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Tsuba

11.10.2010



Positive scoping study for Northern Territory gold-copper project

Westgold Resources has completed its scoping study on the 1 million gold equivalent ounce Rover 1 project and says further expansion is likely

Author: Ross Louthean
Posted: Monday , 11 Oct 2010

PERTH -

The scoping study on the maiden JORC compliant resource of 1 million gold equivalent ounces on Westgold Resources' Ltd (ASX:WGR) Rover 1 project has been produced days before the deadline for partner AngloGold Ashanti to proceed with a clawback on the Rover field near Tennant Creek in the Northern Territory.

AngloGold has until October 20 to trigger its clawback right for 75% of the project. If triggered then the Johannesburg-based company must pay Westgold three times its estimated exploration expenditure which was estimated to be about A$50 million (US$US49.2 million).

Westgold said today drilling is continuing at Rover 1 "in the knowledge that the ore system remains open and further expansion of the resource is likely."

Westgold has also started drilling at the nearby Explorer 142 copper-gold prospect and plans to test other targets in the region.

Key outputs of the scoping study were:

•An underground mine development accessed via a single decline.

•A stand-alone 400,000 tonnes per annum processing plant that may be increased to 600,000 tpa depending on future resource upgrades.

• Production of gold bullion and a copper concentrate with additional co-product credits from cobalt and bismuth. Gold and copper would represent about 85% of total revenue.

•The capital cost estimate of A$101 million (US$998.66 million) would incorporate a processing plant and site infrastructure of A$75 million (US$73.8 million).

•Cash operating costs were estimated at A$121/tonne (US$119/t).

•Annual production was estimated at 35,000 ounces of gold and 4,000 tonnes of contained copper and, for benchmarking purposes, this would be equivalent to a cash operating cost of A$185/oz (US$182/oz) of gold after copper credits. Alternatively, if copper is considered as a gold equivalent annualised output, this equates to about 60,000 oz pa at a cash operating cost of A$S580/oz (US$571/oz).

Westgold's managing director Andrew Beckwith said the company has begun a phase of detailed metallurgical assessment to finalise process design and recovery of metals.

He said the company has re-scheduled drilling at Rover 1 to continue through the Northern Territory wet season (January to March).

"By continuing the drilling programme Westgold plans to be in a position to progress Rover 1 into the detailed feasibility studies phase in the second half of 2011," Beckwith said.

"We are on a path that should see Rover 1 become the first mine in this new Australian gold and copper province," he added.
 
aus der Diskussion: WESTERN DESERT RESOURCES enormer Anstieg
Autor (Datum des Eintrages): Tsuba  (11.10.10 16:32:39)
Beitrag: 9 von 42 (ID:40299514)
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