Bullabulling Gold Quarterly Activity Report
21 1월 2013 - 4:00PM
UK Regulatory
TIDMBGL
Bullabulling Gold Limited
ASX Announcement - 21 January 2013 AIM Code: BGL, ASX Code: BAB
QUARTERLY ACTIVITY REPORT
FOR THE THREE MONTHS ENDED 31 DECEMBER 2012
Highlights
Bullabulling Gold Project - Prefeasibility Study (PFS)
* Preliminary Mining Schedule produced
* Base case production of 1.95 million ounces over 10 years
* 650,000 ounces produced in first three years at a cash cost of $884 per
ounce
* Capital payback achieved in third year of operations
* PFS results strongly support progression to full feasibility study
* Significant opportunities for further project optimisation identified
Additional Mining Lease Acquired
* Rationalisation of tenement ownership improves access and opens up new
potential growth opportunities
* Removes a potential restriction to optimal open pit development
* Provides greater access to down dip extensions of the Bullabulling deposit
* Ensures the Company can fully exploit the southern extension of the
Bullabulling trend including higher grade mineralisation at the Edwards
prospect
* Provides greater flexibility for the placement of waste dumps and
infrastructure
Exploration and Resource Development
* Programs being developed to test for extensions to high grade
mineralisation adjacent to planned pits in the south
* Drilling to commence in the current quarter
* 3D geological model being updated to aid on-going regional exploration
Corporate
* General Manager Development commenced, additional staff appointments
expected in the current quarter
* 13.5 million Ordinary Shares issued to Resolute Mining for tenement
acquisition
* Cash position at 31 December 2012 $4.1 million
NOTE: All financials stated in AU$, unless otherwise indicated.
BullabullingGold ProjectPrefeasibility Study
Preliminary Production Schedule
During the quarter a preliminary production schedule and cash cost estimate
were prepared for the Bullabulling Gold Project as part of the prefeasibility
study (PFS). Results strongly support the financial viability of the project
and progression to full feasibility study.
The production schedule indicates that 1.95 million ounces of gold would be
recovered from an initial mine life of just over 10 years. The initial estimate
of average life of mine cash costs was $1,104 per ounce. However in line with
previous guidance, cash costs in early years will be materially lower with
650,000 ounces produced in the first three years at an estimated cost of $884
per ounce (see Figure 1).
Pre-production capital costs are expected to be in the range of $297 million to
$333 million. At the current gold price and exchange rate of US$1,686/oz and
US$1.054/A$ respectively, pre-production capital expenditure would be recovered
within the third year of operations*.
Prefeasibility Study Mine Plan
The PFS mine plan incorporates five open pits along an eight kilometre stretch
of the Bullabulling trend. The pit designs were based on a Whittle Pit
Optimisation carried out at a gold price of $1,500/oz. Contractor mining was
assumed.
The Dicksons and Bone Crusher pits in the north are separated from the main
Phoenix pit by Great Eastern Highway and power transition lines respectively,
as shown in Figure 2. Mining has been excluded from corridors 100 metres either
side of the highway and 200 metres either side of the power transmission lines.
The full feasibility study will evaluate the relocation of this infrastructure
to extract resources within the exclusion zones and potentially extend mine
life.
The Edwards and Gryphon pits have been designed to extract small but high grade
pods of mineralisation that have been defined by limited exploration of the
southern portion of the Bullabulling trend.
The mining inventory within the pit designs includes both Indicated and
Inferred resources representing 83% and 17% of contained ounces respectively,
as detailed in the table below. Additional drilling will be required to upgrade
the classification of the Inferred resource to enable its conversion to
Reserves.
Mining Inventory
Resource Classification Tonnage Grade Contained Gold
Inferred 11.5 Mt 1.02 g/t 378,000 oz
Indicated 67.6 Mt 0.84 g/t 1,836,000 oz
Indicated + Inferred 79.1 Mt 0.87 g/t 2,214,000 oz
*Note that the actual capital recovery period may vary from this example based
on the gold price and exchange rate received by the Company at the time the
mine is operational.
The waste to ore ratio is 3.6:1.
