11:44 AM EDT, 04/04/2024 (MT Newswires) -- Omai Gold Mines ( OMGGF ) shares were last seen down 6.5% after the company on Thursday provided "positive" results from its first preliminary economic assessment for the Wenot Project, one of the two gold deposits located on the company's Omai Property, in Guyana.

The PEA supports an initial open pit mining scenario for production averaging 142,000 ounces of gold per year over a 13-year mine life, with peak year production of 184,000 ounces.

Total Wenot production is estimated at 1.8 million ounces of payable gold.

Among other details, the company reported an after-tax net present value of US$556 million and an after-tax internal rate of return of 19.8% based on US$1,950 per ounce of gold with a sensitivity case at US$2,200 per ounce of gold, giving an after-tax NPV of US$777 million and IRR of 24.7%.

Also, the PEA highlights include initial capital of US$375 million and sustaining capital of US$172 million over life-of-mine.

The company's shares were last seen down C$0.01 to C$0.145 on the TSX Venture Exchange.

Price: 0.15, Change: -0.01, Percent Change: -6.45