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Mount Gibson Iron Ltd.
Summary
| Project: | Koolan Island | |
|---|---|---|
| Deposit: | Koolan Island | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 4/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 20-4-2018: Mount Gibson Iron Ltd. announces a Resource Estimation report for its Koolan Island deposit at the Koolan Island project. Geotechnical evaluation results incl. updated Resource and reserve estimates, updated IRR and NPV. Mount Gibson Iron Limit | |
| Resources: | (Reserve, P+P): 21.0Mt @ 65.5% Fe, 4.54% SiO2, 0.88% Al2O3, 0.012% P at project | |
| CP/QP: | [Resources]: Elizabeth Haren (Internal) | |
| ABSTRACT: | Mount Gibson Iron Limited (Mount Gibson) is pleased to announce Ore Reserves at the high-grade Koolan Island Restart Project in Western Australia have been increased by 64% to 21.0 Million tonnes grading an average of 65.5% Fe. This upgrade has increased the expected mine life to over 5 years, compared with the original life of 3.5 years based on the initial Ore Reserves of 12.8Mt grading 66.0% Fe (refer Table 1 and ASX release dated 27 April 2017). The Reserves increase is the result of geotechnical evaluation to confirm a viable method to safely access approximately 8Mt of high grade iron ore at the eastern end of Main Pit previously classified as Indicated Mineral Resources. This will involve building a ramp to mine out a 10-15m wide bench of relatively unstable rock stretching approximately 400m along the footwall at the eastern end of the Main Pit (refer Figures 2 and 3). The estimated pre-tax Net Present Value (NPV) has increased by $146 million to $252 million, compared with the original estimated NPV of $106 million, assuming an average Platts 62% Fe CFR price of US$55/dmt and an exchange rate of A$1.00/US$0.75. The estimated Internal Rate of Return (IRR) increases to 37% before tax, with a payback period of 36 months from the commencement of sales Mount Gibson Chief Executive Officer Jim Beyer said “It is a great outcome that the team can confirm such a significant increase in Ore Reserves and mine life of one of the world’s premier high grade iron ore production opportunities” | |
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