September 2012 Quarterly Report

HIGHLIGHTS

Copper Hill – Molong Project

  • Review of increased mine and mill throughput rates continuing
  • Drill targets defined at Power, Hayshed and Vale Head prospects

Other Projects

  • Cargo – five core holes completed at the Spur-Dalcoath mineralised system
  • Two core holes planned to test high grade Essex lode system at Cargo
  • South Australia – drilling program planned, good progress on access
  • Airborne EM data received for the Gilgunnia project areas
  • Ground EM surveys commenced to follow up Gilgunnia airborne EM.

Copper Hill – Molong Project

As previously reported for the June Quarter, GCR determined the 2-million tonnes per annum throughput, with staged, expanded production rates, was insufficiently robust to attract funding.
The study was based on:

  • Copper price of AUD 7,242/tonne and gold price of AUD 1214.44/ounce
  • AUD:USD exchange rate of 1.00
  • Discount rate of 10%
  • Mine life of 15 years
  • Average waste:ore ratio of 0.84:1
  • Average grades, over the life-of-mine, of 0.422% copper and 0.445 grams/tonne gold
  • Flotation recovery targets, based on results at that time, of 75% for copper and 45% for gold.
  • Annual average metal production estimates of 6,300 tonnes of copper and 14,000 ounces of gold.

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