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AVIRA RESOURCES LTD — Capital/Financing Update 2013
Jan 29, 2013
64473_rns_2013-01-29_5e370296-21ed-4b8d-9449-e194f28c9a0d.pdf
Capital/Financing Update
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ASX Release
_**Mining
Lease Granted – Mining Plan and Tin Production commencing**_
- Mining Lease 20547 “Summer Hills” granted yesterday by Queensland Department of Natural Resources and Mines
DATE: 30 - JAN - 2013 ASX Code: MGS
Issued Shares: 288,157,040 Registry: Computershare
-
Large ML of 1163.4 hectares surrounding a fully commissioned Mt Veteran Tin Processing Plant
-
MGT aims to become Australia’s second tin producer in a buoyant market for tin and continues to further expand its JORC tin resource within the ML
Tin: US$24,600 /t Gold: US$1,662.19 /oz
- Production commencing after completion of the initial mining plan, schedule to ramp up production after further resource expansion
The Board of MGT Resources Limited (MGT or Company) today announced that Mining Lease 20547 “Summer Hills” has been granted for a period of 21 years.
The Queensland Department of Natural Resources and Mines granted the lease over the whole 1,163.40 hectares located 190km South-‐West of Cairns applied for by the Company.
The Summer Hills ML surrounds the Mt Veteran Tin Processing Plant, which the company has recently fully refurbished in anticipation of the ML being granted.
Executive Chairman and Managing Director Jonathan Back said:
“We are delighted with this result. The grant represents a significant milestone in the Company’s move from explorer to fully fledged tin producer.
With our current identified tin resource we have 10 years mine life, and Mining Lease 20547 contains a number of highly prospective tin targets in very close proximity to the Mt Veteran Mill.
We have a refurbished and commissioned tin processing plant, all the necessary mine infrastructure in place, and an experienced operational team on the ground ready to go. Approval of the mining lease is a final important step in moving to being a stand-‐alone tin producer.
We intend to use revenue generated by the tin production to fund further exploration on both our tin and the company’s gold projects,”
Commissioning of the stage 1 Mt Veteran tin mill is complete and tin production is set to commence by the end of June 2013.
The processing plant has an initial capacity of 70,000tpa per annum, and as outlined in the company’s prospectus MGT plans on installing a new ball mill for an expected up-‐ front cost of $1.5 million, that will increase capacity to approximately 250,000tpa in 2013/14 pending further tin resource expansion within the ML.
MGT Resources Limited
2.05/68 York Street, Sydney, NSW 2000, Australia
T: 61 2 9262 1122 F: 61 2 9299 5175
www.mgt.net.au [email protected] ABN: 38 131 715 645
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Figure 1. Location of the Mt Garnet projects
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Figure 2. Satellite location map of Mt Garnet tenements
ASX RELEASE
www.mgt.net.au www.mgt.net.au [email protected]
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**For
more information:**
**Investor
enquiries:**
Alexander Moody/ [email protected]
Company Secretary
- T: +61 2 9262 1122
**Media
enquiries:**
Peter Brookes/ [email protected]
Mitchell Hume/ [email protected] Citadel Communications
- T: +61 2 9209 3033
ASX RELEASE