News

July 02, 2009

Greystar Moves Full Ahead To Feasibility On Angostura: Next Stop, $900 Million To Build It

By Alastair Ford

Work is continuing apace up at Angostura, the giant gold deposit in Columbia currently under development by Greystar Resources. Following the completion of a prefeasibility study earlier in the year, the company has now set a full feasibility study in motion. “We had a kick-off meeting about 10 days ago”, reports Greystar’s president David Rovig. Contracts have been awarded, with GRD Minproc in the lead once again, and work is now officially “ongoing”. The consultants themselves are planning for a completion date of 30th November, but all David Rovig will say is that Greystar is hoping the feasibility study will be done “by year-end”. Given that we’re about to roll into July, that doesn’t seem that far away now, so when David says matter-of-factly that “the project is going forward at a very fast lick”, there’s not much denying it.

Next up the company will start work on the new access road, one tangible piece of development that David will be able to update the market on. There won't be too much else to tell to the world while the consultants work up their studies and models, which will make a marked contrast to the past. In the old days Greystar used to have 12 drill rigs turning up at Angostura, and the amount of news that it issued to the market as it worked its way up to the current 11.5 million ounces of gold...