Gryphon Minerals has confirmed through their COO Steve Zaninovich that they will have started start construction works at the US$ 96.8m Banfora gold project in Burkina Faso by first quarter of next year.
Mr. Zaninovich announced this at the Paydirt’s Africa Downunder conference in Perth. He pointed out that the company was at the verge of obtaining finance from Macquarie so as to fund the mega Banfora gold project, and that they anticipate for the first gold production early in 2016.
The company will seek to more than 80 000 oz in the first four years of the Banfora gold mine life. The figure is based on an ore reserve estimate of 17.4-million tonnes, grading 1.5 g/t gold for 826 000 oz of contained gold.
The Banfora gold project is in a major gold producing district, host to such world class gold deposits as Randgold’s Tongon (4.2Moz), Resolute’s Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) and Randgold/Anglo Ashanti’s Morila (6.5Moz).
Gryphon Minerals Limited (ASX:GRY) is a company based in Australia and which seeks to becoming a significant producer of gold in West Africa region.