Crusader keen on smaller Borborema

BRAZIL hopeful Crusader Resources has re-jigged its long-held Borborema gold project and come up with a new development scenario that is smaller and less costly to build.

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Instead of the four million tonne per annum development producing around 150,000 ounces pa that was looked at early this decade, Crusader is now eyeing a project half that size costing US$93.4 million.

Such a development has been calculated to have an NPV of $118 million, and an IRR of 31% based on a gold price of $1300/oz.

All-in-sustaining costs for the circa-70,000ozpa were put at $908/oz.

A bankable feasibility study is to be finalised this year.

Crusader started the current quarter with A$2.6 million cash.

The company said it is seeking to list on London’s AIM.

The planned listing comes after a move to merge with AIM-listed Stratex International last year was thwarted.

Shares in Crusader were trading this week at levels around 6.5c, capi...