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Exterra Resources Ltd.
Summary
| Project: | Linden | |
|---|---|---|
| Deposit: | Second Fortune | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/25/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 25-5-2017: Exterra Resources Ltd. announces a Feasibility Study report for its Second Fortune deposit at the Linden project. Feasibility study results and mineral reserves increased by 15%. Exterra Resources Limited (“Exterra” or “the Company”) (ASX:EXC) | |
| Resources: | (Reserve, Prob.): 338999t @ 5.96g/t Au at Second Fortune | |
| CP/QP: | [Resources]: Mike Job (QG Australia Pty Ltd.) | |
| ABSTRACT: | Exterra Resources Limited (“Exterra” or “the Company”) (ASX:EXC) is pleased to announce the Feasibility Study (FS) on its’ Second Fortune Mine, located at the Linden Gold Project, 220km NE of Kalgoorlie, has confirmed the potential for it to deliver strong financial returns for shareholders. The Feasibility Study (FS) concludes that the Second Fortune Gold Mine is financially and technically viable based on developing a mine below the existing open pit and generating a sorted concentrate for toll treating. The development strategy including a hybrid owner/contractor mining operation and limited onsite processing results in a robust free cash position of $25m and modest funding requirements of $9.4m and an additional $3m contingency working capital facility. The FS forecasts life-of-mine (LOM) production of 392kt grading 5.8g/t Au for approximately 73koz of gold. When sorted, forecast LOM production of pre-concentrates for haulage and treatment will amount to 198kt grading at 11.4g/t for approximately 71koz of gold. Exterra’s Executive Chairman, John Davis said: “The completion of the Feasibility Study is a major milestone in the development of the Second Fortune mining operation. We are very pleased to confirm the robust economics of the Second Fortune project and look forward to securing financing and commencing the mining activities.” | |
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