CLONCURRY PROJECT RECEIVES AMENDED ENVIRONMENTAL AUTHORITY
Altona Mining Limited (“Altona” or the “Company” - https://www.commodity-tv.net/c/search_adv/?v=294584) is pleased to announce it has received an Amended Environmental Authority (“EA”) from the Queensland Department of Environment and Heritage Protection for the Company’s Cloncurry Copper Project near Mt Isa in Queensland.
The Cloncurry Project is the subject of an US$238.5 million proposed joint venture (“JV”) with Sichuan Railway Investment Group (“SRIG”). Refer to ASX release of 2 June 2016 for further information on the SRIG JV.
The grant of the amendment is a key condition precedent to the completion of the SRIG JV.
The planned Little Eva mining project sits within the Cloncurry Project. A revised mine plan layout has been approved (Figure 1).
The key amendments largely flow from the discovery of the Turkey Creek deposit adjacent to planned infrastructure and incorporating that deposit into the mine plan. The changes are:
· A new open pit mine at Turkey Creek
· Waste rock storage from the Turkey Creek mine
· Increase to mine life and total tonnage treated
· Re-location and increased capacity of the Tailings Storage Facility
· A larger flood protection bund and diversion channel around the Little Eva pit to permit a larger pit
The technical work required was undertaken as part of an agreed budget with SRIG. This expenditure may be offset against Altona’s cash contribution to the joint venture.
Please direct enquiries to:
Alistair Cowden David Tasker Jochen Staiger
Managing Director Professional Public Relations Swiss Resource Capital AG
Altona Mining Limited Perth Tel: +41 71 354 8501
Tel: +61 8 9485 2929 Tel: +61 8 9388 0944 [email protected]
Altona Mining Limited is an ASX listed company focussed on the Cloncurry Project in Queensland, Australia. The Project has Mineral Resources containing some 1.65 million tonnes of copper and 0.41 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Altona has completed a Framework Agreement with Sichuan Railway Investment Group to fully fund and develop Little Eva. Little Eva is permitted with proposed annual production(1) of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was published in March 2014.
1Refer to the ASX release ‘Cost Review Delivers Major Upgrade to Little Eva’ dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.
Competent Persons Statement
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roland Bartsch, BSc (Hons) MAusIMM, MAIG and Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG. Mr Bartsch and Dr Cowden are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bartsch and Dr Cowden consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.
When used, copper equivalent refers to copper in concentrate produced, or planned to be produced. It does not refer to metal contained within insitu resources, reserves or drill results. The copper equivalent grade is calculated by factoring the copper grade by revenue from all metals (NSR) being copper, gold and silver.