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Queensland Bauxite Ltd.
Summary
| Project: | South Johnstone | |
|---|---|---|
| Deposit: | South Johnstone | |
| Location: | Australia | |
| Commodities: | Aluminium | |
| Date: | 12/29/2014 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 29-12-2014: Queensland Bauxite Ltd. announces a Scoping Study report for its South Johnstone deposit at the South Johnstone project. Scoping study results incl. annual gross revenue of A$42.4M, IRR of 223%. On behalf of the Directors of Queensland Bauxite | |
| Resources: | (Resource, Ind.): 1.9Mt @ 29.7% Av Al2O3, 3.2% Rx SiO2 | |
| CP/QP: | [Resources]: Robert Coenraads (Not stated) | |
| ABSTRACT: | On behalf of the Directors of Queensland Bauxite (ASX:QBL) (“the Company”), I am delighted to release the new Scoping Study for South Johnstone Bauxite Project as set out in this announcement, which supersedes completely the Scoping Study of 30 October 2014. The new Scoping Study sets out initial production targets and financial forecasts based solely on the now upgraded JORC compliant Indicated Mineral Resources. The Company advises that investors, brokers and analysts may only use the current updated scoping study announcement as a basis for investment decisions and not the previous one released on 30 October which we hereby retract, as we have been advised that in our specific circumstances only a JORC Indicated Resource together with the appropriate associated disclosures of the modifying factors to a level which meets the reasonable grounds requirements in the Corporations Act 2001 may be used when completing and releasing the results of our scoping study. We have been advised that the release of results of the previous scoping study solely on the basis of JORC Inferred resources alone in our specific circumstances does not accord with ASX Guidance Note 31, para 8.7 and the Australian Corporations Act 2001, as Inferred Resources alone is considered to not provide reasonable grounds to imply economic viability unless under exceptional circumstances. An Inferred resource is a lower geological level of confidence by comparison to an Indicated resource, as an Indicated resource enables a greater level of confidence in projecting more accurate production and profitability in the pre-mining Scoping Study. Therefore we are pleased to have been able to replace the previous scoping study announcement with this new Scoping Study announcement which is based solely on the higher confidence level JORC compliant Indicated Resources as set out in this announcement. | |
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