Terramin awaits gold scoping results, stops mining at Angas
PERTH (miningweekly.com) – Junior Terramin Australia expects to complete a scoping study for its newly acquired Bird-in-Hand project, in South Australia, before the end of this month.
Terramin announced in July that it had acquired the gold project from fellow-listed Maximus Resources for A$3.5-million in cash and 25-million in shares.
The project has a resource of 598 000 t, at 12.3 g/t gold for 237 000 oz, and subject to regulatory approvals, the Bird-in-Hand ore would be processed using facilities at Terramin’s Angas zinc mine, after minor plant modifications were made.
The negotiation of a formal sales agreement and a royalty deed on the project were also close to finalisation, and would be completed within the coming weeks.
Terramin ceased mining and processing operations at Angas at the start of the month, following the extraction of all economic ore. The mine was now in the process of being placed on care and maintenance.
The Angas mine would remain under care and maintenance while Terramin evaluates and obtains approval to develop the Bird-in-Hand project, and explores other economic deposits in close proximity to the mine area.
Meanwhile, Terramin on Friday launched its previously announced A$14.1-million entitlement offer in order to repay its debt and to fund work at the Bird-in-Hand and Tala Hamza projects.
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