Jinka / Mt Riddock Regions Annual Technical Group Report for the period 16 October 2011 to 15 October 2012, EL 24360, EL 24378, EL 24641, and EL 25098 GR078/09

Abstract

In this reporting period 16 October 2011 to 15 October 2012, the main focus has been completion of a feasibility study that has focussed on the resource area on EL 24360 and EL 25098. A feasibility study has been completed for the project, and this shows that the project is viable at production rates of 60,000tpa. Life of mine offtake agreements have been negotiated for the sale of 80 percent of the planned production with the remaining 20 percent being available for higher priced spot sales. During the year some data compilation and tenement rationalisation was completed on EL 24378 and EL 28696. The result of the review was the decision to relinquishment of EL 24641 and reducing EL 24378 to 40 blocks as it was considered that these tenements would not contribute resources to the project in the next 20 years.