Mining Approval Received for Marda Gold Project
Perth, Oct 13, 2014 AEST (ABN Newswire) - Southern Cross Goldfields Ltd (
ASX:SXG) has received approval from the Western Australian Department of Mines & Petroleum (DMP) to proceed with development of its proposed Marda Gold Project.
The Project, based on a 495,000 ounce gold Resource at 1.9 g/t and a 175,000 ounce Reserve at 2.3 g/t, is approximately 400 km north-east of Perth.
The Project's feasibility study involves open cut mining to produce around 167,000 gold ounces over 4 years.
The first development will be Marda Central which comprises the gold processing plant, tailings facility, accommodation camp and six pits. Mining of these pits will provide feed to the processing plant for the first 2.5 years of project life. This equates to 67 per cent of current Reserves of the overall Project.
A mining proposal to support development of further pits shall be submitted to the DMP in due course.
"This approval is an important milestone for the Company which allows us to complete our project development pipeline with a series of attractive projects expected to generate significant returns for shareholders/ said Southern Cross Managing Director, David Sproule.
"Our first priority is to bring the recently acquired Manuka Silver Mine in central NSW into production in the next few months. We are working hard on recommencing mining at the Mt Soppy Gold Project near Manuka early next year. The logical sequence is to then proceed straight to development of Marda," he said.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SXG-694561.pdf
Contact
Joe Dowling
Investor Relations
Southern Cross Goldfields Ltd
T: +61-421-587-755
E: admin@scross.com.au
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