Kimberley Metals Limited (ASX:KBL) Update On Mineral Hill Mine Copper Concentrate Sales
Sydney, July 18, 2011 AEST (ABN Newswire) - Kimberley Metals Limited (
ASX:KBL) is pleased to announce that after receiving expressions of interest from a number of parties for copper concentrate offtake from the Company's Mineral Hill Mine, Kimberley Metals is currently finalising an initial 6 months sales agreement. The Company is being assisted in this process by Penfold Limited.
The production and sale of Mineral Hill Mine copper concentrate will reflect Kimberley Metal's elevation to production status with forecast cash flows from the Parkers Hill underground mining operations from August 2011.
The Pearse open cut mine at Mineral Hill is expected to enter production from mid-2012, which will add substantial revenue through gold and silver bullion sales to Kimberley Metal's Mineral Hill mining operations.
Kimberley Metals believes that the ongoing successful commissioning of Mineral Hill Mine and the pending Sales Agreement demonstrate management's ability to successfully develop projects. The confidence and experience developed at Mineral Hill Mine will be positive for the development of the world class Sorby Hills Silver Lead project in 2013.
About KBL Mining Ltd
KBL Mining Ltd (ASX:KBL) is an Australian resource Company listed on the ASX with a focus on producing precious and base metals. KBL's main assets include the Mineral Hill copper-gold-silver-lead-zinc mine near Condobolin in New South Wales and Sorby Hills lead-silver-zinc project in Western Australia. The Company has been operating the refurbished processing plant at Mineral Hill since October 2011 to produce copper-gold concentrates and in 2013 commenced producing a separate lead-silver concentrate. Sorby Hills (KBL holds 75% with Henan Yuguang Gold & Lead Co. Ltd (HYG&L) holding 25%) is a large near surface undeveloped silver-lead deposit close to port infrastructure and a short distance from Asian markets.
| ||
|
