Name of the Project
Ravenswood gold mine expansion project.

Location
The Ravenswood mine is located in north Queensland, Australia.

Project Owner/s
Resolute Mining.

Project Description
Resolute Mining is examining the potential for a large openpit development at the Ravenswood mine. This will entail the development of two openpits – Sarsfield and Buck Reef West – and expanding the processing plant from 1.5-million tonnes a year to 2.8-million tonnes a year as Resolute Mining starts to mine Nolans East.

Nolans East represents the start of the transition back to large-scale openpit mining.

The Sarsfield deposit has a mineral reserve of 1.2-million ounces and a resource of 1.3-million ounces. Buck Reef West has a 1.2-million-ounce resource. Nolans East has a 71 000 oz reserve.

The expansion project has the potential to extend the Ravenswood mine life by at least 14 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Initial capital expenditure has been estimated at A$150-million, with about double this amount expected to be spent over the next five years.

Planned Start/End Date
Not stated.

Latest Developments
Resolute Mining has reported a 24% increase in the mineral resource, and a 58% increase in the ore reserve at its Ravenswood project.

The mineral resource has increased from 4.8-million ounces to 5.9-million ounces, while the ore reserve has increased by one-million ounces, to 2.7-million ounces.

“One-million ounces of additional gold in ore reserve at Ravenswood is an excellent outcome from our recent drilling programmes and study work. Available gold resources at Ravenswood now exceed five-million ounces demonstrating its status as an outstanding Australian gold mine,” Resolute MD and CEO John Welborn has said.

“With almost three-million ounces of gold in ore reserves, we are now directing our ongoing study work to focus on an optimised Ravenswood expansion project, that can produce around 200 000 oz/y over a 15-year mine life.”

Welborn has said that the expanded gold inventory has demonstrated that Ravenswood presents a unique opportunity for transformation into a large-scale, low-cost operation with an exceptionally long mine life that will deliver considerable economic benefits.

Resolute is expected to conclude the strategic review of the Ravenswood expansion project later this year.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Resolute Mining, tel + 61 8 9261 6100, fax + 61 8 9322 7597 or email contact@rml.com.au.