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Magnetite Mines Ltd.
Summary
| Project: | Razorback | |
|---|---|---|
| Deposit: | Razorback | |
| Location: | Australia | |
| Commodities: | Iron-Aluminium-Silica-Phosphorus | |
| Date: | 11/7/2019 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 7-11-2019: Magnetite Mines Ltd. announces a Scoping Study report for its Razorback deposit at the Razorback project. Scoping Study results for the Razorback project. Magnetite Mines Limited (Company)(ASX:MGT) is pleased to announce it has concluded the pr | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Trevor Thomas, Lynn Widenbar (Internal;Widenbar and Associates Pty Ltd.) | |
| ABSTRACT: | Magnetite Mines Limited (Company)(ASX:MGT) is pleased to announce it has concluded the previously announced Scoping Study1 (Study) on the Razorback Iron Project (Project). The Study confirms the Board’s view to now seek appropriate funding to progress the Project to PreFeasibility Study (PFS) that will refine and optimise the findings of the Study. The current ASIC and ASX regulatory framework does not permit disclosure of production targets, forecast financial information and income-based valuations from scoping studies without evidence of reasonable grounds that funding for projects will be available as and when required and therefore the Company has not disclosed that information. The Company is however pleased to report that the Scoping Study has exceeded expectations, with the results demonstrating that razorback to be a competitive operation that can produce high grade concentrate from a smaller scale, lower capital initial operation. | |
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