INTERCEPTS Tue 29/07/2014

Overland halts Yukon base metal mine work

13th Jun 2012

JUNE 13 – Overland Resources has suspended the mine permitting process at its 90%-owned Yukon base metal project in Canada after an economic study indicated it requires a sustained improvement in zinc and lead prices to justify the development.

The economic study recommends a $US247M dual-pit development in preference to single pit/underground mine options. The study shows separate openpits at the Andrew and Darcy zinc deposits would recover 8Mt at 5% zinc and 1.5% lead over 7 years at a life of mine operating cost of $0.70/lb payable metal.

The mine would incorporate a 1Mtpa SAG and ball mill crushing, grinding and flotation circuit to produce separate zinc and lead concentrates producing 95,000wmt 58% zinc concentrate and 28,000wmt 62% lead concentrate annually. Concentrates would be transported by truck to Skagway, Alaska for shipment by bulk carriers.

Overland faces no expenditure obligations to maintain the claims until at least 2026.

 

HighGrade

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