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ASTRON LIMITED — Interim / Quarterly Report 2017
Apr 27, 2017
64449_rns_2017-04-27_048b2248-0181-41e7-bf27-2f43d8a61d29.pdf
Interim / Quarterly Report
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ASTRON CORPORATION LIMITED ARBN 154 924 553
Incorporated in Hong Kong, company number 1687414
Notice to the Australian Stock Exchange Production and Exploration Report Quarter Ended 31 March 2017
Donald Mineral Sands Pty Ltd (DMS) and Sovereign Gold NL (SG) (both 100% controlled
by Astron Corporation Limited)
DMS owns EL5255, EL5472, MIN5532, RL2002 (formerly EL4433), RL2003 (formerly EL4432) and RL2006 (formerly EL5353 and RLA2006), SG owns EL5186, which together comprise the Donald Mineral Sands Project (Donald Project).
Donald Project
PRODUCTION
During the quarter the Donald Project did not conduct any production activities.
DEVELOPMENT
During the quarter, the development of the Donald continued with the following being undertaken:
Feasibility study
DMS has completed the technical aspects of the optimisation of the feasibility study as previously announced and work continues on the capital aspects of the optimisation. Initial indications are that improvements from the updated technical aspects and the use of Chinese equipment will be positive. An updated feasibility study is anticipated to be completed shortly.
Exploration
A Mineral Resource update for the Donald Mineral Sands Project was announced on 7 April 2016 based on the earlier drilling program.
Work Plan and approvals
The work plan is progressing towards submission, anticipated to be in the first half of 2017. As announced on 2 December 2016, DMS has obtained a permit to export Controlled Ores.
Registered Office: Level 17, 383 Kent Street, Sydney NSW 2000, Australia www.astronlimited.com
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Funding
As announced on 13 October 2015, DMS entered into an EPC (engineering, procurement and construction) contract with the China Machinery Engineering Corporation. As announced on 4 October 2016, the parties have agreed to extend the date for satisfaction of conditions precedent under the EPC contract to 1 May 2017 and now extended to 1 December 2017. The parties continue to work towards satisfaction of conditions precedent and improving the projects.
EXPENDITURE SUMMARY
Total expenses incurred were:
| Production Activities | MarQtr 2017 | YTD 2017 FY |
|---|---|---|
| Nil | Nil | |
| Development Activities | MarQtr 2017 | YTD 2017 FY |
| $610,764 | $2,043,990 |
Niafarang Project
PRODUCTION
During the quarter the Niafarang Project did not conduct any production activities.
DEVELOPMENT
Mining licence application
Work continued towards obtaining the mining licence. Progress has been made with respect to the achievement of public acceptance and environmental approvals obtained which should mean the mining licence will be issued by the first part of the calendar year.
EXPENDITURE SUMMARY
Total expenses incurred were:
| Production Activities | MarQtr 2017 | YTD 2017 FY |
|---|---|---|
| Nil | Nil | |
| Development Activities | Mar Qtr 2017 | YTD 2017 FY |
| $29,032 | $186,873 |
For further information, please contact:
Kang Rong, Executive Director +61 3 5385 7088 Joshua Theunissen, Australian Company Secretary +61 3 5385 7088 [email protected]
Minyip 28 April 2017
Registered Office: Level 17, 383 Kent Street, Sydney NSW 2000, Australia www.astronlimited.com