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ORA BANDA MINING LTD — Capital/Financing Update 2016
Sep 22, 2016
65475_rns_2016-09-22_903a890d-79b2-4fef-9007-3ae014345215.pdf
Capital/Financing Update
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23 September 2016
ASX ANNOUNCEMENT
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GR Engineering to refurbish Davyhurst Gold Plant
Eastern Goldfields Limited (ASX: EGS) ( Eastern Goldfields or the Company ) is pleased to announce that it has awarded a contract ( Contract ) to GR Engineering Services Limited ( GRES ) to refurbish the Davyhurst Gold Processing Plant ( Work ) following on from the completion of a study by GRES.
The Target Cost Estimate for completion of the Work is $12,566,697, while Eastern Goldfields will manage some of the work comprising tails line installation, concrete repairs and repainting of structural steel. The Work will commence immediately and is expected to be completed during the first quarter of 2017.
Executive Chairman Michael Fotios said:
BOARD OF DIRECTORS
Mr Michael Fotios Executive Chairman
Mr Craig Readhead Non‐Executive Director
Mr Alan Still Non‐Executive Director
Ms Shannon Coates Company Secretary
“The award of this contract to GRES is a major milestone in the steps required to bring the Davyhurst Project back into operation. We expect to be pouring gold early during the first quarter of 2017. The award of this contract, together with the drilling we have conducted on our large tenement footprint, augers well for the future of the Company.”
GRES is a significant engineering contractor in Western Australia and the Company is pleased to be able to award this Contract to GRES.
Investor and media enquiries
Michael Fotios
ISSUED CAPITAL
Shares: 489m Options: 50.2m Current Share Price: $0.38 Market Capitalisation: $185.8m Cash as at 30/6/2016: $15.5m
Executive Chairman T: +61 8 6241 1888 E:[email protected]
Jon Snowball
FTI Consulting T: +61 477 946 068 E: [email protected]
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