Interim Financial Report for Half Year Ended Dec 2014
Perth, Feb 25, 2015 AEST (ABN Newswire) - The Directors of ABM Resources NL (
ASX:ABU) present their report on the consolidated entity (Group), consisting of ABM Resources NL and the entities it controlled at the end of, and during, the half-year ended 31 December 2014.
Summary Review of Operations
Achievements accomplished since the start of the 2014/2015 financial year:
- Completion of share and option consolidation on a one for fifteen basis.
- $19.6 million strategic investment completed by Pacific Road Capital with $7.745 million Tranche 2 funds received in July 2014.
- Agreement with Tanami Exploration NL signed for a lease and purchase option of the Coyote Gold Processing Plant for treatment of Old Pirate ore.
- Completed grade control, extensional and sterilisation drilling for Old Pirate.
- Updated the resource estimation for the Old Pirate High-Grade Gold Deposit and issued production guidance for the first full year of production.
- Appointed new directors and senior management.
- Received approval of the Mine Management Plan to commence production.
- Completed Coyote Gold Plant engineering inspections to finalise recommissioning plans.
- Continued preparation of mining plans for site establishment and contractor mobilisation.
- Completed first pass drilling (by IGO) at Lake Mackay.
Events Subsequent to the Reporting Date
5,550,000 options were exercised in January 2015 with all other remaining options expiring.
New nickel-copper-cobalt and manganese targets at the Warumpi Margin Project (with IGO).
Selected mining contractor for Old Pirate High-Grade gold deposit.
The Company announced a capital raising on 19 February 2015.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/79410-ASX-ABU-710784.pdf
About ABM Resources NL
ABM Resources (ASX:ABU) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
| ||
|
