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Strizek said the company’s running in parallel to determine the potential
dual strategy of “drill and build” economic benefits of running such an op-
was vital for its long-term suc- eration in parallel with the main CIL circuit.
cess. “Again, it comes back to Matt and his
“Mining isn’t like building a team having done this before,” Strizek said.
shoe factory and so forth,” he “If we’ve got the inability to do this in-house,
explained. “Resources, once you need to have a good look at it.
you start mining them, the clock “Heap leach could unlock a satellite op-
is ticking and you have to find eration, for example, sitting down the road
more. What drives a mining 7.5km away. If we could get 7.5mt or so, it
company is its exploration suc- could be doing 75,000 ozpa. It’s exciting to
cess, being able to add ounces think about what that could do to the value
into your inventory is key. And of Abujar.”
it’s the biggest cost as well.
Two of the eight CIL tanks have been erected to full height “I think it’s [drilling] been a ga-
mechanger for us, it’s allowed us
to really go at it very hard and
“I always like to point out the United Na- without having to really deplete the cash
tions Sustainable Development Goals and balance. As we look at becoming a produc-
No.1 has always been reducing poverty er, we don’t want to change what we think
and providing opportunity; that’s what these is a winning formula. In the end, it always
projects can do.” comes down to perspiration and hard work,
No one is likely to welcome first gold which in our case is keeping rigs going.
more than Tietto founder and managing di- “There’s still so much upside when it
rector Caigen Wang, who originally estab- comes to exploration, we don’t think we’ve
lished the company as an unlisted explorer hit the limits of what can be found there.”
focused in Liberia before crossing over to Also on the immediate horizon for Tietto
Cote d’Ivoire during the height of the Ebola is an impending update to the Abujar life-of-
crisis in West Africa. mine production plan, due for release this
Strizek met Wang in early 2017 at Mining quarter. Using an updated resource of 3.45
Indaba conference and was immediately moz, the company is targeting increased
struck by both his tenacity to get things mill throughput based on a higher gold Tietto executive director Mark Strizek
done and the opportunity in front of Tietto price than the $US1,407/oz assumed in last (right) on site with country manager Fred
at Abujar. year’s DFS. Yao N’Kanza
“There were probably six people listening “We’ve got a large, under stressed mill,
to his presentation in this little dingy room at we’ve made the tanks bigger…the costs are
the bottom of the conference, but I remem- insignificant to do this now,” Strizek said. Ongoing drilling and further studies as
ber thinking to myself ‘holy hell, he’s really “The great thing in Cote d’Ivoire is we the start of gold production looms should be
on to something here’,” Strizek said. have cheap power, access to hydro, so our enough to remind investors that Tietto has
“Caigen is always looking to get no intention of backing down from its
things done. He can be impatient but now trademark aggressive approach
it’s a good kind of impatient. When you to business. However, it could also be
believe in something, you’ve got to go argued that the company is trying to
for it.” juggle too many things on its plate.
Perhaps one of the best examples Strizek has no such concerns. In
of Wang’s purported impatience came fact, the plate might not be big enough
recently when Tietto recalibrated its for Tietto’s grand plans.
financing arrangements for the Abujar “I think life would be boring other-
build. An opportunity emerged in April wise,” he said. “Our shareholders have
for the company to replace debt man- placed their trust in us to create some
date with Taurus Asset Management incredible value and that’s exactly what
for a two-tranche equity placement of we’re doing.
$130 million, ensuring shareholders “Life’s too short and we want to look
retained 100% exposure to the project. at all of these exciting opportunities
It also allowed Tietto to keep the drill that we have. I like to think of this as the
rigs turning at Abujar in the same man- beginning of the next stage. We’ve got
ner it has during the exploration and The Abujar camp is expected to be fully operational the organic opportunities with our in-
resource growth phases. Intersections this month credible resource base, but we’re also
such as 4m @ 16.16 g/t gold from 19m thinking longer term and, who knows,
(including 3m @ 21.36 g/t including 1m @ costs are going to be low in that regard. we might even be able to give Perseus a
62.27 g/t) and 5m @ 40.14 g/t from 35m (in- We’re really looking forward to seeing what bit of shake and become a 500,000oz pro-
cluding 3m @ 66.52 g/t, 1.32m @ 131.29 those numbers will show.” ducer.”
g/t and 2m @ 25.58 g/t) continue to keep Another future production aspect also
investors salivating over the broader poten- under consideration is heap leaching of the – Michael Washbourne
tial of the project area. APG material. A scoping study is currently

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