Name of the Project
Bellevue gold project.

Location
Western Australia.

Project Owner/s
Bellevue Gold.

Project Description
A Stage 1 feasibility has found the project to be ranked among Australia’s top-25 gold mines, based on yearly production.

The project has a maiden probable ore reserve of 2.7-million tonnes at 8 g/t gold for 690 000 oz. Life-of-mine (LoM) mineral resources and reserves are estimated at 5.6-million tonnes grading 6.4 g/t gold for 1.1-million ounces of gold.

The feasibility study proposes an operation with average production of 160 000 oz/y in years 1 to 5 and an LoM average of 151 000 oz/y.

Bellevue is expected to have an initial LoM of 7.4 years.

The on-site conventional gravity and carbon-in-leach processing facility has a capacity of 750 000 t/y.

The project is designed to be easily expanded to accommodate future exploration success.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of A$900-million and internal rate of return of 58%, with a payback of 1.4 years.

Capital Expenditure
The project has a preproduction capital requirement of A$255-million, excluding a A$14-million contingency.

Planned Start/End Date
Production is expected in 2022.

Latest Developments
Bellevue Gold is investigating increasing the yearly production at the Bellevue project, as resources continue to grow.

Bellevue Gold has reported a further 11% increase in the total resource for the project, which is at three-million ounces, grading 9.9 g/t gold.

The resource estimate is also 25% higher than the base used in the Stage 1 feasibility study, with the indicated resource currently 1.4-million ounces, at 11 g/t gold, compared with the one-million ounces used in the study.

The Stage 2 feasibility study will consider the option of increasing the production plant capacity from 750 000 t/y to one-million tonnes a year, which is expected to incur minimal capital expenditure, but will have a material impact on the project’s economics.

The Stage 2 feasibility study is scheduled for release later this quarter.

Key Contracts, Suppliers and Consultants
Entech (feasibility study).

Contact Details for Project Information
Bellevue Gold, tel +61 8 6373 9000 or email admin@bellevuegold.com.au.