Global Resources Management Group and Partners are pleased to announce an investment opportunity in a new gold mining venture in the Golden Triangle in Victoria. This Gold Mining Venture is centred on a series of discrete, flat, elevated enriched gold deposits hosted in gravels.
Historical Mining
These gravel deposits were mined from 1851 to 1884. The best industry estimates suggest that only 25% of the ore was mined at that time, leaving about 18 million tonnes and 1.62 million ounces (50.4 t) of gold remaining in the greater project area.
Resource Estimates and Recovery Goals
- Total net gold available in system: approximately 2.2 million ozs (68.4 t)
- Expected production: 400,000 ozs (12.42 t) of gold ore in first 10 years
- Expected project life: 20 years
Production Target
To produce gold using the latest technologies with the lowest possible production cost.
Innovative Technology
The miner will use a new gold extraction technique that has proven successful in gold extraction in the USA. It is a non-toxic, environmentally friendly ore extraction method that is expected to reduce the treatment and material handling by more than 70% (from $750 to $200 per oz).
Investment Return
It is anticipated that investment will be returned after years 3 and 7.
Research and Test drilling
The owner has collated the historical information, remapped the entire area, drilled the deposit, treated 160 tonnes of bulk samples and done preliminary metallurgical testing. The available data confirms the widespread distribution of the gold in gravel beds throughout the hills.
Capital Requirement and Returns
The initial production trial will require a capital investment of $20 million yielding an after tax profit of $18.3 million after 3 years. Expansion of the mining venture in years 4-6 would require a further investment of $40 million becoming fully profitable after three years when the additional production comes on line.
Projected Production
NOTE: This table is an estimate only. While these estimates are produced in good faith they will vary as better understanding occurs during project development.
The feasibility study will determine the final outcome of the projections.
Investment
The owners of this resource are looking for $20 million to bring the mining venture into initial production.
For more information contact
For further information, contact Peter Clapin at sales@grmg.com.au