For thousands of other reports visit RSC's Mineral Intellingence Map
Genesis Minerals Ltd.
Summary
| Project: | Ulysses | |
|---|---|---|
| Deposit: | Ulysses West | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/9/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 9-8-2016: Genesis Minerals Ltd. announces a Feasibility Study report for its Ulysses West deposit at the Ulysses project. Feasibility study results incl. pre-production capex of $350000, AISC $1060/oz Au. Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or | |
| Resources: | (Reserve, Prob): 74000t @ 4.1g/t Au for 9700oz Au contained at Ulysses West | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Genesis Minerals Limited (ASX: GMD) (‘Genesis’ or the ‘Company’) is pleased to announce mining will commence at Ulysses West in late September after the Company entered into a Mining Alliance Agreement with highly regarded mining contractor, SMS Innovative Mining Pty Ltd (“SMS”), a Toll Milling Agreement with Paddington Gold Pty Ltd (“Paddington”) and the delivery of a positive Feasibility Study. The Alliance will significantly de-risk the development of the Ulysses West open pit, the first open pit proposed to be completed at the Ulysses Project (‘Ulysses’ or the ‘Project’). The positive Ulysses West Feasibility Study demonstrates a technically and commercially viable open pit mining project based on toll treatment of the Ulysses West ore and contract open pit mining and ore haulage. A Probable Ore Reserve of 74,000 tonnes @ 4.1g/t gold for 9,700 contained ounces has been estimated within the Ulysses West open pit design which is scheduled to take 4 months to mine. Genesis’ Managing Director, Mr Michael Fowler said, the results of the Feasibility Study for the initial Ulysses West open pit demonstrate the potential to generate strong cash flows over a short timeframe for the Company which will fund the next phase of development at Ulysses and further exploration at the Ulysses and Viking Projects. “The Mining Alliance agreement with SMS significantly de-risks the initial development at Ulysses and we look forward to working closely with SMS to bring Ulysses West into production in the coming months to extract maximum value from this first open pit at Ulysses.”, he added. The commencement of mining will be subject to receiving final mining approvals with these relevant approvals due imminently. | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report