June 2013 Quarterly Report and Appendix 5B
Perth, July 31, 2013 AEST (ABN Newswire) - The Directors of Vector Resources Limited ("Vector" or the "Company") (
ASX:VEC) are pleased to provide the quarterly report for the period ended 30 June 2013.
At the date of this Quarterly Report, the Company has 303,053,625 fully paid ordinary shares and 150,107,260 listed options ($0.25 exercise, 30 January 2015 expiry) on issue.
Key highlights
- DMP approval of the Gwendolyn Mining Proposal;
- DEC 'Permits To Clear' for Gwendolyn Mining Proposal granted;
- Mining concept review nearing completion;
- Clampton and Mt Palmer review; and
- Earaheedy JV progressing.
Gwendolyn
During the fourth quarter of the financial year, the Company has reviewed the various options available at the time to develop the mineral resources on M77/1263. The current mining concept for the Gwendolyn East Cutback Project currently being considered is a toll processing option designed to treat a bulk sample batch of material to carry out a metal balance reconciliation to determine the course gold influence.
The Mining Proposal submitted in December 2012 was approved on 14 June 2013 by the Department of Mines and Petroleum (DMP). This approval process experienced delays within the Environmental Division.
The Company obtained the required 'Clearing Permits' from the Department of Environment and Conservation (DEC) for the Phase 2 scope of operations on 6 June 2013. This approval was on schedule with the Company's original plans for the completion of Phase 1 and potential commencement of Phase 2.
The Company has continued to work with the Resource and Safety Division of DMP on the Safety Management Plan. Final site inspection is pending for State Mining Engineers (SME) consent to commence the potential mining operations of Phase 1.
The Company has continued its discussions with the various Shires and Main Roads to finalise the approval requirements for the use and permits for the relevant road network for transport of materials to a suitable toll processing facility.
Due to the current climate within the resource sector and lower gold price, discussions with the various contractor and service providers have progressed with reviews of previous pricing being undertaken. The revision of the resource and reserve work for Phase 1 is nearing completion.
The Company's systems, standards and procedures for operational readiness in anticipation of potential production operations are complete. These systems, standards and procedures will be utilised as a minimum standard of acceptance for all contract companies to comply with and will form the backbone of the Company's safety management systems during operations.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-VEC-644053.pdf
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
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