Antilles Gold Limited (ASX: $AAU) completes scoping study for Nueva Sabana gold-copper mine

Antilles Gold Limited (ASX: $AAU) has completed a scoping study for the first stage of the proposed Nueva Sabana gold-copper mine in Cuba. The study, prepared by the 50:50 Cuban joint venture company, Minera La Victoria SA, indicates the presence of a small 3g/t gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone open at a depth of 150m. The initial mine life is estimated to be 4 years with potential for extension through additional exploration and greater mining depth. Metallurgical testwork has indicated the production of gold and copper concentrates, with off-take agreements being negotiated with international commodity traders. The company's share of the NPV8 for the first stage of Nueva Sabana is approximately A$70M at current metal prices, significantly higher than the company's current market capitalization of A$10.4M.

Executive Commentary on Nueva Sabana Scoping Study

The scoping study for the Nueva Sabana gold-copper mine represents a significant milestone for Antilles Gold Limited. The study's findings, including the presence of gold and copper zones and the potential for extended mine life, are encouraging. We are actively engaged in negotiations for off-take agreements, which will play a crucial role in the funding of construction costs. The positive NPV8 further underscores the economic potential of the project, and we are committed to advancing the development of Nueva Sabana in collaboration with our joint venture partners.

Summary of Antilles Gold's Activities and Outlook

Antilles Gold Limited has completed a scoping study for the Nueva Sabana gold-copper mine, estimating a 4-year mine life with potential for extension. The company is in negotiations for off-take agreements and plans to subscribe the final US$2.0M of its US$15.0M earn-in for a 50% shareholding in the joint venture company, Minera La Victoria. The company's strategy to participate in the development of gold, silver, and copper deposits in Cuba aligns with the fiscal regime's incentives, including a waiver of corporate tax rate for 8 years and import duties for the project development. Additionally, Antilles Gold has provided detailed estimation methodology for the El Pilar deposit, with a focus on geological interpretations, mineral resource estimates, and mining methods. The company has released a Mineral Resource Estimate for the El Pilar deposit, highlighting the shallow gold and copper mineralization, and has engaged in metallurgical testwork and pit optimization studies. The comprehensive overview of the company's activities demonstrates its commitment to advancing its projects and leveraging the mineral-rich opportunities in Cuba.