Name of the Project
Ravenswood gold mine expansion project.

Location
The Ravenswood mine is located in north Queensland, Australia.

Project Owner/s
Resolute Mining.

Project Description
Resolute Mining is examining the potential for a large openpit development at the Ravenswood mine. This will entail the development of two openpits – Sarsfield and Buck Reef West – and expanding the processing plant from 1.5-million tonnes a year to 2.8-million tonnes a year as Resolute Mining starts to mine Nolans East.

Nolans East represents the start of the transition back to large-scale openpit mining.

The Sarsfield deposit has a mineral reserve of 1.2-million ounces and a resource of 1.3-million ounces. Buck Reef West has a 1.2-million-ounce resource. Nolans East has a 71 000 oz reserve.

The expansion project has the potential to extend the Ravenswood mine life by at least 14 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Initial capital expenditure has been estimated at A$150-million, with about double this amount expected to be spent over the next five years.

Planned Start/End Date
Not stated.

Latest Developments
Resolute Mining has been awarded nine new mining leases over areas that will support its Ravenswood expansion project.

The leases include areas within the operational footprint of the proposed Buck Reef West openpit and nearby land required for infrastructure.

Resolute is conducting a strategic review of the expansion plan, exploring technical enhancements to the expansion study, which could deliver increased returns through an optimised development plan, including an expanded production profile.

The Ravenswood expansion project would deliver 1.5-million ounces of gold, at all sustaining costs of A$1 097/oz and an average gold production of about 115 000 oz/y.

Current underground mining activities will continue at the Mt Wright underground mine until late 2019, with processing augmented with low-grade stockpiles, pending the development of the expansion project.

A final investment decision on the expansion plan is targeted for the second half of 2019, following the completion of the strategic review.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Resolute Mining, tel + 61 8 9261 6100, fax + 61 8 9322 7597 or email contact@rml.com.au.