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Gold|Mining|PROJECT|Projects|Resources|SECURITY|Maintenance|Environmental
Gold|Mining|PROJECT|Projects|Resources|SECURITY|Maintenance|Environmental
gold|mining|project|projects|resources|security|maintenance|environmental

White Rock to close Morning Star

21st March 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed White Rock Minerals on Tuesday announced that it would ‘reluctantly’ place its Morning Star gold project, in Victoria, on care-and-maintenance, while fellow-listed Thomson Resources also exercised its right to exit from the Mt Carrington earn-in and joint venture agreement, also in Victoria.


White Rock executive director Simon Finnis said on Tuesday that it was ‘very disappointing’ to have to close the mine, and move it into care-and-maintenance.

“We were making good progress, and as we had reported, finding some really good grades in McNally’s Reef. However, due largely to funding pressures, it was decided that it would be imprudent to continue to operate the mine. We will take a step back and use the time to review the asset and make further decisions from there,” said Finnis.

Morning Star gold mine historically produced 883 000 oz of gold. The mine includes a shaft and winder, an 80 000 t/y gravity gold processing plant and covers two mining licences.

Meanwhile, Thomson Resources has announced its withdrawal of the Mt Carrington earn-in with White Rock, telling shareholders that an internal review had concluded that the earn-in requirements, the liabilities to be incurred with the increase in environmental security bonds; and the cost of ongoing care and maintenance were too costly and onerous to justify continuing with the earn in.

Finnis said on Tuesday that White Rock had been in discussions with Thomson Resources, and had already discussed this outcome, and was now progressing discussions with a third party which has expressed interest in Mt Carrington.

He also told shareholders that White Rock was in the process of adjusting its half-year accounts, specifically the carrying value of the Woods Point and Mt Carrington projects.

Edited by Creamer Media Reporter

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