AUSTRALIA not to be – Mount Morgans came to his notice and enticed him to pursue a growing conviction that the project had potential . He raised $ 10 million ( Australian ) privately to buy the project outright from its administrators in January 2012 . In November of the same year Dacian Gold listed on the ASX following an IPO that raised $ 20 million . “ With that behind us we had three years to do a thorough exploration : if our theory was right we hoped to be able to build a mine ,” says Williams . The success of Avoca , and the fact that much of the same team was involved at Dacian , helped sway the investors , he admits , and since the IPO the project has proceeded very much as well as he and his backers could possibly hope . In just two locations , below the old Westralia open pit and at a surface deposit just 10 miles away named Jupiter , the drill-out confirmed an ore base of 1.2 million ounces of gold at an average recovery cost of around A $ 1,000 per ounce . With Australian gold prices currently firming at close to $ 1,700 per ounce the mine , which has been confirmed to have at least an eight-year lifespan , will break even well within two years .
In the event Williams is very much more optimistic , and is holding himself in check when he claims to being well on the way to becoming a 200,000-ounce per year gold producer over a 10-year period , making Dacian Gold a significant new mid-tier Australian gold producer . “ We did a feasibility study and that showed it was going to be an economic proposition and then it
WITH OUR $ 20 MILLION IPO BEHIND US WE HAD THREE YEARS TO DO A THOROUGH EXPLORATION : IF OUR THEORY WAS RIGHT WE HOPED TO BE ABLE TO BUILD A MINE
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