(Ecofin Agency) - Toro Gold Ltd announced on 19 August that it has satisfactorily completed its final feasibility study and environmental and social impact evaluation reports on its Mako project, reiterating that the first gold bar would be produced in the first semester 2017.

The company mentioned, on this occasion confidence in its mining activities with commercial production of gold in this project located in the east of Senegal, near the national park Niokolo Koba and the river Gambia.

Toro Gold will operate an open air mine of 22.85 million tons of mineral resources containing 1.83g/t of gold for 1.345 million ounces of contained gold with a treatment plant by active carbon leaching of 1.8 Mtpa.

The factory will achieve, we learn, an average gold recovery rate of 89.6% through the life of the mine and foresees an average production of more than 140,000 ounces of gold annually for the first five years of activity. Toro Gold foresees capital development expenses of USD 170 million and working capital of USD 4.5 million. The company holds 100% of the Mako gold project which covers around 150 km2.