Name of the Project
Calingiri copper project.

Location
Western Australia.

Client
Caravel Minerals.

Project Description
The Calingiri project comprises 17 tenements covering 760 km2, in Western Australia, and entails the development of a new copper mine and minimal infrastructure.

A scoping study has confirmed the project as technically and financially robust. It envisages the co-development of the Bindi, Dasher and Opie deposits.

Intrinsic to the project is the construction of a standalone, 15-million-tonne-a-year processing facility. The proposed process flowsheet comprises the crushing and stockpiling of ore; grinding; flotation; concentrate handling; molybdenum recovery; tailings disposal; reagent mixing, storage and distribution; water and power supply; and other services.

The study estimates an initial 20.7-year mine life for 710 000 t of copper produced and will be assessed fully in a detailed prefeasibility study (PFS).

A production rate of between 60-million pounds a year and 92-million tonnes a year of copper is estimated.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 7% discount rate, of A$800-million and an internal rate of return of 31%, with a payback of three years.

Value
The project has a low preproduction cost of A$440-million.

Duration
Not stated.

Latest Developments
Caravel Minerals will raise about A$2-million through a partially underwritten, nonrenounceable rights issue to complete additional work at the Calingiri copper project.

Eligible shareholders will be able to apply for one new share for every three shares held, at an issue price of 5c a share.

The funds raised will cover further drilling and metallurgical testwork, new resource modelling, infrastructure and groundwater supply studies, as well as land tenure and social and environmental studies.

The additional work will enable Caravel to decide on whether to proceed with a final feasibility study to support a final decision to mine.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Caravel Minerals, tel + 61 8 9426 6400, fax + 61 8 9426 6448 or email mail@caravelminerals.com.au.