The preliminary schedule does not include any production from the Gibraltar
deposit, which hosts an inferred resource of 4.8 million tonnes at 1.15g/t for
177,500 ounces of contained gold. A scoping study into the mining of Gibraltar
is nearing completion, following which the integration of Gibraltar into the
Bullabulling production schedule will be evaluated.
Prefeasibility Study Program
Key PFS activities to complete are:
* Review and finalisation of the mining schedule
* Risk assessment
* Financial modelling
* Project development schedule
* Finalisation of the scope for the feasibility study
The review of mine scheduling will attempt to bring forward higher grade ore,
mined late in the project in the preliminary schedule, to address the dip in
gold production during years six and seven highlighted in Figure 1.
The final PFS production schedule, financial assessment and the first full
draft of the PFS report are expected to be completed by the end of January
2013.
Feasibility Study
Work on the full feasibility study will commence from the beginning of February
2013. In addition to refining and confirming work carried out during the PFS,
the feasibility study will evaluate a number of opportunities that have been
identified with potential to improve project economics, including:
* Resource
*
+ Drilling from newly acquired M15/552 to evaluate down dip continuation
of higher grade mineralisation at the southern end of the Phoenix Pit
+ Testing for strike and depth extensions to high grade mineralisation in
the Edwards and Gryphon pits
* Mining
*
+ Optimisation of waste rock dumping strategy to reduce haulage costs
+ Further geotechnical studies to refine pit slope angles potentially
reducing waste mining
+ Evaluation of owner mining as a means of reducing operating costs
+ Relocation of infrastructure to extend mining between the Phoenix,
Dicksons and Bone Crusher pits
+ Inclusion of Gibraltar into the production schedule
+ General refinement of mine design and schedule through greater
attention to detail delivered from in-house engineering
* Processing
* Additional metallurgical test work aimed at improving gold recoveries
* Review tailings storage facility design aimed at reducing construction and
sustaining capital costs
* General
* Further evaluation of alternative power supply options for lower energy
costs
* Increased local employment to reduce travel and accommodation costs
Acquisition of Additional Mining Lease
In December 2012 the Company completed the acquisition of mining lease M15/552
from Resolute Mining Limited in exchange for 13.5 million ordinary Bullabulling
Gold shares.
M15/552, shown in red in Figure 3 below, is situated immediately west of the
Bullabulling gold deposit and is surrounded on three sides by Bullabulling
Gold's existing tenements.
Control of M15/552 ensures that the main Phoenix pit can be mined to optimal
depth and enables the Company to fully evaluate depth extensions to the
Bullabulling gold deposit, which dips west towards M15/552 and remains open
down dip. Drilling to date has already intersected mineralisation beyond the
limit of the current resource. In addition, the Company's future exploration of
the southern portion of the Bullabulling trend will no longer be constrained by
the tenement boundary.
Bullabulling Gold now has greater flexibility in the positioning of waste rock
dumps, haulage roads and other infrastructure which may lead to improved
project economics, particularly where haulage distances can be reduced.
Explorationand Resource Development
Bullabulling Resource Drilling
In addition to removing restrictions on the mining of known resources at
Phoenix and Edwards, the acquisition of M15/552 now enables Bullabulling Gold
to more fully evaluate potential resource extensions in certain key areas.
Three priority targets have been identified based on their potential to
positively impact the Bullabulling feasibility study that is about to get
underway.
The Edwards and Gryphon pits, located towards the southern end of the
Bullabulling trend, are small, but significantly higher grade than the average
Bullabulling grade. Scheduling of these two pits at the commencement of the
mining contributes to high gold production and reduced cash costs early in the
project, as shown in Figure 1. However both pits are on or adjacent to the
boundary of M15/552 which, until now, has significantly limited the Company's
ability to evaluate resource potential in the immediate area.
Examination of existing data indicates that there is potential to demonstrate
continuity of mineralisation between the two deposits. This would not only add
to resource inventory, but could enable the two pits to be combined, reducing
overall strip ratio and improving mining efficiency. There is also the
potential for mineralisation at Edwards and Gryphon to extend down dip into M15
/552 (see Figure 4). RC drilling programs are being designed to test the
potential in both these areas.
