Gryphon targets 2016 for Banfora project

[miningmx.com] – GRYPHON Minerals said production from its 70,000 ounce a year Banfora gold project in Burkina Faso would start in 2016 with mainstream construction of the site due in the first quarter of 2015.

The project, which is expected to have a capital cost of $97m, is being largely financed by Macquarie with some $60m in project finance. Gryphon has $37m in cash.

“Our current development timeline is looking at early site works towards the end of this year and moving to mainstream construction from Q1 next year,’ said Steve Zaninovich, COO of Gryphon Minerals. He was speaking at the Africa Down Under conference in Perth, Western Australia.

“We are building a very simple crushing plant, we require only low power drawdowns and there are no long lead items to be ordered,’ he said.

“Commissioning is slated for the final months of calendar 2015 and at this stage, we anticipate first gold production in the opening period of 2016.’

Maiden production is expected to be around 70,000 ounces of gold at all in sustaining costs of less than $870 an ounce.