StockMarketWire.com - Mining company SolGold said completion of a pre-feasibility study for its Alpala project on the Cascabel concession in northern Ecuador had been delayed until next year.

SolGold had originally planned delivery of the study at the end of September.

'However, as a result of Covid-19 restrictions, SolGold had limited physical access to site in Ecuador for a number of months,' it said.

The company said there also had been restrictions and limited staff at laboratories in Chile, causing delays in gathering and processing critical geotechnical data.

SoldGold said that an assessment of the new geotechnical information had necessitated a redesign of certain underground infrastructure, changes to the mine design and development and mining production schedules.

'This work is nearing completion with preliminary financial modelling expected to be undertaken in December this year and be subject to reiterative optimisation,' it said.

A project committee review, it added, was expected to be completed by the end of January, followed by a recommendation to the board.

'The company plans to update the market on the pre-feasibility study shortly thereafter,' SolGold said.




Story provided by StockMarketWire.com