Theta Gold Mines (ASX:TGM) has commenced pre-construction activities at its TGME Project in South Africa. This includes decommissioning of the existing gold plant and completing final design and engineering packages. These preliminary works are slated for completion by the end of next month, paving the way for bulk earthworks immediately upon project approval. The company is also updating its Feasibility Study to account for current gold pricing, which stands at $5,207.22 per ounce as of today.
As part of the pre-development phase, Theta Gold Mines will procure essential electrical and wastewater management systems, engage mobile cranes and heavy equipment for decommissioning, and purchase equipment for dismantling old structures and site preparation. Following these steps, a perimeter fence will be erected around the processing plant, and water supply piping will be rerouted. Theta Chairman Bill Guy emphasized the significance of this transition, stating it marks a major step towards transforming Theta into a near-term gold producer.
The company is also exploring a near-term opportunity to incorporate 174,000 ounces of gold from tailings dams and surface rock dumps, including 140,600 ounces of indicated resources. RM Processing has been appointed to manage final plant design, cost estimations, and further refine the Feasibility Study work. The TGME plant will process both underground ore and surface tailings to produce a doré bar for refining.