Tucano Gold Completes Acquisition of Mina Tucano
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Gold Production to Resume by Year’s End
Calgary – TheNewswire - October 25, 2023 – Tucano Gold Inc. (“Tucano Gold”), a new company incorporated in Canada, and Mina Tucano Ltda. (“Mina Tucano”) are pleased to inform the acquisition of Mina Tucano and Tucano Resources Mineração Ltda. has been completed. Both companies are part of the gold mining complex in Pedra Branca do Amapari, in Amapá, Brazil. Mina Tucano is fully built and permitted, and ready to go back into production.
This marks the culmination of a lengthy purchase and sale process which went through various stages including the review and presentation of the judicial recovery plan, as well as the overwhelming approval of this plan by Mina Tucano’s creditors on September 15, 2023.
Tucano Project Highlights:
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1.8-million-ounce M.I.I. gold resource
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10,000 TPD well maintained processing facility
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Modern 200 person camp aircraft landing strip
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Large u/g reserve at Urucum north pit
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All 7 open pit orebodies open in the down-plunge with potential for high grade underground reserves
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2,000 square km highly prospective land package on the Guyana Gold Shield
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Supportive local governments with licenses and permits in place
In recent weeks, a plan was developed for the resumption of operations. Mina Tucano’s Manager of Operations, Joter Siqueira, states “The return to operations will occur gradually, starting with the processing of low-grade stockpile ore, then resumption of mining at the AB pit, in early 2024. Planning is also underway for the development of underground mining at Urucum North.” Joter further states “We expect the resumption of mining to be implemented using a hybrid plan where part of the fleet will be company owned and part outsourced. The hybrid model allows for lower operational costs balanced with lower initial capex investment.”
Mina Tucano’s CFO, Julio Carneiro, mentioned “We have a very favorable scenario for the resumption of mining activities at Mina Tucano including higher gold prices and strong support from the local community, workers and contractors who are all enthusiastic to go back to work.”
Jeremy Gray, CEO of Tucano Gold, adds: “We are proud to have acquired such a world-class asset and look forward to bringing Mina Tucano back into production and unlocking its full potential. To build Mina Tucano today with all its incredible infrastructure would cost at least $500 million and years of hard work. Jeremy also stated, “We would also like to thank all Tucano Gold’s shareholders which made the acquisition possible, and we’ll work hard to ensure their investment realizes the promise of substantial upside.”
Jeremy Gray | CEO of Tucano Gold
Julio Carneiro | CFO of Mina Tucano
Julio.Carneiro@TucanoResources.com.br
Charles Chebry | President of Tucano Gold