Financial Report for Half Year to December 2013
Brisbane, Mar 14, 2014 AEST (ABN Newswire) - During the period, Elementos Limited (
ASX:ELT) undertook a number of private placements raising a total of $1,623,530, before equity raising costs of $19,258. In addition, shares to the value of $12,081 were issued as part of the salary sacrifice plan.
During the reporting period, development, exploration and assessment work was undertaken on the Company's portfolio of assets.
Cleveland
During the period, the acquisition of Rockwell Minerals Ltd was completed and project management of the Cleveland project was assumed by the Company.
Elementos has made rapid progress on the Cleveland Project including the commencement of the Cleveland tin-copper Pre-Feasibility Study ("PFS"), and the continuation of the environmental approval process for the Cleveland tailings reprocessing and mine dewatering.
Cleveland Pre-Feasibility Study
In November 2013, the Company commenced a PFS to assess the near term development potential of the tailings resource, and re-establishing the underground mining operation, which hosts substantial shallow in-ground resources, to produce tin and copper concentrates.
The PFS is being undertaken by MiningOne and pitt&sherry who together have significant experience and expertise in all aspects of tin resource definition, mining and processing, and are studying the infrastructure requirements of the project.
Cleveland Tailings Environmental Approval and Tailings Dam Study
A draft Development Proposal and Environmental Management Plan ("DPEMP") was submitted to the Tasmanian Environmental Protection Agency in accordance with the guidelines issued to the Company in March 2012. The full report is nearing completion and is expected to be lodged in Q2 2014. The DPEMP includes plans for the location of a new tailings storage facility, a tailings reprocessing methodology, and dewatering of the existing underground mine for future access.
As part of the approval process, a fifteen-hole sonic drilling program on the tailings dam was completed. This will provide information for geotechnical, environmental, metallurgical and also resource definition purposes.
Tasmanian based pitt&sherry have been appointed principal environmental consultants to assist in the submission and associated work.
Cleveland Tungsten
During the period, the Company outlined a Conceptual Exploration Target for Foley's tungsten zone at the Cleveland project.
Independent consultants, MiningOne, have reported an Exploration Target for Foley's zone - refer ASX release 29 October 2013 "Cleveland Project Tungsten Potential".
South America
During the period, there were no exploration activities at Tamaya, Manantiales or Santo Domingo. However, a number of site visits were undertaken by companies interested in forming a joint venture to explore and develop the projects and the negotiations are on-going.
Millenium
During the period, the Company entered into a joint venture agreement with Chinalco Yunnan Copper Resources ("CYU").
CYU also completed an initial copper-gold drilling program at Millenium in the period. For more information see report titled "Completion of initial copper/gold drilling program at Millenium - large mineral system identified" available at www.cycal.com.au.
To view the full financial report, please visit:
http://media.abnnewswire.net/media/en/docs/76757-ASX-ELT-788129.pdf
Contact
Elementos Limited
T: +61-7-3221-7770
WWW: www.elementos.com.au/
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