Quick Facts:
- Located in the prolific Abitibi region in Quebec, approximately 25 km to the south of the town of Matagami
- Potential to produce 40,000 ounces of gold per year at steady state production
- Commercial production at 750 tpd expected at year end, 2012
- Good prospects for reserve growth through exploration
- Capital expenditures for Vezza in 2012 are estimated at $20 million for continued development and to increase production in 2013
- According to an NI 43-101 report, dated December 31, 2011, the project is estimated to have 354,100 contained ounces of gold in the measured and indicated categories and 74,300 contained gold ounces in the inferred category
- Well positioned to be a steady contributor of cash flow
The Vezza gold mine is located in the prolific Abitibi region in Quebec, approximately 25 kilometres to the south of the town of Matagami. The Vezza property consists of 49 contiguous mining claims covering a surface area of 691.1 hectares in Vezza and Noyon townships. The Vezza property claims were acquired by NAP in 2010 and are 100% owned by the Company.
The Vezza property consists of an underground mine with shaft access (to a current depth of 740 metres below surface), including substantial underground and surface infrastructure. The deposit was historically subject to extensive exploration and development work, which NAP continued at an aggressive pace during 2011 to get the mine to be “production ready” for 2012.
The Company has commenced operations at Vezza and plans to achieve commercial production at a rate of 750 tonnes per day by year end in 2012. Vezza’s ore will be trucked to the nearby Sleeping Giant mill, approximately 85 kilometres away.
With stable gold production during a favourable gold price environment, a secured workforce, and good prospects for reserve growth through exploration, Vezza is well positioned to be a steady contributor of cash flow for many years.
Now that the Company has received all it its permits, and with the development well advanced, on July 9, 2012, the Company announced its plans to explore divestiture opportunities for its non-core gold division.