Name of the Project
Woodlark gold project.

Location
The project is located on Woodlark Island about 600 km east of Port Moresby, in Papua New Guinea.

Client
Geopacific Resources.

Project Description
A definitive feasibility study (DFS) on the project has demonstrated a robust project with a compelling development option from a technical and financial perspective.

The project has mineral reserves estimated at 28.9-million tonnes at 1.12 g/t gold and mineral resources of 47-million tonnes grading 1.04 g/t gold.

The DFS envisages opencut gold reserves at the Kulumadau, Busai and Woodlark King deposits using multistaged pit designs, with a stripping ratio of 3.9:1 over the life of the mine.

Waste rock will be deposited in engineered waste rock dumps located adjacent to each pit.

Ore will be treated by a conventional carbon-in-leach gold processing plant.

The plant will have a capacity of 2.4-million tonnes a year, producing a total of 967 000 oz of gold over a 13-year production life.

The project will incorporate a deep sea tailings placement system including an estimated 12 km pipeline from the process plant to the north-east coast of the island.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $148-million and an internal rate of return of 29%, with a payback of 2.2 years.

Value
Capital costs are estimated at $198.5-million.

Duration
Not stated.

Latest Developments
Geopacific has appointed a financial adviser to assist in arranging project finance, with discussions under way with a number of banks and financial institutions.

At the completion of the project financing process, Geopacific will meet to consider project development.

Key Contracts and Suppliers
Lycopodium (DFS).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Geopacific, tel +61 8 61431820 or email info@geopacific.com.au.