As announced on February 8, 2021, the Company secured US$11 million in funding required to complete its preparatory works on site in Finland and complete the Company’s corresponding drilling campaign brings and the path is now clear for the return to production of the Otso Gold Mine.
The delays in funding and the effects of COVID-19 have affected the Company’s plans and we are now targeting a Q3 2021 production date.
This is expected to provide sufficient confidence in the resource base to publish an independent NI43-101 technical report and mine plan to underpin the recommencement of production.
The Drilling Program is key to our return to production and so the focus is on expediting the program and ensuring sufficient data is collected to provide confidence in the resource base.
Since 2018, Boyd has assisted in designing the current phase of the Drilling Program and at the completion will publish an updated NI43-101 technical report and mine plan to inform the decision to restart the mining operations.
The Company also cautions that the decision by the Company to proceed to develop the Osto Mine Project and extract mineralization proceeded without the Company first establishing reserves supported by a technical report and completing a pre-feasibility or feasibility study.
The Otso Gold Mine is fully built, fully permitted, has all infrastructure in place, two open pits and is progressing towards a restart at 2 million tonnes per annum throughput.