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Alcyone to sell noncore assets

14th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Silver miner Alcyone Resources would start divesting of some of its Queensland land-holdings over the next few months, as the company worked to further reduce operating costs.

The ASX-listed miner said on Thursday that the reduction of its tenement holdings to concentrate on silver heap leach targets was the second milestone in its efforts to reduce capital costs.

The company said that it had reviewed the project areas to highlight the locations that were considered to have the greatest potential for silver heap leach mineralisation, in economic quantities. This was further refined by more detailed geological work.

As part of its concentration on expanding silver mineral resource inventory in the most prospective areas, and to reduce cost, the Alcyone board also identified the tenements considered to be least viable for hosting economic silver mineralisation.

Alcyone would now look to reduce these tenements over the coming months, and would reduce its exploration commitments by around A$450 000.

Edited by Creamer Media Reporter

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