Bullabulling Gold Limited CLARIFICATION OF PRODUCTION FORECAST ASSUMPTIONS (7828B)
07 3월 2014 - 6:09PM
UK Regulatory
TIDMBGL
RNS Number : 7828B
Bullabulling Gold Limited
07 March 2014
7 March 2014 ASX Code: BAB, AIM Code: BGL
CLARIFICATION OF PRODUCTION FORECAST ASSUMPTIONS
In an announcement released this morning regarding a preliminary
mining study for the Company's Gibraltar Project, reference was
made to forecast gold production for the Bullabulling Gold Project.
This production forecast was first released on 15 October 2013. The
Gibraltar Project is not included in the Company's production
forecast.
Bullabulling Gold Limited wishes to clarify that the production
forecast was based on the following material assumptions.
Mineral Resource
The Mineral Resource estimate, presented in Table 1 below, was
prepared and first disclosed under the JORC Code 2004 on 19 October
2013.
Table1: Bullabulling Gold Project Mineral Resource Estimate
(0.5g/t cut-off)
---------------------------------------------------------------------------
Deposit Classification Tonnage Grade Cont. Gold
---------------------- --------------- --------- --------- ------------
Bullabulling Laterite Inferred 1.7 Mt 0.89 g/t 48,000 oz
---------------------- --------------- --------- --------- ------------
Bullabulling Primary Indicated 72.4 Mt 0.98 g/t 2,279,000
oz
---------------------- --------------- --------- --------- ------------
Inferred 35.0 Mt 1.12 g/t 1,257,000
oz
---------------------- --------------- --------- --------- ------------
Bullabulling Total Ind. & Inf. 109.1 Mt 1.02 g/t 3,584,000
oz
---------------------- --------------- --------- --------- ------------
Mining
It was assumed all mining would be carried out by open pit
methods using conventional drill and blast techniques with a 400t
and a 600t hydraulic excavator loading diesel powered 230t capacity
haul trucks. All mining equipment was assumed to be owned and
operated by the Company.
Table 2: Bullabulling Preliminary Mine Production Estimate
(Diluted Mineral Resource Within Pit Designs)
--------------------------------------------------------------------------
Indicated Resource Inferred Resource Total
------------------------ ---------------------- ------------------------
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
------ ----- --------- ------ ----- ------- ------ ----- ---------
79.8 0.82 2,096,000 14.8 0.97 466,000 94.7 0.84 2,562,000
Mt g/t oz Mt g/t oz Mt g/t oz
84% 82% 16% 18% 100% 100%
------ ----- --------- ------ ----- ------- ------ ----- ---------
Note that there is a low level of geological confidence
associated with inferred mineral resources and there is no
certainty that further exploration work will result in the
determination of indicated mineral resources or that the production
target itself will be realized.
Mining blocks within the production estimate have been diluted
by the inclusion of mineralisation below the resource cut-off
grade. 345 million tonnes of waste rock is mined over an estimated
life of mine of approximately 13 years at an average strip ratio of
3.6:1.
Processing
Processing was assumed to take place via an on-site purpose
built carbon in leach plant at an annual rate of 7.5 million tonnes
of ore per annum. Average recovery over the life of mine was 87.3%.
Metallurgical recovery was derived from test work and an
examination of production performance during previous production at
the site using a similar CIL plant.
Over the life of mine 2,237,500ounces of gold were forecast to
be recovered at an average rate of 175,000 ounces per annum.
Financial Assumptions
The estimates of capital and operating costs are presented in
Tables 3 and 4 below.
Table 3: Bullabulling Preliminary Capital
Cost Estimate
---------------------------------------------
Fixed Plant & Infrastructure $326.4M
----------------------------------- --------
Establishment & Pre-production
Mining $32.4M
----------------------------------- --------
Mobile Equipment - Pre-production $81.6M
----------------------------------- --------
Mobile Equipment - Additions $10.5M
----------------------------------- --------
Sustaining Capital $54.4M
----------------------------------- --------
Table 4: Bullabulling Preliminary Operating
Cost Estimate
----------------------------------------------
Mining $9.33/t
---------------------------- ----------------
Processing $12.27/t
---------------------------- ----------------
Administration $0.15/t
---------------------------- ----------------
Refining $0.04/t
---------------------------- ----------------
A fixed gold price of A$1,500 per ounce was assumed over the
life of mine.
For information, contact:
Brett Lambert Westhouse Securities Limited
Bullabulling Gold Limited (UK Broker & Nominated Adviser)
Level 2, 55 Carrington Street Martin Davison / Dominic Palmer-Tomkinson
Nedlands, WA, 6009, Australia / Hugo Rubinstein
Tel: +61 8 9386 4086 Tel: +44 20 7601 6100
------------------------------- -----------------------------------------------
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
------------------------------- -----------------------------------------------
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 2012 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.
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves was prepared and first
disclosed under the JORC Code 2004. It has not been updated since
to comply with the JORC Code 2012 on the basis that the information
has not materially changed since it was last reported. All material
assumptions and technical parameters underpinning the estimates of
mineral resources continue to apply and have not materially
changed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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