Name of the Project
Theta opencut gold project.

Location
Mpumalanga, South Africa.

Project Owner/s
Theta Gold Mines.

Project Description
A feasibility study has confirmed the economic and commercial viability of developing an opencut mine at the Theta project.

The project has probable reserves of 2.31-million tonnes grading 2.76 g/t gold. Total mineral resources are estimated at 44.79-million tonnes grading 4.18 g/t gold.

The project includes the Columbia Hill deposit and part of the Theta Hill deposit within Mining Right 83, which is fully authorised for underground mining, with a modification to include openpit mining in progress.

Modified terrace mining has been selected as the mining method and is suited to the mountainous profile of the topography.

The feasibility study envisages a new carbon-in-leach plant, based on about 500 000 t/y of ore, with throughput being restricted by the existing tailings storage facility capacity of 2.5-million tonnes.

The mine is expected to produce 200 905 oz of gold over the five-year life-of-mine.

Once the mine is in production, a new tailings storage facility will need to planned and built.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a post-tax net present value, at a 5% discount rate, of $49.6-million and an internal rate of return of 65.1%, with a payback of 1.2 years from the start of production.

Capital Expenditure
The feasibility study has indicated a total capital requirement of $34.26-million.

Planned Start/End Date
The project will take about nine months to construct after the necessary approvals have been received.

Latest Developments
The work programme for the September quarter will include the completion of a Lidar survey over the central mine area around the gold plant. The survey will deliver topographic accrete earthworks and mining activities, and refine mineral resource calculations and future civil development.

Other work includes permitting, preparing exploration programmes, hosting potential mine contractors and examining local infrastructure requirements for the mining project.

Post-feasibility detail design work and the evaluation of critical long-lead items are under way.

Theta Gold has also started to explore the market for key individuals who will be able to drive the project towards production should the permitting stage be successfully concluded.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Theta Gold Mines, tel +61 2 8912 2126 or email info@thetagoldmines.com.