Intermin Resources Limited: Quarterly Activities Report 31 March 2018
Perth - Intermin Resources Ltd. (ASX:IRC) ("Intermin" or the "Company") provides the March 2018 Quarterly Activities Report. Intermin is a gold exploration and development company with a key focus in the Kalgoorlie region of Western Australia (see Figure 1 in link below) and has a number of joint ventures in place with quality partners covering multiple commodities in Western Australia and Queensland.HIGHLIGHTS
- Mining, ore haulage and toll treatment completed successfully at the Teal gold mine
- Transitional ore mined from Teal Stages 1 and 2 for the Quarter totalled 51,600t at a mine predicted grade of 2.54g/t Au for 4,200 ounces mined
- Two milling campaigns completed successfully at the Lakewood toll milling facility with final bullion shipped in April for refining and sale in early May
- Gold production for the Quarter of 6,737 fine ounces at C1 costs of $923/oz(see Note 1 below) and an AIC of $1,087/oz(see Note 2 below)
- A$11.5 million received from gold sales during the Quarter at an average gold price of A$1,701 per ounce
- Cash and tradeable securities increase to A$11.14 million(see Note 3 below)
- Excellent first pass drilling results received from the Blister Dam gold project area(see Note 4 below)
- Maiden (JORC 2012) Mineral Resource estimate for the Anthill gold project totalling 160,000t grading 1.7g/t Au for 78,000 ounces at a 1g/t Au cut-off grade(see Note 5 below)
- Updated Mineral Resource estimate for the Richmond vanadium project totalling 2,579Mt grading 0.32% V2O5 at a 0.29% V2O5 cut-off grade(see Note 6 below)
- Richmond JV partner AXF commits to spend a further A$5M on the project over 3 years
- Metallurgical testwork from the Richmond Vanadium Project underway in China under supervision of AXF with initial results expected in the June Quarter 2018
- Lakewood gold project area consolidated to the south east of Kalgoorlie's Golden Mile(see Note 7 below)
- Fully funded 55,000m Resource extension and new discovery drilling program(see Note 8 below) commenced with 7,300m drilled at the Teal gold project area during the Quarter
- Drilling results from Teal, Jacques Find and Peyes Farm expected in the June Quarter
- Janet Ivy Mining Royalty payments of $0.50/t now due after treated tonnages exceeded the prepayment threshold with regular quarterly payments expected through CY2018(see Note 8,9 below)
JUNE QUARTER ACTIVITES(see Note 8 below)
- Working toward a resolution of a cost variation claim received during the March Quarter from mining contractor Resource Mining Pty Ltd
- Ongoing exploration and new discovery drilling at Teal and Anthill
- Drilling results from the Teal gold project area
- Richmond Vanadium metallurgical test work results on ore pre-concentration
- Goongarrie Lady Feasibility Study completion
- Anthill scoping study completion and development options review
- Stakeholder engagement and drill program planning for the Lilyvale vanadium prospect
Notes:
1 C1 cash costs exclude pre-strip of Teal Stage 2
2 AIC cash costs include pre-strip, production, exploration and all overheads.
3 Includes 75% profit share component from Teal gold mine as per Intermin's position, see Page 5 for details
4 As announced to the ASX on 6 February 2018
5 As announced to the ASX on 13 March 2018
6 As announced to the ASX on 20 March 2018
7 As announced to the ASX on 19 February 2018
8 As announced to the ASX on 10 April 2018
9 See Forward Looking and Cautionary Statement on Pages 21 and 22
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/E75045KP
About Intermin Resources Limited:
Intermin Resources Ltd. (ASX:IRC) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and selffund aggressive exploration, mine developments and further acquisitions. The Teal gold mine is currently in production.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.<
Contact:
Intermin Resources Ltd.
Jon Price Managing Director
Tel: +61-8-9386-9534
E: jon.price@intermin.com.au
Michael Vaughan Media Relations - Fivemark Partners
Tel: +61-422-602-720
E: michael.vaughan@fivemark.com.au
