Kin looks at funding options for Leonora
PERTH (miningweekly.com) – Junior developer Kin Mining was hoping to raise about A$5-million to complete the acquisition of the Leonora gold project, and to provide the company with working capital. The ASX-listed company said on Wednesday that it had launched discussions with potential financiers.
Kin also reported that it would start a feasibility study for the Leonora mine early in 2015, and that it would likely make a decision to mine in October that year.
The junior company is in the midst of acquiring the Leonora gold project from the administrators of embattled Navigator Resources, in a deal valued at A$2.7-million. The company has already completed a due diligence on the project and has paid a A$200 000 nonrefundable deposit.
A prefeasibility study, which Navigator completed, has proved the project’s viability, demonstrating that about 282 000 oz of gold was contained outside the main areas.
“The technical data accumulated by Navigator showed there was strong potential to develop high-grade starter pits at Leonora with the aim of maximising upfront cash flow,” said Kin MD Trevor Dixon on Wednesday.
“This would, in turn, help secure project funding and enable Kin to rapidly pay off the capital cost while growing the resource and reserve as part of a long-life operation.”
He noted that Kin has also launched technical studies to upgrade the existing indicated and inferred resource of 12.29-million tonnes, grading 1.9 g/t gold for 745 000 oz, to a Joint Ore Reserves Committee-compliant status.
“Our due diligence supports our initial belief that Leonora has all the attributes to be a low-cost gold project generating robust cash flow and with outstanding potential to grow through exploration,” Dixon added.
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