Name of the Project
Ulysses underground gold project.

Location
The project is located 30 km south of Leonora, in Western Australia’s Eastern Goldfields.

Project Owner/s
Genesis Minerals.

Project Description
A scoping study has determined that the project is financially robust and technically low risk. The study is based on mineral resources of about 3.01-million tonnes grading 4.1 g/t gold.

Envisaged is the development of an underground mining operation and the construction of a standalone 800 000 t/y ore processing facility.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The project will require $84.4-million to implement.

Planned Start/End Date
Not stated.

Latest Developments
Genesis Minerals will raise A$11-million through a share placement and share purchase plan to underpin the next phase of growth at its Ulysses gold project.

The company has received commitments for the placement of about 166.7-million shares, at 6c each from professional and sophisticated investors, to raise an initial A$10-million.

The company will also undertake a share purchase plan at the same price, offering shareholders the opportunity to buy up to A$30 000 worth of additional shares to raise a further A$1-million.

The proceeds from the capital raise will be used to ensure that the company is fully funded to advance the expanded Ulysses gold project.

The feasibility study for the project is targeted for the second quarter, with an investment decision due in the fourth quarter.

Key Contracts, Suppliers and Consultants
Adaman Resources (mine design studies).

Contact Details for Project Information
Genesis Minerals, tel +61 8 9322 6178 or email info@genesisminerals.com.au.