DPM reports improved life of mine plan for gold deposit in Bulgaria

"The chosen optimal scenario maintains production until 2026 and assumes a plant throughput of approximately 750,000 tonnes per annum. This scenario generated an improved and optimized recovered gold ounce profile when compared with the previous 2014 LOM plan," DPM said in a statement on Friday.

DPM's current life of mine plan envisages a total of 700,000 ounces of recovered gold at the Ada Tepe mine, in southeastern Bulgaria, until 2026, compared to 686,000 ounces in the 2014 life of mine plan, the statement showed.

The revised LOM plan supports the company’s previously issued 2020 guidance and three-year outlook for Ada Tepe, DPM also said. 

DPM's 2020 guidance envisages 94,000-115,000 ounces of gold contained in concentrate produced at the Ada Tepe mine, while the company's three-year outlook envisages 105,000-130,000 ounces by 2023.

“We are proud of our operating team at Ada Tepe, which has continued to exceed our expectations since the start of operations last year. The optimized mine plan further supports Ada Tepe’s potential to drive strong operating results within our portfolio," David Rae, president and CEO of DPM, said.

"On the Ada Tepe mine concession, approximately 8,000 metres of drilling are planned at the Surnak prospect and two other satellite deposits for the fourth quarter of 2020, with the goal of establishing mineral resources and extending Ada Tepe’s mine life," the company said.

Last week, DPM said that during the third quarter of 2020 it achieved strong gold production from both of its mines in Bulgaria - Chelopech and Ada Tepe. Based on preliminary data. Ada Tepe produced 30,000 gold ounces in the third quarter - higher than planned as a result of higher gold grade and higher volumes of ore treated. Ada Tepe reached full operating capacity in September 2019.