Antilles Gold Limited

ASX CODE AAU

Focused on growth through near-term gold projects in mineral rich Cuba

and realising assets held by the Company in the Dominican Republic

– Greater Antilles Islands of the Caribbean –

Refractory Gold and Silver Projects

World reserves of refractory ore containing precious metals are increasing but are often overlooked by the mining industry as the ore requires oxidation prior to extraction of gold and silver utilising standard carbon-in-leach (“CIL”) technology.

Mineral rich Cuba hosts predominately refractory deposits of gold and silver, and Antilles Gold is involved in two projects which should contribute to the Company’s future growth.

Antilles Gold’s first project in Cuba involves participation in the near term development of an open pit mine based on the La Demajagua gold / silver deposit on the Isle of Youth in south west Cuba.

The second project will be the exploration of six advanced sulphide gold deposits in the Guaimaro-Jobabo region of south east Cuba and evaluation of the potential development of multiple pits with ore being transported to a centralised plant for the production of high grade concentrate.

The aim is for these operations to produce a refractory gold concentrate which could be sold initially to smelters in China or Russia that have the technology and are permitted to treat arsenopyrite concentrate.

Ultimately, a CIL plant together with an associated Albion oxidation circuit could be constructed in Cuba to process the concentrate as well that sourced from other regional mines to produce gold and silver in the form of higher value doré bars.

If an Albion / CIL plant is constructed, the Company will utilise experience and IP gained from a twelve year involvement in the development and operation of the world’s first application of Albion technology for recovering precious metals at Las Lagunas in the Dominican Republic.

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Company Background

Antilles Gold Limited was listed on the Australian Securities Exchange (“ASX”) in 2006 under its previous name of PanTerra Gold Limited, to raise capital for a subsidiary, EnviroGold (Las Lagunas) Limited, to develop the Las Lagunas gold tailings retreatment project in the Dominican Republic.

The Las Lagunas project involved the extraction of gold and silver from approximately 5.0 million tonnes of stored refractory tailings from the Pueblo Viejo mine, by dredging, production of a float concentrate, ultrafine grinding, oxidation, and production of dore through CIL and elution circuits.

The installed capacity of the Las Lagunas Albion/CIL plant which operated from July 2012 to December 2019, was 200,000 tpa.

Due to unexpected contaminants in the stored tailings and design issues with the world’s first Albion oxidation circuit for recovery of precious metals, gold recoveries from concentrate were restricted to 60% rather than the +90% that could otherwise have occurred with a ‘clean’ concentrate from a mine, and an improved plant design.

However, the Directors of Antilles Gold, and the holder of Albion patents, Glencore Technology, are confident a second generation plant design will achieve +95% gold recoveries from the La Demajagua concentrate as is achieved at GeoPro Mining’s Albion/CIL plant at Ararat in Armenia.

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ANTILLES GOLD LIMITED
ASX CODE AAU
OTCQB:ANTMF
55 Kirkham Road
Bowral NSW 2576
Australia
+ 61 2 4861 1740
ANTILLES GOLD LIMITED
ASX CODE AAU
55 Kirkham Road
Bowral NSW 2576
Australia
+ 61 2 4861 1740