Name: Mt Magnet mine.

Location: The Mt Magnet mine is located 600 km north of Perth, in the Murchison Goldfield of the Western Australian Yilgarn Craton.

Controlling Company: Ramelius Resources.

Brief History: Ramelius purchased the Mt Magnet gold project through its acquisition of Mt Magnet Gold from Harmony Gold Australia in July 2010 for A$40-million, including A$5 million in environmental bonds.

Mt Magnet has produced more than 5.6-million ounces of gold since it was discovered in 1891 and has significant potential to host new discoveries.

In April 2011, the board of Ramelius Resources approved the redevelopment of the Mt Magnet gold project. Mining at Mt Magnet started in September 2011, with milling beginning in March 2012.

Brief Description: The Mt Magnet project consists of numerous openpit and underground mines, as well as exploration targets situated on established mining and prospecting leases. The total project area covers 225 km².

Mt Magnet deposits include Galaxy, Morning Star, Water Tank Hill, Hill 50 Deeps, Morning Star Deeps and numerous smaller deposits – Mt Magnet satellite deposits.

Galaxy consists of the Saturn, Mars, Titan, Perseverance and Jupiter openpit deposits.

Mining Method: Openpit.

Products: Gold.

Major Infrastructure and Equipment: Processing of Mt Magnet ore is undertaken at the refurbished 1.7-million-tonne-a-year Checkers mill, which was commissioned in early 2012.

Geology/Mineralisation: The Mt Magnet project is located within the north-south striking Meekatharra–Mt Magnet greenstone belt of the Western Australian Murchison province. The greenstone belt lithologies comprise a succession of steeply dipping and intensely deformed, as well as interlayered mafic and ultramafic extrusive and intrusive rocks, felsic volcanics and banded iron formations. Granitic rocks intrude the greenstone belt stratigraphy.

Banded iron formations are the dominant host rocks for gold mineralisation in the project. Gold mineralisation is typically associated with the pyrite and/or pyrrhotite replacing magnetite in the banded iron. Economic high-grade ore shoots are developed along the intersection of the banded iron formation and a swarm of north-east trending faults, colloquially referred to as Boogardie Breaks.

Reserves: Total proven and probable reserves as at June 20 were 9.964-million tonnes, grading at 1.8 g/t gold.

Resources: Total resources as at June 30 were 37.521-million tonnes, grading 2.1 g/t gold.

Prospects: Mining is currently focused on a series of large openpit cutbacks to the Mars, Saturn and Titan pits, collectively referred to as the Galaxy mining area.

Contact Person: MD Ian Gordon.

Contact Details:
Ramelius Resources, tel +61 8 8271 1999, fax +61 8 8271 1988, email info@rameliusresources.com.au, and website http://www.rameliusresources.com.au.