Lucky Lady doubles Metaliko’s cash
20th Jun 2012
JUNE 20 – An updated scoping study has doubled the net cash flow forecast for Metaliko Resources’ Goongarrie Lady project in the Eastern Goldfields of Western Australia.
Following a recent resource upgrade, the updated scoping study indicates initial net free cash of $9-10M from a 5-month mining program from redevelopment of the Goongarrie openpit, up from the previous $4-5M.
MD James Searle says the effective doubling of the scale and profitability of Goongarrie Lady Stage 1 offers Metaliko the opportunity to build a strong cash position and accelerate progress on larger-scale discovery projects and acquisitions.
The revised scoping study looks at deepening and extending the existing openpit from 25m depth to 50m. The project remains a straightforward redeveloped opencut mine and haul operation.
Metaliko aims to have mining approvals in place in the December 2012 quarter for an initial mining project of around 5 months.
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