ML 30414 replacement title for MCS's 245; 246; 247; 248; 249 1st Annual Report 1 September 2015 to 31 August 2016

Abstract

While the previous metallurgical and engineering test work was comprehensive and a valuable data source, Inminerals has taken the view of re-evaluating the old process and recovery technology seeking new or improved techniques making the project more economic given the large distances from mine site to customer base. As such numerous discussion were held with engineering firms, ore samples were provided for fresh evaluation and test work and this reengineering work commenced. Not being overly satisfied with their performance it was decided to curtail those engineers involvement and seek alternative engineering options which meant starting the process again. After the prospect of some new technological advancements the most recent engineering flow sheet\plant design returned the same as had already been settled on. Even though analyses and controlled testing demonstrates ours to be superior in many ways, the flood of cheap Imports from Asia makes it tough to compete economically. Building a project like this is difficult in good times, with declining business conditions, and declining business sentiment everything just gets tougher. Add the recent Native Title Claim application over the bulk of Inminerals tenements and perhaps everything just got tougher again. Suffice to say, the majority of Inminerals internal resources in recent times are being utilized in the corporate arena.