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Red Mountain Mining Ltd.
Summary
| Project: | Batangas | |
|---|---|---|
| Deposit: | Batangas | |
| Location: | Philippines | |
| Commodities: | Gold-Silver | |
| Date: | 6/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 15-6-2016: Red Mountain Mining Ltd. announces a Pre-Feasibility Study report for its Batangas deposit at the Batangas project. JV with Bluebird Merchant Ventures - PFS results incl. NPV (5%) of US$19M, IRR of 27%. Perth, Western Australia: Red Mountain | |
| Resources: | (Reserve, Prob.): 1.441Mt @ 2.6g/t Au, 9.0g/t Ag at Batangas project total | |
| CP/QP: | [Overall Report]: Jon Dugdale (Internal) | |
| ABSTRACT: | Perth, Western Australia: Red Mountain Mining Ltd (Red Mountain or the Company) is pleased to announce the results of the now completed Pre-Feasibility Study (PFS) on the Company’s flagship Batangas Gold Project, located 120 km south of Manila in the Philippines. The PFS confirms low C1² operating costs of US$ 735 per oz / A$ 999 per oz, that will generate A$ 46 million² in free cash-flow (after capital and pre corporate tax at A$ 1,700 / US$ 1,250 per oz gold) over the initial seven (7) years of production, at a C3 all-in-cost (AIC³) of US$ 914 per oz¹ / A$ 1,243 per oz¹ (excluding corporate tax and admin.). The PFS includes a maiden Probable Ore Reserve for the Batangas Gold Project of 1.44 million tonnes (Mt) at 2.6 g/t gold (Au), 9.0 g/t silver (Ag), or 2.8 g/t Au (incl. Ag credits)¹ containing 128,000 oz of gold¹. This includes high-grade gold ore of 746,000t at 4.0 g/t Au, 9.2 g/t Ag or 4.2 g/t Au (incl. Ag credits)¹ containing 100,000 oz of gold¹. The Probable Ore Reserve is derived from optimised open pit designs based on Indicated Resources only, and represents a mining and production schedule that is expected to recover 116,000 oz of gold¹ during the initial 7 years of production. Importantly, the PFS has added 26,000 oz¹ of recoverable gold when compared to the Scoping Study that was completed in March 2014 (see ASX release, 20 March 2014). | |
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