Operator

Aura Minerals Inc.

Terms

1.5% NSR

Acquisition Date

2013 / Oct / 04

San Andres is located in La Únion, Honduras and is an open pit, heap leach operation with a two-stage crushing circuit consisting of a primary jaw crusher and secondary cone crusher. The epithermal deposit contains gold occurring in colloform banded quartz veins.

The mine has a long history going back to the 1500s during the Colonial period when it was the principal source of Honduran gold for the Spanish Crown. San Andres has been in modern production since 1983 and has well-developed infrastructure which includes a power and water supply, warehouses, maintenance facilities, an assay laboratory and an on-site camp.

Aura Minerals acquired the mine is 2009 and completed an expansion project consisting of new crusher-conveyor and stacking systems. This reduced ore haulage distances and increased throughput. The mine produced 78.3 kozs of gold in 2016 with recoveries averaging 80%. The Proven and Probable Reserves as of Dec. 2015 reported 909 kozs of gold contained in 53.4 Mt of oxide and mixed material. The cut-off grades were 0.28 g/t gold for oxides and 0.37 g/t for mixed.

Recent Activities

December 2017
Aura Minerals announced that it has agreed to sell their Serrote de Laje Copper Gold project. The total consideration of $40 million is made up of a cash payment of $30 million payable on closing, as well as a subordinated unsecured note in the principle amount of $10 million. This sale allows Aura to further develop their existing assets and pursue new growth opportunities.

November 2017
The company´s revised guidance for 2017 gold production at San Andres is 80,000-90,000 ounces. The mine produced 62,415 ounces of gold during the first nine months of 2017. Cash costs during the third quarter were slightly higher compared to previous quarters due to excessive rainfall.

San Andres

 

San Andres Royalty Map
San Andres Royalty Map