EXPLORATION & DEVELOPMENT

Sandspring Toroparu recast due soon

Possible infrastructure synergies with Guyana Goldfields

Paul Harris in New York
Toroparu in Guyana

Toroparu in Guyana

"We have about 500,000 ounces that are shallow and at a higher grade and we are working on a mining plan to start with a CIL [carbon-in-leach] process and defer the production of a concentrate in the middle of the jungle and getting it out to market," he said.

Munson said the company was close to completing a preliminary economic assessment on this option to reduce the US$$550 million pre-production capex outlined in the initial 2013 pre-feasibility study to a more manageable level.

He believes the debt is available for the development, although raising the equity portion will present more of a challenge. "The sources to do that will not be the public equity market," he said.

Munson has been watching the corporate-level developments at Guyana Goldfields' nearby Aurora mine with interest. With new board members being appointed and the company searching for a new CEO, he believes there may be the possibility of the two companies working together more closely in the future.

"There are a lot of synergies that we can exploit from stronger coordination between Sandspring and Guyana Goldfields to overcome our infrastructure challenges," he said.

Shares in Sandspring Resources (TSXV:SSP) were trading at C17c (US12.62c) Thursday, valuing the company at $35 million. Its share price has fallen 29% so far this year.

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