Towards the southern end of Phoenix, mineralisation at the base of the pit is
also higher than average grade. Figure 1 shows higher gold output and declining
costs late in the project life when this area is mined in the preliminary PFS
schedule. As an historic pit is located right against the lease boundary in
this area, it has not been possible for Bullabulling Gold to drill test
potential extensions to the higher grade mineralisation. Ownership of M15/552
will now make this possible.
A limited number of RC holes are now being planned to be drilled from M15/552
targeting the down dip projection of the current resource. As the outcome of
resource extensional drilling at Edwards, Gryphon and Phoenix will influence
feasibility study pit designs, it is intended to commence the planned drilling
programs during the current quarter.
Regional Exploration
During the December quarter, assay results and geological logs from two
stratigraphic diamond drill holes were provided to the Company's geophysical
and structural consultants to enable the regional three dimensional geological
model to be updated. Further detailed surface geological mapping was also
carried out to aid interpretation.
Particular focus will be placed on interpreting the significance of a
mineralised felsic to mafic schist intersected by hole BBDE001 and modelling
the granitic intrusion intersected in hole BBDE002 (see release of 30 October
2012) to determine its impact of the prospectivity of the Bullabulling eastern
fold limb.
The above work will be assessed during the current quarter to assist with the
development of future regional exploration strategies.
Corporate
Staff Appointments
Mark Braghieri joined the Company's management team in November 2012 in the
role of General Manager Development. Mark is a mining engineer with extensive
experience in large scale open pit mining and will be responsible for managing
the Bullabulling Gold Project full feasibility study, and pending a successful
outcome, the construction and commissioning of the project. Further staff
appointments to the feasibility study and mine development team are expected to
be made in the current quarter.
Share Issue
The acquisition of mining lease M15/552 settled in December 2012 resulting in
13.5 million Ordinary Shares in Bullabulling Gold being issued to Resolute
Mining. The Company now has 302,533,871 Ordinary Shares on issue with Resolute
holding 4.5 percent.
Cash Position
At the end of the quarter, the Company had cash and deposits totalling $4.1
million.
A copy of this announcement, including all Figures referred to above, can be
found on the Company's website: www.bullabullinggold.com
For information, contact:
Brett Lambert
Bullabulling Gold Limited
Level 2, 55 Carrington Street
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
Canaccord Genuity (Broker) Westhouse Securities Limited
Rob Collins (UK Nominated Adviser)
Tel: +44 20 7523 4611 Martin Davison / Jonathan Haines
Tel: +44 20 7601 6100
Neil Boom John Gardner / Kusal Meemeduma
Gresham PR Ltd (UK media) MAGNUS Investor Relations
Tel: +44 7866 805 108 (Australian Media)
Tel: +61 8 9212 0101
jgardner@magnus.net.au
kmeemeduma@magnus.net.au
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities Exchange (ASX:
BAB) and London's AIM Market (AIM:BGL) and has approximately 302.5 million
shares on issue. The Company's primary asset is the wholly owned Bullabulling
Gold Project, located near Coolgardie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral Resources of 3.5
million ounces comprising Indicated Resources of 71.7 million tonnes at 0.96 g/
t gold (2.2 million ounces) and Inferred Resources of 32.8 million tonnes at
1.06 g/t gold (1.1 million ounces) at Bullabulling and Inferred Resources of
4.8 million tonnes at 1.15 g/t gold (0.2 million ounces) at Gibraltar.
Exploration has demonstrated strong potential for further expansion of the
resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit mining and
conventional CIL processing has delivered high gold recoveries. The deposit is
situated on granted Mining Leases in close proximity to infrastructure.
The Company is currently undertaking a pre-feasibility study into the
development of a large scale, low cost mining operation at Bullabulling, with
first production targeted for 2015.
