Top it Companies in Australia
Just six weeks after the start of mill commissioning at the Nullagine Gold Mine, Millennium has begun full production of around 6000 ounces per month generating over $10 million in gross revenue. Studies are already ...
Top it Companies in Australia
Millennium Minerals (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia.
The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project. inShare0 Email Email to a friend:To:
Tuesday, November 06, 2012 by Angela Kean Just six weeks after the start of mill commissioning at the Nullagine Gold Mine, Millennium has begun full production of around 6,000 ounces per month generating over $10 million in gross revenue. Studies are already underway to further expand the production rate. Millennium Minerals (ASX: MOY) has begun full production at its Nullagine Gold Mine in the East Pilbara District of Western Australia.
The start of full production marks completion of a very successful construction and commissioning phase and establishes a solid foundation for the 2013 financial year.
The recently commissioned gold process plant has a capacity of 1.5 million tonnes per annum and at forecast head grade of 1.7 grams per tonne (g/t) will produce 73,000 ounces gold annually.
Brian Rear, chief executive officer, commented: “We are delighted to be in a position to put the operation on a full production footing six weeks after the start of mill commissioning, which reflects the excellent performance of the facility during the commissioning phase and the capabilities of our operations team and partners at the site.
“The performance of the plant in October and the resolution of any causes for delays beyond normal production experience underline the decision.”
Operations during October indicated the plant operates to its design specification. The SAG mill ran at the design throughput rate of 189 tonnes per hour and appears capable of processing ore at a higher rate as net power draw is about 55% of design.
The production objectives for the two remaining months are based on the design criteria for the process plant and would see gold production of about 6,000 ounces monthly, depending on the head grade milled, at a design throughput of 125,000 tonnes per month.
Reconciliation between the ore reserve block model and grade control drilling of ore blocks mined has validated both ore tonnage and grade expectations.
Between now and the end of December the true capabilities of the process plant will be tested to establish the base case for expansion studies.
Millennium is targeting a stage one expansion from design throughput of 1.5 million tonnes per annum to at least 1.7 million tonnes per annum treated for the 2013 financial year.
Nullagine currently hosts a 1.33 million ounce gold resource contained within seven deposits on granted mining leases, with the largest deposit known as Golden Eagle located 10 kilometres south of the township of Nullagine. Golden Eagle contains 62% of the total resource.
Millennium is planning a significant investment in resource and reserve drilling during 2013 centred on Golden Eagle, the central pits such as Shearers, and the far eastern deposits such as Golden Gate.
Extensive mapping during 2012 in and around these locations has yielded numerous new gold exploration targets that will also be followed up to unlock the considerable geological potential of the Nullagine Goldfield.
The program for 2013 will also include the start of exploration on the Golden Eagle southwest corridor, which includes the joint venture with the Creasy Group where Millennium is earning a 70% interest in the gold rights.
The southwest corridor project shows anomalous gold values extending 2 kilometres from the Golden Eagle deposit to the company’s western tenement boundary and a further 5 kilometres into tenements belonging to the Creasy Group
Brian Rear has now successfully steered Millennium to full production of 6,000 ounces per month bringing in over $10 million in gross revenue based on the current gold price.
With expansion studies already underway, if successful, Proactive Investors could see Millennium pushing towards 100,000 ounces in the medium term.
With a forecast EBITDA of $773 million and a project IRR of 40%, the projects economics still indicate that Millennium is undervalued relative to its peers.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.Register here to be notified of future Millennium Minerals articles.
Millennium has now transitioned to become Australia's newest gold producer from the Nullagine Gold Mine - under the leadership of CEO Brian Rear. The gold pour marked the successful completion of the commissioning of the process facilities. Millennium Minerals receives 12 month A$0.
Expansion opportunity and potential for third party tolling and joint ventures are some of the upside takeaways that Millennium Minerals offers, according to Patersons Securities. Millennium Minerals:
Millennium has achieved another milestone at Nullagine with the commencement of commissioning, with commercial gold production on schedule to commence in the December 2012 quarter. Production is planned at 72,000 ounces annually at a site cash cost of $756 per ounce.
