Orinoco Gold has proven to be a solid sharemarket performer over the past 12 months, having as much as trebled in share price terms as the company draws ever closer to first gold production from its Cascavel project in Brazil during June/July 2016. Given the strong ongoing performance of US$ gold, compounded by the exceptional performance of gold in Brazilian Real terms, project commissioning is extremely well-timed. The Cascavel project is initially modest in scale, but has the potential to ramp-up significantly from operating cash flows – minimizing both start-up costs and financing risk. A key strength is the potential for resource growth and production expansion via extensions to the known mineralisation and also new discoveries.