Antilles Gold Limited announced that the updated Scoping Study for the proposed La Demajagua open pit mine in Cuba will be finalized in around two to three weeks after confirmation of the likely sale price of the antimony - gold - silver concentrate to be produced from the mine. Based on metallurgical test work, current JORC Resources, and an updated pit shell, the revised Scoping Study has adopted an ore feed rate of 900,000tpa to the crusher, and a mine life of 8 years. The mine is planned to produce two concentrate products; approximately 50,000tpa of gold concentrate grading between 36g/t and 38g/t Au, 150g/t Ag, and approximately 28% As approximately 8,000tpa of antimony concentrate grading 36% to 40% Sb, 28g/t Au, approximately 2,000g/t Ag, and approximately 5.5% As.

This represents production of approximately 90,000oz Au equivalent per year in concentrates. Continuing metallurgical test work will determine final quantities and grades of the concentrates for inclusion in the project's Definitive Feasibility Study ("DFS"). An acceptable indicative offer has been received from a major international trading company for the gold concentrate that will ultimately be shipped to several smelters that can accommodate the high As levels.

The joint venture company, Minera La Victoria SA, which is developing the La Demajagua mine has engaged Brisbane based consultants, West End Mining Co ("WEMCO"), to assist in marketing the antimony concentrate due to their experience in successfully marketing similar antimony concentrates, and their established contacts with antimony smelters. WEMCO has provided the target specification for the La Demajagua concentrate to specialist antimony smelters in China, Vietnam, India, and Oman, all of whom have indicated strong interest in the product. WEMCO will advise their preferred buyer and appropriate pricing within two weeks which will allow the revised Scoping Study to be finalized a few days later.

Additional antimony assays from the recent drilling program at La Demajagua, ongoing metallurgical test work, and further engineering by the preferred turnkey process plant constructor will refine the design and costing of the flotation circuit for inclusion in the DFS. In parallel with the DFS, which is expected to be completed in March/April 2023, a specialist South African based engineering group is undertaking a review of the prospect of increasing the project's profitability by producing doré from the arsenopyrite gold concentrate through a relatively small BIOX/CIL plant. Preliminary indications are that this concept will be worth considering.