MLN 631-633, MLN 636 and MLN 1108 Final Report for the period 12 March 1973 to 11 July 2016

Abstract

Redbank Copper Limited, a company listed on the Australian Stock Exchange, is the owner of leases MLN 631-633, MLN 636 and MLN 1108. The tenements form the core of the company's Redbank Copper Project which comprises 24 mineral titles covering and area of approximately 4,300 sq. km in the central section of the McArthur River Basin. The Mining leases cover the Sandy Flat Mining Operation located on MLN's 631-633, 636 and 1108, which comprises an open cut pit and associated milling plant. Previous operation on the site have been directed toward producing copper for either direct shipping or leaching through the plant to produce various copper concentrate products. The operation was placed on care and maintenance in 2009 whilst the company completed exploration to define sufficient oxide and sulphide resources within the project area to sustain a 6,000 - 10,000 tpa copper metal production. Previous site operations going back some 20 years have left a significant environmental legacy issue that is currently being addressed by the company with the assistance of the Northern Territory Government. The company was placed under suspension by the Australian Stock Exchange in March 2011. During 2012 - 2013 the company underwent a corporate restructure, and relisted on the exchange in May 2013 with approximately $3.9 million of fresh equity after expenses. The company has a new board of directors and senior management team. The Mining Leases have been surrendered voluntarily to address environmental legacy issues at Redbank.