Theta Gold Mines Limited: Theta Project Development - Ball Mill Arrives At Mine Site
Sydney, Australia - Theta Gold Mines Ltd. (ASX:TGM) (OTCMKTS:TGMGF) is pleased to announce continued project development at the Starter Theta Project with the arrival of the 2.5MW ball mill purchased in October 2019 (ASX release 2 October 2019). The Mill was transported from Rustenburg and has now completed its six-day journey to the Theta Project site at Pilgrim's Rest, Mpumalanga.The small Pilgrim's Rest community welcomed the arrival of the mill with much excitement and anticipation) eager to see the progress towards an official start of construction and mining which will bring back much needed jobs and income for the town.
The new mill (2.5MW ball mill) has been incorporated into the revised and optimised plant design and offers the project flexibility to easily expand production up to 1.2Mtpa should the project grow. As mentioned in the ASX announcement dated 3 March 2020 the Company has started the tender process based on a Lump Sum Turnkey (LSTK) contract for the first stage 600,000tpa gold plant construction. The Company expects to complete the plant build tenders by late Q2 of 2020.
Chairman Mr Bill Guy stated, "The Company has achieved another milestone in the development of the Theta Project. The mill arrival and a welcome march from the local community was very heartening. The mill was placed on the permitted mine site, ready for future installation.
During this quarter, the team has issued tenders for the plant construction, completed submission of the Environmental Impact Assessment (EIA) for "Starter Theta Open-pit Project" (which includes the amendment of MR83 from an underground to open-pit mining method), completed a draft mining contract (ASX release 3 March 2020) and now has transported this 60-tons mill to the mine site. "
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About Theta Gold Mines Limited:
Theta Gold Mines Ltd. (ASX:TGM) (OTCMKTS:TGMGF) is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.
Theta Gold Mines core project is located next to the historical gold mining town of Pilgrim's Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011 – 2015, the Company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future.
The Company aims to build a solid production platform to over 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources. Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.
Source:
Theta Gold Mines Ltd.
Contact:
Bill Guy, Chairman Theta Gold Mines Ltd. M: +61 2 8912 2126 billg@thetagoldmines.com Rob Thomson Managing Director M: +61 2 8912 2126 robt@thetagoldmines.com United States - Michael Porter Porter, LeVay and Rose Inc +1 212 564 4700, theta@plrinvest.com
