Midas Gold (TSX:MAX) on Tuesday the results of an independent feasibility study and technical report completed on its Stibnite gold project in Idaho.
The project, as envisioned in the FS, would become one of the largest and highest-grade open-pit gold mines in the United States and the country鈥檚 only primary producer of antimony, a critical and strategic mineral.
The FS verifies a positive local economic benefit to聽Idaho聽communities bringing more than聽$1 billion聽in initial capital investment and approximately 550 direct jobs during operations.
鈥淥ur vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible鈥�
Laurel Sayer, CEO, Midas Gold
Stibnite has a total measured and indicated resource of 132,269M tonnes at 1.42 g/t, based on a gold selling price of聽$1,250/troy ounce, with expected annual average gold production of 466 thousand ounces at聽all-in sustaining costs (AISC) of聽$427/oz during the first four years of operations.
鈥淭he positive results demonstrate that our vision to combine economic development with environmental restoration of a brownfield site is technically, financially and environmentally feasible. We are now one step closer to seeing the river and water quality improved, 550 direct jobs for Idahoans and production of the critical mineral, antimony,鈥� said Midas CEO Laurel Sayer in a media statement.
Shares of Midas Gold rose 0.8% by noon EDT Tuesday. The Vancouver-based company has a market capitalization of C$598 million.