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The Paciência Complex was placed on care and maintenance in May 2012. The complex is located 80 kilometres by tarmac road southeast of Belo Horizonte and close to the Company’s two operating assets (Caeté plant and Pilar mine) in the prolific Iron Quadrangle of Minas Gerais. The complex includes two underground gold mines, Santa Isabel and Marzagão, and a processing plant with capacity to treat approximately 2,000 tpd, located within approximately 9,000 hectares of contiguous permitted mining tenements. The plant was commissioned in April 2008 and the mine produced approximately 154,000 ounces of gold through May 2012, based on approximately 1,755,000 ore tonnes processed, averaging a gold grade of 3.06 g/t and a recovery of about 89%.
At current gold prices, the Company is evaluating options to bring back online the Santa Isabel mine which is already fully permitted. Ore would initially be hauled to the Caeté plant which is approximately 35 kilometres away.