Millennium Minerals is fully funded through to commercial production at its Nullagine Project in Western Australia, with Brian Rear, chief executive officer, anticipating the company will be cash flow positive by the end of 2012.
Want to ask CEO's probing questions? Proactive Investors provides the forum. Next up in Sydney for July 18th is Millennium Minerals, Benitec Biopharma, Thor Mining, Predictive Discovery, Hill End Gold and Blackham Resources. Millennium Minerals: A$16.
The development of the Nullagine project is on time and budget for August completion, with commercial gold production later in 2012. The A$16.6m funding injection will assess the process design to produce 100,000 ounces annually for eight or more years. Millennium Minerals:
Brian Rear, managing director of Millennium, told Proactive Investors today that the company is targeting the million ounce gold reserve milestone in 2013. Millennium will also look to forward sell some ounces in the New Year as part of a de-risking strategy.
Gold intersections from the Crow and Condor deposits, within the Golden Gate area of the company’s 1.25 million ounce Nullagine gold project, demonstrate possible extensions to mineralisation. A further 6000 metres of drilling is now planned for the area, with an ore Reserve estimate forecast before the end of 2011.
The joint venture with Northwest Resources will bolster Millennium’s Ore Reserve inventory, and is the first in a series of deals in the company’s medium term regional consolidation strategy.
Mineral resource modelling is currently underway incorporating the latest as well as earlier drill results from Golden Eagle, Shearers and Otways deposits. An ore reserve estimate is due for completion in late November.16/10/12Millennium Minerals substantial holder Singapore's IMC Resources ups stake to 28.7% 19/09/12Millennium Minerals draws closer to first gold pour from Nullagine 10/09/12Millennium Minerals closes in on first gold pour from Nullagine 24/05/12Millennium Minerals:
Just as Australians were having a punt on today’s Melbourne Cup so too were investors buying into stocks, despite the slow news day, with the ASX All Ords adding 10 points to end the day at 4,504 points.
The funds raised of up to $7M (in a challenging equity market) will enable the completion of a Bankable Feasibility Study on its Boonanarring and Atlas mineral sands project in the North Perth Basin. Dow in holding pattern as nation awaits U.S.
U.S. stocks were higher on the eve of the U.S. presidential elections, although investors are hesitant to make any big moves before the outcome is known. Gold was higher overnight - last trading at US$1685 an ounce. ASX Top Price/Volume Gainers:
After an initial fall early in the day, the All Ords picked up towards mid-day and closed up 10.3 points, or 0.2%, to 4,493.6 points.
Drilling at Lionja has identified the possibility of hosting significant nickel mineralisation of a similar style and tenor to Ntaka Hill, with the early signs showing the potential to add size and scale to the future development of IMX's Ntaka Hill Nickel Sulphide Project.
Southern Hemisphere’s completion of US$5M placement at a 47% premium to the current share price is a significant event in today’s market. The farm-in deal with Lundin Mining will provide for an accelerated drilling campaign at the Llahuin Copper-Gold Project.
Optioning the tenement package in the Albany Fraser Orogen by Mining Projects Group has changed the face of the company. It has also changed the valuation dynamics in the short term given the intense interest in the Orogen. All companies gaining an entree into Fraser Range after Sirius' Nova discovery have seen their share price and market valuations pushed skyward.
Pre-election jitters weighed on Wall Street overnight Friday as investors await the outcome of the U.S. presidential elections. Stocks were sold off heavily and erased much of the previous trading day's gains following the positive employment data. In Australia, most analysts are backing a 25 point cut in the cash rate on Melbourne Cup Day. ASX Action Stocks:
Despite strong initial gains, the All Ords slipped below opening levels by mid-day before climbing up to just above its opening. Big miners were some of the largest gainers.
The first aircore results from Vulcan are positive for ENT, with soil sampling also extending the copper/gold and multi-element footprint. Highlights included: 12 metres at 1.80g/t gold from 8 metres, including 4 metres at 3.55g/t gold.HomeEventsCompaniesResearchMediaArchivesWork for usNewsletter Terms & Conditions· Privacy Policy· Copyright Notice Andrew McCrea is Sub Authorised Representative (SAR: 291331) of Proactive Investors Australia Pty Ltd (ABN: 19 132 787 654) which is a Corporate Auhorised Representative (CAR: 413802) of RM Capital Pty Ltd (AFSL: 221938).
