Name of the Project
Penny’s Find gold project.

Location
The project is located about 50 km north-east of Kalgoorlie, in Western Australia.

Client
Empire Resources.

Project Description
A bankable feasibility study (BFS) on the Penny’s Find project has found the project to be technically sound and financially viable.

The BFS is based on a probable reserve of 146 000 t grading at 4.62 g/t gold.

The project has total mineral resources (opencut and underground) of 470 000 t grading at 4.42 g/t gold.

The study proposes conventional mining of a single openpit to a depth of 80 m using excavators and dump trucks, with ore transported to a nearby toll milling facility using conventional gravity and a carbon-in-leach circuit.

The openpit mine life is estimated 11 months.

Jobs to be Created
Not stated.

Net Present Value/Internal Rate of Return
The project has a payback of 8 months at a base case of A$1 500/oz.

Value
Capital expenditure has been estimated at A$1.5-million.

Duration
Not stated.

Latest Developments
Development at the Penny’s Find project has started, with 50 000 t of waste material having been removed since the end of the December quarter.

Road construction and various mine-site earthworks have also been undertaken, with the existing road being decommissioned to allow for full mine development to proceed.

The run-of-mine pad, site access roads, office and workshop area, as well as the dewatering dam and magazine bunds have all been completed.

Meanwhile, a feasibility study has started on gold mineralisation below the planned openpit. A preliminary underground mine design has been undertaken to ensure the final openpit can transmission smoothly into any future underground development.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Empire Resources, tel +61 8 9361 3100, fax +61 8 9361 3154 or email info@resourcesempire.com.au.