Name of the Project
Eugenia heap-leach project.

Location
The project is located in Queensland’s Drummond basin, in Australia, a prolific gold province with a total known gold endowment of more than 7.5-million ounces. The tenement package includes four granted mining leases and four granted exploration permits covering 772 km².

Client
GBM Resources.

Project Description
The Eugenia heap-leach project is one of three near-term gold production scenarios at Mt Coolon currently under review by GBM.

A scoping study on the Eugenia project has shown that a short-term operation can potentially generate a strong positive cash flow.

The mine is planned to be a small opencut operation, using truck-and-excavator mining techniques, which will involve conventional drill-and-blast and load-and-haul methods using contract mining equipment.

Mining will be campaign-based. The mineralised material will be crushed and paddock-dumped onto prepared heap-leach areas before capping and preparing for the leach process.

The Eugenia heap-leach facility will include leach pad and collection ponds that consist of process ponds and a storm pond.

The leach pad will comprise three phases and has been designed to accommodate an estimated two-million tonnes of material, with a maximum heap height of 15 m above the pad liner.

Jobs to be Created
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Value
Capital costs have been estimated at $8.1-million.

Duration
Gold production is targeted for the fourth quarter of 2017.

Latest Developments
The next step at Eugenia will be to complete a feasibility study.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
GBM Resources, tel +61 8 9316 9100, fax +61 8 9315 5475 or email info@gbmr.com.au.