Name of the Project
Hot Maden copper/gold project.

Location
Turkey.

Client
The project is a 70:30 joint venture (JV) between Lidya Madencilik Sanayi ve Ticaret and Mariana Resources.

Project Description
A preliminary economic assessment (PEA) on the Hot Maden project has proved to be highly favourable.

Mining and processing rates of 800 000 t/y, one-million tonnes a year and 1.2-million tonnes a year have been considered, with the base case mining scenario being established at one-million tonnes a year. The conceptual development for the project assumes an all underground mining operation from a decline, using mechanised transverse and longitudinal longhole open stoping with engineered fill mining methods.

Jobs to be Created
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, for the base case mining scenario of $1.37-billion, excluding predevelopment exploration costs.

Value
Upfront capital expenditure is estimated at $169-million.

Duration
Not stated.

Latest Developments
Despite Hot Maden’s rapid advancement from discovery to PEA in just 20 months, the decision by the JV to rapidly move to development has been deemed justifiable, with the value of the project for shareholders reflected in the significant cash-flow generative ability through the life of the project’s initial current resource.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Mariana Resources, tel+61 2 9437 4588, fax+61 2 9437 4599 or email info@marianaresources.com.