News and Announcements
Intermin Resources Announces Results of Goongarrie Lady Scoping Study
- Published March 29, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Intermin Resources Limited (ASX:IRC) is pleased to announce the results of the Goongarrie Lady Scoping Study. The project comprises the oxide and transitional material contained in the updated Mineral Resource announced to the ASX on 16 August 2016. The 100% owned Goongarrie Lady gold project is located on granted Mining Lease, 80km north of Kalgoorlie-Boulder in Western Australia and 2km east of the sealed Goldfields Highway.
KEY TAKEAWAYS:
- Scoping Study completed defining a technically strong and financially viable project with the following results:
- Oxide and transitional material accessed via shallow open pit mining producing 142,000t at a diluted grade of 3.40g/t for 15,639 ounces over a 7 month mine life.
- Ore processing at 94% metallurgical recovery produces 14,700 ounces recovered.
- Low upfront capital costs of A$0.53m.
- Competitive all in cost estimate of A$1,081/oz.
- At a gold price of A$1,600/oz, the project generates A$7.6m in free cash flow.
- Study assumes contract mining and haulage with ore milled at a nearby third party facility.
- Statutory approvals on track, Feasibility Study commenced for completion in the September Quarter.
Intermin’s Managing Director, Jon Price said: “The results of the Scoping Study for Goongarrie Lady demonstrate strong potential to generate significant cash flow for the business with low upfront capital requirements and very good cash margins”.
“The Company’s business model is to develop our 100% owned gold mines and generate cash flow to self-fund our aggressive exploration and acquisition strategy with minimal shareholder dilution,” Mr Price said.
“With the Teal gold mine now in production, Goongarrie Lady is shaping up as Intermin’s next mine development and we look forward to releasing the Feasibility Study in the September Quarter for a development decision shortly thereafter,” he added.
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