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Mount Gibson Iron Ltd.
Summary
| Project: | Extension Hill | |
|---|---|---|
| Deposit: | Iron Hill | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 12/9/2016 | |
| Report Code: | (Enviro) | |
| Report Type: | EIA/ESIA | |
| Project Stage: | Active Mining & Production | |
| Report details: | 9-12-2016: Mount Gibson Iron Ltd. announces an EIA/ESIA report for its Iron Hill deposit at the Extension Hill project. Iron Hill Mine receives Environmental Ministerial Approval. Mount Gibson Iron Limited (Mount Gibson) is pleased to advise that Western | |
| Resources: | (Resource, I+I): 8.8Mt @ 53.8% Fe at Iron Hill | |
| CP/QP: | [Resources]: Elizabeth Haren (Internal) | |
| ABSTRACT: | Mount Gibson Iron Limited (Mount Gibson) is pleased to advise that Western Australia’s Minister for the Environment has given approval for the company’s proposed development of the Iron Hill iron ore mine in the State’s Mid West region. Upon receipt of final regulatory approvals Mount Gibson intends to proceed to development at Iron Hill as soon as possible in order to commence production in the first half of 2017. Iron Hill represents a low-capital cost production extension opportunity for the Company’s Mid West business. Development capital costs are expected to total $2-3 million, given Iron Hill’s location just 3km south of the recently depleted Extension Hill open pit, and utilisation of the Company’s existing mine facilities and logistics arrangements. All-in cash costs are expected to be consistent with Extension Hill. Iron Hill has total Indicated and Inferred Mineral Resources of 8.8 Million tonnes grading 58.3% Fe1 . As previously indicated, Mount Gibson is expecting full year ore sales of 2.8 – 3.1 million tonnes in the 2016- 17 financial year, comprising a mix of run-of-mine material from the Extension Hill and Iron Hill deposits, supplemented by opportunistic sales from existing low grade stockpiles. Mount Gibson Chief Executive Officer Jim Beyer said: “We welcome this important environmental approval of the Iron Hill mine, which takes us one step closer to commencing mine development in early 2017.” Mount Gibson will provide further updates as appropriate. | |
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