....expect not to have a life here in Majors Creek unless you work for the mine.....
BE CLEAR ABOUT THIS FACT........AND I QUOTE .......
"This underpins the robust economics of the operation, which is expected to generate strong cash flows and economic returns, providing a solid foundation for us to continue with our planned exploration programs aimed at increasing our resource base, extend the life of the operation, and potentially increase annual gold production rates" Mr van der Borgh said.
PLEASE READ THIS ....
http://www.wabusinessnews.com.au/en-story/1/85365/Cortona-confirms-feasibility-of-Dargues
here is an extract....
Cortona Resources says a positive Feasibility Study has confirmed the viability of its proposed underground Dargues Reef gold project in New South Wales.
Cortona's managing director Peter van der Borgh said the study was very positive.
"Key highlights of the Feasbility Study include the high grade mining inventory, with an average forecast head grade of over 5g/t and the low estimated cash operating costs of A$628/oz, which would position Dargues Reef towards the lowest quartile for Australian gold producers," he said.
"This underpins the robust economics of the operation, which is expected to generate strong cash flows and economic returns, providing a solid foundation for us to continue with our planned exploration programs aimed at increasing our resource base, extend the life of the operation, and potentially increase annual gold production rates" Mr van der Borgh said......
.........Australian gold company Cortona Resources Limited (ASX: CRC) ("Cortona" or "the Company") is pleased to report the completion of a positive Feasibility Study confirming the viability of the proposed development of the Dargues Reef Gold Project, part of its 100%-owned Majors Creek Gold Project located 60km east of Canberra in south-east NSW.
The Feasibility Study, which was independently prepared by Mining Plus Pty Ltd with participation and contribution from various other parties, has confirmed the technical and economic viability of the Dargues Reef Gold Project, paving the way for development of an average 50,000oz per annum gold mining operation (annual range 36,000oz to 65,000oz) with forecast low cash operating costs and an initial 6 year mine life.
This Phase 1 operation is expected to generate strong cash flows and robust economic returns, providing an excellent foundation for Cortona to continue its aggressive near-mine and regional exploration programs targeting additional resources within the broader Majors Creek Project, which are expected to extend the life of the operation, potentially increase annual gold production rates and ultimately enhance economic returns. To this end, two rigs are currently on-site.
Recent exploration has already confirmed the high prospectivity of the near-mine environment, resulting in the discovery of the Ruby Lode (12.6m @ 9.9g/t gold from 112 metres), located 150 metres north of the proposed Dargues Reef underground mine. Resource drilling is continuing at the Ruby Lode targeting an initial JORC resource estimate by early next year. This recent exploration success has not been incorporated in the Feasibility Study.
Key Feasibility Outcomes
The Feasibility Study has confirmed the economic and technical viability of a proposed compact and efficient underground mining operation at Dargues Reef, with ore to be partially processed in a state-of-the-art 330,000tpa treatment facility located on site.
Production will commence at 270,000tpa in 2012 and ramp up to 330,000tpa in 2013, resulting in total production of 248,900oz of gold and 73,144oz of silver over a 6-year period. This mining inventory does not include the recently discovered Ruby Lode, potential depth and strike extensions at Dargues Reef, or other near mine opportunities that will offer potential to extend the Phase 1 mine life and potentially increase annual production rates.....
"This underpins the robust economics of the operation, which is expected to generate strong cash flows and economic returns, providing a solid foundation for us to continue with our planned exploration programs aimed at increasing our resource base, extend the life of the operation, and potentially increase annual gold production rates" Mr van der Borgh said.
"Our recent success in discovering the near-surface Ruby Lode, located just 150 metres north of the proposed underground infrastructure at Dargues Reef, highlights the prospectivity of the near-mine environment. We have numerous promising exploration opportunities within an economic transportation distance of the proposed treatment facility, and in addition to that the Dargues Reef Gold resource remains open at depth and along strike."
"We expect to be operating at Majors Creek for many years to come and we are confident that the Phase 1 operation represents just the first stage of what we believe will be a long-life gold mining business in this area, bringing new employment and many economic benefits to communities in the region," Mr van der Borgh added.
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