TIDMBGL
RNS Number : 6335E
Bullabulling Gold Limited
14 May 2013
BULLABULLING GOLD LIMITED
14 May 2013 ASX Code: BAB, AIM Code: BGL
INITIAL DFS PIT OPTIMISATION PRODUCES ROBUST RESULTS
-- Substantial gold production and mine life maintained over a range of gold prices
-- Sound cash margins indicted under all scenarios evaluated
-- Indicative cash costs some 20% below PFS estimates
-- Additional high grade resources to contribute to lower cash costs in early years
Table 1: Bullabulling DFS Whittle Pit Optimisation Results
----------------------------------------------------------------------------------------
Optimisation Tonnage Grade Mine Life Contained Recovered Indicative
Gold Price Gold Gold C1 Cash Cost
------------- -------- --------- ---------- ---------- ---------- ----------------
$1,200/oz 50 Mt 0.92 g/t 7 years 1.5 Moz 1.3 Moz $750-$850/oz
------------- -------- --------- ---------- ---------- ---------- ----------------
$1,350/oz 77 Mt 0.86 g/t 10 years 2.1 Moz 1.9 Moz $850-$950/oz
------------- -------- --------- ---------- ---------- ---------- ----------------
$1,500/oz 92 Mt 0.85 g/t 12 years 2.5 Moz 2.2 Moz $900-$1,000/oz
------------- -------- --------- ---------- ---------- ---------- ----------------
$1,650/oz 109 Mt 0.83 g/t 15 years 2.9 Moz 2.5 Moz $950-$1,050/oz
------------- -------- --------- ---------- ---------- ---------- ----------------
$1,800/oz 120 Mt 0.81 g/t 16 years 3.1 Moz 2.8 Moz $1000-$1,100/oz
------------- -------- --------- ---------- ---------- ---------- ----------------
Bullabulling Gold Limited reports that initial pit optimisation
runs have been completed for the Bullabulling Gold Project
indicating substantial gold production and mine life under a range
of gold price scenarios. Results are summarized in Table 1
below.
The pit optimisations, which were performed using Gemcom
Whittle(TM) software, are part of a broader mining optimisation
process that is being carried out during the initial phase of the
Bullabulling Gold Project definitive feasibility study (DFS).
Production levels and mine life for the $1,350 per ounce
scenario most closely match the Bullabulling prefeasibility study
(PFS) results, however indicated cash costs at $850 to $950 per
ounce are in the order of 20 percent below PFS estimates.
It is expected that in common with the PFS, cash costs in the
early years of the project will be substantially lower than the
life of mine average. The expansion of high grade resources in the
Edwards/Gryphon area following a recent drilling campaign is
expected to assist in sustaining lower cash costs early in the mine
life.
Detailed pit designs will now be prepared using the Whittle pit
shells as a base. Production scheduling and financial modelling
will follow, with release of a re-optimised economic assessment
targeted for mid-year.
The pit optimisations have been based on the recently updated
resource model (see release of 13 May 2013). As foreshadowed
following completion of the Edwards/Gryphon drilling program, the
optimiser has confirmed that the two deposits can be mined by a
single pit. In common with the PFS, three pits were defined on the
northern part of the Bullabulling trend, separated by the highway
and power line corridors.
Owner mining was assumed, which contributed to lower unit mining
costs relative to the PFS. Haulage costs were further reduced
through placing waste on both sides of the main Phoenix pit, which
became viable following the acquisition of a mining lease situated
immediately west of the deposit from Resolute Mining in December
2012. Refinements to pit slope design and relocation of the main
haulage ramp to the western side of the deposit reduced waste
mining requirements and improved strip ratio.
It has been assumed that Bullabulling would be connected to the
south-west electricity network via the high voltage transmission
line that traverses the project tenements and that power would be
procured from a combination of south-west and local sources.
Key processing inputs were unchanged from the PFS numbers.
Notes
1. The Whittle optimisation process provides an indication of
mining inventory and cash costs. Conversion of an optimiser pit
shell to a detailed design can be expected to result in some
changes in tonnage mined, strip ratio and costs.
2. The cash costs in the results table are C1 costs and
encompass mining (including all waste mining), processing and site
administrative costs, but exclude pre-production capital,
sustaining capital, corporate costs and royalties.
3. The mineralisation within the pit shells consists of both
Indicated and Inferred resources and as such cannot be reported as
a Mining Reserve. A breakdown by resource classification is
presented in Table 2 below.
Table 2: Distribution of Pit Shell Inventory by Resource Classification
----------------------------------------------------------------------------------------------------
Indicated Inferred Total Inventory
---------- ---------------------------- ---------------------------- ----------------------------
Gold Price Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
Gold Gold Gold
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
$1,200/oz 44 Mt 0.88 g/t 1.2 Moz 6 Mt 1.21 g/t 0.3 Moz 50 Mt 0.92 g/t 1.5 Moz
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
$1,350/oz 68 Mt 0.83 g/t 1.8 Moz 9Mt 1.12 g/t 0.3 Moz 77 Mt 0.86 g/t 2.1 Moz
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
$1,500/oz 78 Mt 0.81 g/t 2.0 Moz 14 Mt 1.05 g/t 0.5 Moz 92 Mt 0.85 g/t 2.5 Moz
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
$1,650/oz 89 Mt 0.79 g/t 2.2 Moz 20 Mt 1.01 g/t 0.7 Moz 109 Mt 0.83 g/t 2.9 Moz
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
$1,800/oz 96 Mt 0.77g/t 2.4 Moz 24 Mt 0.98 g/t 0.7 Moz 120 Mt 0.81 g/t 3.1 Moz
---------- ------- -------- --------- ------- -------- --------- ------- -------- ---------
For information, contact:
Brett Lambert Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Martin Davison/Jonathan Haines
Street Tel: +44 20 7601 6100
Nedlands, WA, 6009, Australia
Tel: +61 8 9386 4086
------------------------------- -----------------------------------------------
Neil Boom John Gardner / Rupert Dearden
Gresham PR Ltd (UK media) MAGNUS Investor Relations. Corporate
Tel: +44 7866 805 108 Communication. (Australian Media)
Tel: +61 8 6160 4900
jgardner@magnus.net.au rdearden@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 341.7 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 3.7 million ounces comprising Indicated Resources of
72.7 million tonnes at 0.97 g/t gold (2.3 million ounces) and
Inferred Resources of 35.7 million tonnes at 1.11 g/t gold (1.2
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. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling, with first production targeted for Q4 2015.
Competent Person Statements
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLEZLBFXEFEBBX
Bullabulling (LSE:BGL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Bullabulling (LSE:BGL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
