Teresa Matich reports that at the Sprott-Stansberry Vancouver Natural Resource Symposium, Kaminak Gold, CEO Eira Thomas took a moment to chat about the progress the company has made so far in 2015 and about what investors can expect next.
It has been a busy year for Kaminak Gold, with the company putting out a string of drilling and metallurgical results for its Coffee gold project since January. Most recently, Kaminak reported gold recoveries of up to 85 percent from transitional mineralization in column-leach tests.
The company is aiming to complete a feasibility study for its Yukon project by early 2016. Thomas stated that Kaminak Gold has completed all fieldwork associated with the study, and is now moving into the final stages of engineering and design for the project. Kaminak is fully funded through to completion of the feasibility study.
Certainly, the current gold price environment has not been kind to mining companies, but Thomas stated that the Kaminak Gold Coffee project is actually fairly well insulated against the decline in gold prices. As we like to emphasize, it is a project that really works in the current gold price environment, she said. Being located in Canada, Kaminak Gold has also seen a weaker Canadian dollar bring costs down for the Coffee project.
So much of it is just about hitting the cycle at the right time, she said. She has watched really good companies with great projects struggle in the current market environment because they need cash now.
Thomas suggested that Kaminak Gold is fortunate in that the big fundraising to build Coffee is still a ways off. For now, the company remains focused on de-risking the project and bringing it through the next stages of development. With a team that has a strong track record of permitting mines, Thomas said that Kaminak Gold is aiming to have Coffee ready to go into production by the second quarter of 2018.
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