Velocity Completes PEA on Rozino Gold Project in Bulgaria, Expects IRR of 33.1%

Velocity Completes PEA on Rozino Gold Project in Bulgaria, Expects IRR of 33.1%

Canadian mineral exploration and development company Velocity Minerals said on Monday that it has completed an independent preliminary economic assessment (PEA) on its Rozino gold project in Bulgaria, envisaging an after-tax internal rate of return (IRR) of 33.1% and an after-tax NPV5% of $129 million (110 million euro). “We have achieved our goal of advancing Rozino from discovery and exploration drilling through to this positive economic assessment in just over one year.  On delivery of the PEA, the Company will have earned its 70% interest in the Project and will move forward towards a prefeasibility study in joint venture with our partner Gorubso,” Keith Henderson, Velocity’s president and CEO, said in a statement. The PEA estimates steady state annual gold production of 65,000 ounces and peak annual output of 78,000 ounces. Capital costs are seen and $97.6 million, while sustaining capital is expected to amount to $6.3 million.

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