Competent Person Statement
The information in this report that relates to the Exploration Results, Mineral
Resources or Ore Reserves is based upon information compiled by Mr Trevor
Pilcher, who is a full time employee of the company and is a member of The
Australasian Institute of Mining and Metallurgy. Mr Pilcher has sufficient
experience relevant to the style of mineralisation and type of deposit under
consideration and the activity in which he is undertaking to qualify as a
Competent Person under 2004 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Pilcher
consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/01, 01/06/
10, 17/12/10
Name of entity
BULLABULLING GOLD LIMITED
ABN Quarter ended ("current
quarter")
50 153 234 532 31 DECEMBER 2012
Consolidated statement of cash flows
Cash flows related to operating Current quarter Year to date
activities
$A'000 (12 months)
$A'000
1.1 Receipts from product sales and 45 79
related debtors
1.2 Payments for (a) exploration and (1,484) (6,775)
evaluation
- -
(b) development
- -
(c) production
(524) (4,181)
(d) administration
1.3 Dividends received - -
1.4 Interest and other items of a 59 431
similar nature received
1.5 Interest and other costs of finance - -
paid
1.6 Income taxes received / (paid) - 619
1.7 Other - cash balance in Auzex - 6,634
Resources Limited on
acquisition date
Net Operating Cash Flows (1,904) (3,193)
Cash flows related to investing
activities
1.8 Payment for purchases of: (a) - -
prospects
- (4,886)
(b) equity investments
(15) (53)
(c) other fixed assets
1.9 Proceeds from sale of: (a) prospects - -
(b) equity investments - -
(c) other fixed assets 1 1
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows (14) (4,938)
1.13 Total operating and investing cash (1,918) (8,131)
flows
(carried forward)
1.13 Total operating and investing cash (1,918) (8,131)
flows
(brought forward)
Cash flows related to financing
activities
1.14 Proceeds from issues of shares, - 853
options, etc.
1.15 Proceeds from sale of forfeited - -
shares
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - capital raising costs - (18)
Net financing cash flows - 835
Net increase (decrease) in cash held (1,918) (7,296)
1.20 Cash at beginning of quarter/year to 5,996 11,475
date
1.21 Exchange rate adjustments to item 1 (100)
1.20
1.22 Cash at end of quarter 4,079 4,079
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included 350
in item 1.2
1.24 Aggregate amount of loans to the parties included in -
item 1.10
1.25 Explanation necessary for an understanding of the transactions
1.23 - Includes salaries paid to directors, as well as superannuation
paid on behalf of directors.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash
flows
None
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
None
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,450
4.2 Development -
4.3 Production -
4.4 Administration 580
Total 2,030
Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated
statement of cash flows) to the related $A'000 $A'000
items in the accounts is as follows.
5.1 Cash on hand and at bank 329 1,996
5.2 Deposits at call 3,750 4,000
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter 4,079 5,996
(item 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest Interest
reference at at end of
(note (2)) beginning quarter
of
quarter
6.1 Interests in N/A
mining tenements
relinquished,
reduced or lapsed
6.2 Interests in M15/552 Acquisition - 100%
mining tenements
acquired or
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price Amount paid up
per security per security
(see note 3) (see note 3)
(cents) (cents)
7.1 Preference +
securities
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary 302,533,871 302,533,871
securities **
7.4 Changes during 13,500,000 13,500,000 9 cents 9 cents
quarter
(a) Increases
through issues
(b) Decreases
through
returns of
capital,
buy-backs
7.5 +Convertible
debt
securities
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options 15,359,242 - Exercise price Expiry date
(description Various Various
and conversion
factor)
7.8 Issued during 500,000 10.20c 26 November
quarter 2014
500,000 12.56c
26 November
500,000 14.91c 2015
26 November
2016
7.9 Exercised
during quarter
7.10 Expired during
quarter
7.11 Debentures
(totals only)
7.12 Unsecured
notes (totals
only)
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.
Sign here:
Date: 21 January 2013
Company Secretary
Print name: David M McArthur
Notes
1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the
reporting period. If the entity is involved in a joint venture agreement and
there are conditions precedent which will change its percentage interest in a
mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation
of Mineral Resources and AASB 107: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of International
Financial Reporting Standards for foreign entities. If the standards used do
not address a topic, the Australian standard on that topic (if any) must be
complied with.
== == == == ==
+ See chapter 19 for defined terms.
1
END
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