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Empire Resources Ltd.
Summary
| Project: | Pennys Find | |
|---|---|---|
| Deposit: | Pennys Find | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/21/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 21-6-2016: Empire Resources Ltd. announces a Feasibility Study report for its Pennys Find deposit at the Pennys Find project. BFS results incl. A$7.6M free cashflow, A$29.6M revenue, 8 month payback. Empire Resources Ltd (‘Empire’, ASX code: ERL, the “Com | |
| Resources: | (Reserve, Prob.): 146000t @ 4.62g/t Au for 21700oz Au contained | |
| CP/QP: | [Resources]: Peter Ball (DataGeo Geological Consultants) | |
| ABSTRACT: | Empire Resources Ltd (‘Empire’, ASX code: ERL, the “Company”) is today pleased to announce the completion of a Bankable Feasibility Study (BFS) for the Penny’s Find gold deposit located 50km northeast of Kalgoorlie, WA. The BFS, based on a probable ore reserve of 146,000 tonnes @ 4.62g/t Au (Table 1) as announced to the ASX on the 15 February 2016, shows Penny’s Find to be a technically sound and financially viable project generating $7.6 million undiscounted free cash flow in less than a year based on $1,500/oz. The BFS proposes conventional mining of a single open pit to a depth of 80m using excavators and dump trucks with ore transported to a nearby toll milling facility. A summary of the BFS is presented below. Mining approvals for Penny’s Find have already been issued by the WA Department of Mines and Petroleum, as announced to the ASX on the 5 May 2016. | |
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