The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project. inShare0 Email Email to a friend:To:
Tuesday, November 06, 2012 by Angela Kean Just six weeks after the start of mill commissioning at the Nullagine Gold Mine, Millennium has begun full production of around 6,000 ounces per month generating over $10 million in gross revenue. Studies are already underway to further expand the production rate. Millennium Minerals (ASX: MOY) has begun full production at its Nullagine Gold Mine in the East Pilbara District of Western Australia.
The start of full production marks completion of a very successful construction and commissioning phase and establishes a solid foundation for the 2013 financial year.
The recently commissioned gold process plant has a capacity of 1.5 million tonnes per annum and at forecast head grade of 1.7 grams per tonne (g/t) will produce 73,000 ounces gold annually.
Brian Rear, chief executive officer, commented: “We are delighted to be in a position to put the operation on a full production footing six weeks after the start of mill commissioning, which reflects the excellent performance of the facility during the commissioning phase and the capabilities of our operations team and partners at the site.
“The performance of the plant in October and the resolution of any causes for delays beyond normal production experience underline the decision.”
Operations during October indicated the plant operates to its design specification. The SAG mill ran at the design throughput rate of 189 tonnes per hour and appears capable of processing ore at a higher rate as net power draw is about 55% of design.
The production objectives for the two remaining months are based on the design criteria for the process plant and would see gold production of about 6,000 ounces monthly, depending on the head grade milled, at a design throughput of 125,000 tonnes per month.
Reconciliation between the ore reserve block model and grade control drilling of ore blocks mined has validated both ore tonnage and grade expectations.
Between now and the end of December the true capabilities of the process plant will be tested to establish the base case for expansion studies.
Millennium is targeting a stage one expansion from design throughput of 1.5 million tonnes per annum to at least 1.7 million tonnes per annum treated for the 2013 financial year.
Nullagine currently hosts a 1.33 million ounce gold resource contained within seven deposits on granted mining leases, with the largest deposit known as Golden Eagle located 10 kilometres south of the township of Nullagine. Golden Eagle contains 62% of the total resource.
Millennium is planning a significant investment in resource and reserve drilling during 2013 centred on Golden Eagle, the central pits such as Shearers, and the far eastern deposits such as Golden Gate.
Extensive mapping during 2012 in and around these locations has yielded numerous new gold exploration targets that will also be followed up to unlock the considerable geological potential of the Nullagine Goldfield.
The program for 2013 will also include the start of exploration on the Golden Eagle southwest corridor, which includes the joint venture with the Creasy Group where Millennium is earning a 70% interest in the gold rights.
The southwest corridor project shows anomalous gold values extending 2 kilometres from the Golden Eagle deposit to the company’s western tenement boundary and a further 5 kilometres into tenements belonging to the Creasy Group
Brian Rear has now successfully steered Millennium to full production of 6,000 ounces per month bringing in over $10 million in gross revenue based on the current gold price.
With expansion studies already underway, if successful, Proactive Investors could see Millennium pushing towards 100,000 ounces in the medium term.
With a forecast EBITDA of $773 million and a project IRR of 40%, the projects economics still indicate that Millennium is undervalued relative to its peers.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.Register here to be notified of future Millennium Minerals articles.
Millennium has now transitioned to become Australia's newest gold producer from the Nullagine Gold Mine - under the leadership of CEO Brian Rear. The gold pour marked the successful completion of the commissioning of the process facilities. Millennium Minerals receives 12 month A$0.
Expansion opportunity and potential for third party tolling and joint ventures are some of the upside takeaways that Millennium Minerals offers, according to Patersons Securities. Millennium Minerals:
Millennium has achieved another milestone at Nullagine with the commencement of commissioning, with commercial gold production on schedule to commence in the December 2012 quarter. Production is planned at 72,000 ounces annually at a site cash cost of $756 per ounce.
Millennium Minerals is fully funded through to commercial production at its Nullagine Project in Western Australia, with Brian Rear, chief executive officer, anticipating the company will be cash flow positive by the end of 2012.
