Newlox Gold Begins Construction Of Second Gold Processing Plant
Newlox Gold Ventures Corp (CSE: LUX) has begun construction at its second precious metals processing plant. Referred to as the Boston Project, or Plant 2, the facility is fully permitted as well as fully funded.
The Boston project at full capacity will be capable of processing 150 tonnes per day of raw material, with the material currently expected to grade 15 g/t gold. On an annual basis, this is expected to translate to gold production of an estimated 20,000 ounces, as well as “a significant quantity of silver.”
Construction has already begun with earthmoving currently underway. Total time for construction has been pegged at three months, which will then be followed by commissioning, testing, and full commercialization. The short construction timeframe is a result of the project already being permitted, while commissioning is expected to be brief as a result of its proximity to artisanal mining operations that will provide the feedstock for the facility.
“Project 2, Boston, will significantly contribute to the local economy’s sustainable development while solving a decades-old environmental and social dilemma for all local stakeholders’ benefit. The project not only supplements production at Newlox’s first processing plant but also constitutes a decisive second step in Newlox’s plan to build a portfolio of environmentally positive gold projects throughout Central and South America.”
Ryan Jackson, CEO of Newlox Gold
The project will be operated under a net-revenue sharing agreement with an established artisanal mining syndicate. Net revenues after all production costs are to be split on an equal basis between the artisanal miners and that of Newlox, with the project expected to contribute significantly to near term growth.
Newlox Gold last traded at $0.255 on the CSE.
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