Penny’s Find gold project, Australia
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 it 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 eight 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
Mining is well under way at the Penny’s Find gold project, with Empire Resources saying that the mining contractor has now mobilised its equipment and is operating according to schedule.
Mining infrastructure, including the fuel facility, is in place to allow for a rapid ramp-up to full production.
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.
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