By About Polymetals
Polymetals Mining Limited is an Australian mining company focused on precious and base metal production.
Polymetals has a 25-year history of delivering profitable resource production projects.
Over that time the Company has generated significant returns for shareholders.
Polymetals' successful track record is built on acquisition, exploration, development and operation of precious and base metals projects.
The Company has current production, positive cashflow and tenements in some of Australia's most prospective mining regions.
Polymetals has strong growth potential.
Polymetals Mining Limited
(ASX:PLY)
ACN: 075 664 961
29 Main Street
Samford Queensland 4520
Australia
P: (07) 3289 3313
F: (07) 3289 3314
David Sproule Chairman Fulton Smith Chief Executive OfficerASX ANNOUNCEMENT / MEDIA RELEASE
9 January 2012
Polymetals strengthens its position in Drew Hill¾ Equity increase in Drew Hill JVs to 50%
¾ Mining to start on Vertigo Project in this month
¾ $1.3M to be spent on exploration in FY 2012
¾ Increased leverage in prospective mineral province
Polymetals Mining Limited (ASX:PLY) has entered into an agreement to acquire an additional 25 per cent equity interest in the Drew Hill Project, lifting its stake to 50 per cent in both the mining and exploration joint ventures.
The Drew Hill Project involves the White Dam Mine (Hannaford
Pit), the Vertigo Project, and Drew Hill exploration tenements.
The agreement reached with our joint venture partner, Exco Resources Limited (ASX:EXS), will include a transfer of 25 per cent of EXS's equity to PLY and a commitment from PLY to spend $1.3M on exploration on Drew Hill tenements prior to 30
June 2012.
Production from the currently producing Hannaford Pit will continue to be split 25:75 (PLY:EXS). Production from Vertigo and any other deposits developed will be split 50:50.
The agreement also enables PLY to increase its interest in Drew Hill infrastructure, including plant and camp facilities, from 25 per cent to 50 per cent based on an independent valuation.
The transaction will be formalised upon completion and execution of transaction documentation.
Mining at Vertigo is due to begin this month and will extend production operations at Drew Hill to June 2012. Processing of Vertigo ore will mainly use existing infrastructure and so capital expenditure is negligible.
The Drew Hill exploration program is focused on regional opportunities involving historical workings and targets that are largely under-explored. Drew Hill tenements comprise an area of 728km2. The aim of the program is to extend the life of operations.
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Po ly me t a ls M i n i n g L i m i t e d | A nnouncem ent: January 2012
The strengthened position in Drew Hill will enable PLY to leverage its established production presence in the highly prospective Curnamona mineral province.
To date, The Drew Hill Project has produced over 120,000 ounces of gold from the White
Dam Mine which Polymetals operates and manages.
Drew Hill tenements, White Dam Mine and prospective targets
"In line with our commitment to Shareholders of adding value to the Company, this uplift in equity over highly prospective ground in a well regarded mining region is an excellent outcome. And extending operations by developing Vertigo will add value and support the exploration effort" said CEO, Fulton Smith.
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Po ly me t a ls M i n i n g L i m i t e d | A nnouncem ent: January 2012
Corporate Directory
Board of Directors
David Sproule
Chairman
Fulton Smith
Chief Executive Officer
Jon Parker
Non-executive Director
David Carland
Non-executive Director
Forward Looking and
Competent Persons
Statement
This announcement contains forward looking statements that
are subject to risk factors associated with resources
businesses. I t is believed that the expectations reflected
in these statements are reasonable but they may be affected
by a variety of variables and changes in underlying
assumptions which could cause actual results or trends to
differ materially, including but not limited to: price
fluctuations, actual demand,
currency fluctuations, drilling and
Company Resources
The table below notes the
Company's Resources as at 30 June
2011.
Canbelego (incl. Mt Boppy)
resource statement
(2.5g/t cut-off)
kt g/t koz
Measured 30 5.0 4.8
Indicated
Company Secretary
David Kinsman
production results, reserve estimates, loss of market,
industry competition, environmental risks, physical
risks,
legislative, fiscal and regulatory developments, economic and
financial market conditions in various countries and
in-situ
backfill
45
195
4.5
3.6
6.5
22.6
Share Capital
36.617 million ordinary shares
Share price activity
To 06 January 2012
High Low Last
2012 $0.70 $0.70 $0.70
Registered office
29 Main Street
Samford Queensland 4520
Australia
P: (07) 3289 3313
F: (07) 3289 3314
E:
hoadmin@polymetals.com
www.polymetals.com.au
Postal address
Polymetals Mining Limited
PO Box 570
Samford, Queensland 4520
Share registry
Link Market Services Limited
Level 15
324 Queen Street
Brisbane, Queensland, 4000
P: 1300 554 474
Please direct shareholding enquiries to the share registry.
regions, political risks, project delay or advancement,
approvals and cost estimates.
All references to dollars, cents or $ in this announcement
are to AUD currency, unless otherwise stated.
The information in this announcement that relates to Mt Boppy
Mineral Resources is based on information compiled by Mr Paul
Blackney who is a Member of The Australasian Institute of
Mining and Metallurgy and a Member of the Australian
Institute of Geoscientists and is a fulltime employee of
Optiro Pty Ltd.
The information in this announcement that relates to White
Dam Mineral Resources is based on information compiled by Mr
Troy Lowien, Polymetals Senior Resource Geologist who is a
Member of The Australasian Institute of Mining and Metallurgy
and is a fulltime employee of Polymetals Mining Limited.
The information in this announcement that relates to
Exploration Results is based on information compiled by Mr
Jess Oram, Polymetals Exploration Manager who is a Member of
the Australian Institute of Geoscientists and is a fulltime
employee of Polymetals Mining Limited.
Messer's Blackney, Lowien and Oram have sufficient experience
relevant to the style of mineralisation and type of deposit
under consideration and to the activities which they
undertook to qualify as a Competent Persons as defined in the
2004
Edition of the "Australasian Code for reporting of
Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code). Messer's Blackney, Lowien and Oram consent to the
inclusion of matters based on their information in the form
and context in which it appears in this report.
Drew Hill (incl. White Dam and
Vertigo) resource statement
(White Dam: 0.3g/t cut-off, Vertigo: 0.4g/t cut-off, depleted to end June 2011)
kt | g/t | koz | |
Indicated | 2,728 | 1.1 | 94.7 |
Inferred | 3,283 | 0.9 | 94.0 |
Total | 6,011 | 1.0 | 188.7 |
All grades and ounces are gold
For further enquiries please refer to the company
website
or contact:
Fulton Smith
Chief Executive Officer
David Kinsman
CFO/Company Secretary
Polymetals Mining Limited
P: +61 7 3289 3313
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| distribué par | Ce noodl a été diffusé par Polymetals Mining Limited et initialement mise en ligne sur le site http://www.polymetals.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-11 07:25:17 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
| Documents associés | |
| Polymetals Strengthens its Position in Drew Hill 10 January 2012 |
