YTC RESOURCES LIMITED - HERA PROJECT APPROVAL
1 August 2012
ASX ANNOUNCEMENT 1st August 2012
YTC Resources Limited (“YTC” or the “Company”) is very pleased to announce that it has today received Project Approval (“Approval”) for the Hera Gold Project from the NSW Department of Planning and Infrastructure (DP&I) under Part 3A of the NSW Environmental Planning & Assessment Act.
The Approval provides conditions for the construction and establishment of an underground mine and surface processing operations consistent with the Company’s objectives under the Hera Definitive Feasibility Study (‘DFS’).
As advised to the market on 26th July 2012, final Approval conditions are within the Company’s expectations and no adjustment to the DFS capital expenditure is anticipated.
The Hera Project will deliver a financially and technically robust underground mine and processing plant producing gold and silver doré bars and a bulk-lead-zinc concentrate for sale.
Key metrics of the Hera Project, as per the DFS, include:
- High margin, low-cost gold production at A$395/ounce (after base metal credits)
- Ore Reserve of 423,471 Au Eq. ounces at average grade of 7.0g/t Au Eq.
- 7.3 year mine life producing 391Koz Au Equivalent
- Gross revenue of $510 million, and a pre-tax operating profit of $94.8m (based on A$1,450/oz gold).
- Gross revenue of $572 million, and a pre-tax operating profit of $152m (based on A$1,750/oz gold).
- Gold recovery of 94%
- Pre-Production Capital Cost of $73.5m
For further information, please read the full announcement by YTC Resources Limited: HERE