Name of the Project
Bardoc gold project.

Location
The project is located in the Eastern Goldfields region of Western Australia.

Project Owner/s
Bardoc Gold.

Project Description
Bardoc is considered to be one of the best undeveloped gold projects in the Eastern Goldfields. The project has maiden openpit and underground probable ore reserves of 10.4-million tonnes grading 2.4 g/t for 780 000 oz. The project has the potential to deliver an average production of 135 000 oz/y of gold over seven years.

A prefeasibility study (PFS) has envisaged a standalone mining and processing operation with a nominal throughput of 1.8-million tonnes a year, comprising a conventional carbon-in-leach processing circuit incorporating a flotation circuit to produce gold concentrate.

Peak production is estimated at more than 150 000 oz/y for five years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value (NPV), at an 8% discount rate, of A$332-million and an internal rate of return (IRR) of 32%, based on a PFS gold price of A$2 100.

At a spot gold price of A$2 530, the project has an NPV, at an 8% discount rate, of A$600-million and an IRR of 55%.

The project has a payback of 32 months from the start of production.

Capital Expenditure
The project is estimated at A$142.4-million.

Planned Start/End Date
Not stated.

Latest Developments
Bardoc Gold is considering raising A$24-million through a share placement to fund a definitive feasibility study (DFS) on its Bardoc gold project and to complete front-end engineering design work, while also securing long-lead items ahead of a final investment decision.

Bardoc has received firm commitments from institutional and sophisticated investors for a share placement comprising 307.6-million shares, at 7.8c a share.

The issue price represents a 13.3% discount to Bardoc’s closing price on July 3, and a 9.1% discount to the company’s five-day volume-weighted average share price.

The shares will be placed under the company’s existing placement capacity.

The funds will be used to fast-track the ongoing DFS and mining studies for the 3.02-million-ounce project, as well as to accelerate exploration work across the company’s tenements with a view to further expanding and upgrading the existing resource.

Bardoc will have cash of more than A$35-million at the end of the raising, giving the company the financial flexibility to advance the next stage of a multipronged growth strategy in the Kalgoorlie district.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Bardoc Gold, tel +61 8 6215 0090.