GOLD: Mirado promises 158% IRR for Orefinders

[caption id="attachment_1003722216" align="aligncenter" width="477"] Outcrop at the Mirado gold property. (Image: Orefinders Resources)[/caption] ONTARIO – Toronto-based Orefinders Resources has filed the preliminary economic assessment for the South zone open pit at the Mirado gold project located southeast of Kirkland Lake. According to figures in the PEA, the zone will provide an after tax 158% internal rate of return and a payback period of only seven months. The project has an pre-tax undiscounted net present value of $30.8 million and a $20.5 million after tax NPV at a 5% discount rate. A gold price of US$1,300/oz. and an exchange rate of US$1 = C$0.76 was used in the calculations. The open pit has a mine life of three years after an expenditure of C$2.4 million and six months of pre-stripping. The life-of-mine all-in sustaining cost is estimated at US$969 per oz. of gold produced. The Mirado pit has an inferred resource of 559,000 tonnes at a grade of 2.61 g/t gold for 46,900 oz. of contained gold. The inferred resource is 382,000 tonnes grading 2.66 g/t for 32,699 oz., based on a cut-off grade of 1.0 g/t gold. The first gold find at Mirado was made in the early 1920s. It was later mined from underground to a depth of about 150 metres in the 1940s. There are three former mines at the site. The property contains several additional mineralized zones not included in the resource estimate. Technical reports about the Mirado property are available at www.Orefinders.ca.