Santa Luz Continues To Advance On Schedule

 

TORONTO, ON - Brio Gold reported an update on its Santa Luz project in Brazil. Santa Luz continues to advance on schedule. The relining of the tailings pond and detailed engineering is expected to be completed in the first quarter of 2018. Full detailed engineering will be 100% complete by the end of February. The Company is also taking delivery of the ball mill in the first quarter of 2018 and the process tanks and agitators are on schedule to be delivered in the second quarter of 2018. The Company has re-negotiated several contracts in relation to the construction of the Santa Luz project that will allow for a deferral of expenditures while keeping the production on schedule. With these deferrals, the Company can now fund a majority of the capital spend through internal cash flow. The balance of funding is not expected to be required until mid to late second quarter of 2018 in order to keep construction on track for commissioning in December 2018.