Rio Novo Gold announced that it has engaged Runge Pincock Minarco (RPM) to update the results of the definitive feasibility study (DFS) for Rio Novo’s Almas gold project, located in Tocantins State, Brazil, which was published in 2013.
Rio Novo senior management have asked RPM, which also authored the original DFS, to examine how changes in the price of gold, as well as changes in the Brazilian mining industry and foreign exchange markets may have affected construction and operating costs. Results of the updated study are expected in the third quarter.
Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia. The company’s short-term goal is to become a producer of gold by bringing Almas into production. Almas enjoys both established infrastructure and main grid hydropower in a proven and mining friendly jurisdiction and is permitted for construction.