- Shanta Gold said its Singida gold mining project in central Tanzania would require a pre-production capital expenditure investment of $16m, plus $3m for working capital.

Average annual production from open pit mining was estimated to total 26,000 ounces for an initial six year period.

It would increase Shanta Gold's total gold production to over 100,000 ounces per year from the first full year of production.

The mine's net present value was estimated a $31m, with an internal rate of return of 67%, applying an 8% discount rate and the current gold forward curve.

Life of project cash costs were pegged at $794 an ounce.

'We are making steady progress with the Singida funding plan, which as we have stated previously, will be completed at the asset level and not through Shanta Gold shareholders,' chief executive Eric Zurrin said.

'I look forward to providing a more detailed update in the first quarter 2019, with a target to complete the funding during the course of 2019.'

At 9:33am: [LON:SHG] Shanta Gold Ltd share price was +0.08p at 4.36p

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