Want to ask CEO's probing questions? Proactive Investors provides the forum. Next up in Sydney for July 18th is Millennium Minerals, Benitec Biopharma, Thor Mining, Predictive Discovery, Hill End Gold and Blackham Resources. Millennium Minerals: A$16.
The development of the Nullagine project is on time and budget for August completion, with commercial gold production later in 2012. The A$16.6m funding injection will assess the process design to produce 100,000 ounces annually for eight or more years. Millennium Minerals:
Brian Rear, managing director of Millennium, told Proactive Investors today that the company is targeting the million ounce gold reserve milestone in 2013. Millennium will also look to forward sell some ounces in the New Year as part of a de-risking strategy.
Gold intersections from the Crow and Condor deposits, within the Golden Gate area of the company’s 1.25 million ounce Nullagine gold project, demonstrate possible extensions to mineralisation. A further 6000 metres of drilling is now planned for the area, with an ore Reserve estimate forecast before the end of 2011.
The joint venture with Northwest Resources will bolster Millennium’s Ore Reserve inventory, and is the first in a series of deals in the company’s medium term regional consolidation strategy.
Mineral resource modelling is currently underway incorporating the latest as well as earlier drill results from Golden Eagle, Shearers and Otways deposits. An ore reserve estimate is due for completion in late November.16/10/12Millennium Minerals substantial holder Singapore's IMC Resources ups stake to 28.7% 19/09/12Millennium Minerals draws closer to first gold pour from Nullagine 10/09/12Millennium Minerals closes in on first gold pour from Nullagine 24/05/12Millennium Minerals:
Just as Australians were having a punt on today’s Melbourne Cup so too were investors buying into stocks, despite the slow news day, with the ASX All Ords adding 10 points to end the day at 4,504 points.
The funds raised of up to $7M (in a challenging equity market) will enable the completion of a Bankable Feasibility Study on its Boonanarring and Atlas mineral sands project in the North Perth Basin. Dow in holding pattern as nation awaits U.S.
U.S. stocks were higher on the eve of the U.S. presidential elections, although investors are hesitant to make any big moves before the outcome is known. Gold was higher overnight - last trading at US$1685 an ounce. ASX Top Price/Volume Gainers:
After an initial fall early in the day, the All Ords picked up towards mid-day and closed up 10.3 points, or 0.2%, to 4,493.6 points.
Drilling at Lionja has identified the possibility of hosting significant nickel mineralisation of a similar style and tenor to Ntaka Hill, with the early signs showing the potential to add size and scale to the future development of IMX's Ntaka Hill Nickel Sulphide Project.
Southern Hemisphere’s completion of US$5M placement at a 47% premium to the current share price is a significant event in today’s market. The farm-in deal with Lundin Mining will provide for an accelerated drilling campaign at the Llahuin Copper-Gold Project.
Optioning the tenement package in the Albany Fraser Orogen by Mining Projects Group has changed the face of the company. It has also changed the valuation dynamics in the short term given the intense interest in the Orogen. All companies gaining an entree into Fraser Range after Sirius' Nova discovery have seen their share price and market valuations pushed skyward.
Pre-election jitters weighed on Wall Street overnight Friday as investors await the outcome of the U.S. presidential elections. Stocks were sold off heavily and erased much of the previous trading day's gains following the positive employment data. In Australia, most analysts are backing a 25 point cut in the cash rate on Melbourne Cup Day. ASX Action Stocks:
Despite strong initial gains, the All Ords slipped below opening levels by mid-day before climbing up to just above its opening. Big miners were some of the largest gainers.
The first aircore results from Vulcan are positive for ENT, with soil sampling also extending the copper/gold and multi-element footprint. Highlights included: 12 metres at 1.80g/t gold from 8 metres, including 4 metres at 3.55g/t gold.HomeEventsCompaniesResearchMediaArchivesWork for usNewsletter Terms & Conditions· Privacy Policy· Copyright Notice Andrew McCrea is Sub Authorised Representative (SAR: 291331) of Proactive Investors Australia Pty Ltd (ABN: 19 132 787 654) which is a Corporate Auhorised Representative (CAR: 413802) of RM Capital Pty Ltd (AFSL: 221938).
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