Certej Project
Au, Ag
Reserves: 2.41Moz Au, 17.3Moz Ag
Certej is an epithermal gold/silver deposit located in the “Golden Quadrilateral” area of the Apuseni Mountains of Transylvania in Western Romania, 12km from the regional town of Deva. European Goldfields owns 80% of the project through its subsidiary Deva Gold S.A. (“Deva Gold”).
There is an existing open pit that was operated by the Romanian State mining entity Minvest, until 2006 for which Deva Gold holds a valid operating permit.
Project Highlights
- Definitive Feasibility Study completed
- New urbanisation certificate awarded
- Updated mining permit – Permitting process advanced
- Life of mine 16 years
- Basic engineering completed by Aker Solutions
- Commencement of Technical Study for Construction permit application
Reserves & Resources
| Reserves | '000t | Au | Au | Ag | Ag |
| Probable in-pit | 32,811 | 2.0 | 2.12 | 11.4 | 12.0 |
| Probable lower-grade | 7,829 | 0.7 | 0.18 | 14.0 | 3.5 |
| Probable in existing dumps | 6,320 | 0.5 | 0.11 | 8.9 | 1.8 |
| Total | 46,960 | - | 2.41 | - | 17.3 |
| Resources |
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| Measured | 3,922 | 2.3 | 0.29 | 5 | 0.7 |
| Indicated | 37,549 | 1.9 | 2.32 | 11 | 13.7 |
| Total In-Pit M&I | 41,471 | 2.0 | 2.61 | 11 | 14.3 |
| Certej Existing Dumps | |||||
| Indicated | 7,022 | 0.53 | 0.12 | 9 | 2.0 |
| Total M&I | 48,493 | - | 2.73 | - | 16.3 |
| Inferred | 7,127 | 1.5 | 0.34 | 6 | 1.4 |
Project Development
- MD in Romania is former Director General of state miner Minvest
- Certej open pit and plant worked until 2006
- Skilled operators available for mine and plant
- High local unemployment
- Region has strong mining history
- Local fabrication skills
- Steelworks in region
- Basic engineering design nears completion
- Certej independent technical consultant appointed and review in progress
Definitive Feasibility Study
Certej Definitive Feasibility Study (8 Mb PDF)
Project Summary
| Reserves | Yrs 1-11.5 | 32.8 Mt @ 2.0g/t Au 11.4g/t Ag |
| Yrs 11.5-16 | 14.1Mt @ 0.64g/t Au 11.7 g/t Ag | |
| Strip ratio | Yrs 1-11.5 | 3.1:1 |
| Annual throughput | 3Mt | |
| Overall recoveries | 81% Au, 74% Ag | |
| Life of Mine | 16 years | |
| Production rate (oz) Au Ag | Yrs 1-3 172,000 720,000 | Yrs 1-11.5 155,000 816,000 |
| Initial Capex | €133.4M | |
| Sustaining Capex | €47.4M | |
| Cash cost | US$370/oz | |
| Post tax IRR | 21.3% | |