December beckons for Reed’s Meeka gold production
31st Jul 2012
JULY 31 – A cashed-up Reed Resources has passed another milestone in the march of its 100%-owned Meekatharra Gold Project in Western Australia to stage-1 production in December this year.
Barclays has confirmed credit approval for the project’s debt facility and hedging program, and Reed has bought puts over 70,000oz at a strike price of $A1,560/oz expiring Sept 2012.
Mill refurbishment is now set for completion in mid Q4 calendar 2012, mining beginning in early Q4, with milling/production beginning before qtr’s end.
Reed has a 3-stage exploitation strategy, which includes 134,000oz from its low risk stage-1 open pit sources within 6.5km of the company’s Bluebird processing facility. Stage-2 will exploit the remaining 618,000oz of reserves, with production from open pits and underground.
Stage-3 will be executed concurrently with stages 1 and 2, and convert as much of the 2.8Moz resource to reserves as possible, whilst defining further resources/reserves to deliver a sustainable 10-year mine life generating 100,000-150,000oz pa at a total cost below $1,000/oz.
The project has a current resource inventory of 3.6Moz and reserves of 752,000oz.
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- PROJECT WATCH
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