesel power generation, but excludes contingency.
Sihayo expects six year of Stage 1 mining period with average site cash operating cost of US$635 per ounce, assumes diesel fuel power supply.