Optiro Latest News

Tue, 15 May 2012 00:00:00 +1000

Extract from the Management's Discussion and Analysis for the three months ended 31 March 2012

Dikulushi Operations

Processing at the Dikulushi Mine of the low-grade stockpile was completed in February 2012 after which processing of the Boomgate satellite deposit commenced. During the Quarter, 631 tonnes (“t”) of copper and 41,921 ounces (“oz”) of silver were produced.

The Boomgate deposit is relatively narrow for the first 20m of depth, but then almost doubles in width to about 20m in the transition zone. Accordingly, the initial strip ratio from mining was high and ore available for production relatively low.

This contributed to the shortage of available ore during the Quarter which in turn lead to the Dikulushi plant operating at only about 60% of capacity. The Company is now accessing higher grade transitional ore from the deeper sections of the orebody where the strip ratio is lower. Mining of the lower recovery oxide ore is now completed and copper recovery for the transitional ore is proving to be slightly better than the metallurgical test-work results indicated.

Mineral Resources and Reserves

The Mineral Resources for the Dikulushi Cutback Project were estimated by Optiro Pty Ltd. (“Optiro”), with David Gray of Optiro acting as the Qualified Person for the calculations. The Mineral Reserves for the Dikulushi Cutback Project have been estimated by Optiro, with Andrew Law of Optiro acting as the Qualified Person for the calculations. Mineral Reserves for the Dikulushi Cutback Project have been determined for the open cut portion of the Dikulushi deposit only and no Mineral Reserves have been determined for the underground part of the deposit or any satellite deposits. The Resources and Reserves were developed from the block model. Resources are inclusive of the Reserves.

For further information, please read the attached MD&A report by Mawson West Ltd

Mon, 14 May 2012 00:00:00 +1000

ASX ANNOUNCEMENT 14 MAY 2012

Highlights

Positive Definitive (‘Bankable’) Feasibility Study managed by GR Engineering Services
11 year life with reserves of 375,000 tonnes of copper (827 million lbs) and 205,000 ounces of gold for A$2.97 billion revenue.
Annual production* of 38,800 tonnes of copper per annum and 17,200 ounces of gold per annum in concentrates (41,400 tonnes copper equivalent**)
NPV of A$252 million, IRR of 22% and a 3 year payback
Simple low risk processing plant and infrastructure with a modest capital cost of A$181 million (total project capital $320 million)
Average EBITDA of A$135 million for first 5 years at a cash cost of US$1.73/lb copper
Altona’s combined annual production profile is potentially 47,000 tonnes of copper and 25,000 ounces of gold

The Little Eva Project is a low-risk large copper-gold open pit mine and processing plant similar to other current and past mines in the Mt Isa-Cloncurry area in Queensland. The Project comprises the large Little Eva open pit and three smaller satellite pits which will deliver copper-gold sulphide ore to a new 7 million tonnes per annum processing plant. Little Eva is a typical IOCG (iron-oxide copper gold) deposit similar to Ernest Henry, Osborne, Selwyn and others.

The Resources at Little Eva were estimated by Altona and the company geologists were assisted by Optiro who also completed an audit of the final resource. The resource was constrained by 3-D models of host lithology, oxidation boundaries and domains with distinct grade characteristics. Multiple Indicator Kriging (MIK) was used to estimate recoverable grades into 25 metre by 25 metre by 10 metre panels. Best practice QA/QC procedures have been employed at Little Eva and an independent audit of data integrity and QA/QC protocols was completed in 2006.

Optiro completed independent recoverable resource estimates for the Ivy Ann, Lady Clayre and Bedford deposits. These deposits are currently scheduled to provide 8 million tonnes of feed over the life of the plant.

Pit optimisation was completed by Optiro. The parameters used to generate the optimised pit designs were based on mining costs obtained from market enquiry which were validated by third party benchmarking. The metallurgical recoveries used in optimisation were derived by GRES and OZMET from previous testwork and recent testwork by ALS Ammtec. Economic and other assumptions were supplied by Altona.

For further information, please read the full Announcement by Altona Mining Limited: HERE

Fri, 11 May 2012 00:00:00 +1000

Target’s Statement

On 9 March 2012 Havilah Resources NL (Havilah) announced an off-market takeover bid for all the issued shares and listed options in Curnamona Energy Limited (Curnamona), and on 13 April 2012 announced an amendment to the consideration to be offered for the listed options. On 30 April 2012 Havilah lodged the Bidder’s Statement dated 30 April 2012 with the Australian Securities and Investments Commission and served the Bidder’s Statement on Curnamona. This Target’s Statement dated 4 May 2012 is given by Curnamona in response to the Bidder’s Statement, under Part 6.5 of Chapter 6 of the Corporations Act, in compliance with Section 638 of the Corporations Act. A copy of this Target's Statement has been lodged with the Australian Securities and Investments Commission and the Australian Securities Exchange. Neither the Australian Securities and Investments Commission, the Australian Securities Exchange, nor any of its officers take any responsibility for the content of this Target’s Statement.

For further information, please read the full Announcement by Curnamona Energy Limited by visiting www.curnamona-energy.com.au

Fri, 11 May 2012 00:00:00 +1000

Introduction

This Management’s Discussion and Analysis (“MD&A”) of Forsys Metals Corp. and its subsidiary companies and joint ventures (collectively, “Forsys” or the “Company”) for the period ended March 31, 2012 has been prepared as of May 11, 2012 and should be read in conjunction with the Company’s interim consolidated financial statements for the three months ended March 31, 2012 including the notes thereto and the annual MD&A and financial statements for the year ended December 31, 2011. The interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

All dollar amounts in this document are expressed in Canadian dollars unless otherwise explicitly indicated.

First Quarter 2012 Highlights and Significant Events

On March 26, 2012 the Company completed the acquisition of the remaining 30% interest in the Namibplaas Uranium Project (“Namibplaas”). This acquisition enables the Company to benefit fully from the advanced exploration program at Namibplaas and have full control over the assessment of the consolidation with its wholly-owned Valencia Uranium Project (“Valencia”). Consideration for this acquisition was 13,000,000 new common shares and 2,000,000 common share purchase warrants of the Company, exercisable for two years at $1.10.
The phase 2 drilling program at Namibplaas which began in October 2011 has proven extensive mineralization with significant intersections of 200 ppm eU3O8 or higher in the majority of drill holes. From commencement of the exploration program in 2008, the Company has completed a total of 33 diamond drill holes and 341 percussion drill holes; for a total of 81,499 meters (8,527 meters of diamond drilling and 72,972 meters of percussion drilling). The Company remains on track to complete an updated NI 43-101 Resource Statement in the third quarter of 2012.
On August 10, 2011 the Company announced the results from a report by Mintek on initial heap leach testing of Valencia ore. Laboratory results showed significant potential with the conventional crush and the high pressure grinding roll leach tests yielding 92% and 81% uranium recovery respectively. However, phase 2 optimization testing results on larger ore samples have been inconsistent and additional testing has not produced encouraging recoveries. The Company remains confident it can achieve improved recoveries in the optimization phase studies either from heap leaching or atmospheric tank leaching but reported outcomes will not be known until later in 2012.
The internal study on potential plant design efficiencies, improved recoveries and reduced capital and operating costs continues. This review also includes the economics of consolidating the Valencia and Namibplaas ore bodies and increasing the plant size and throughput.

For further information, please read the attached full MD&A report by Forsys Metals Corp.

Mon, 07 May 2012 00:00:00 +1000

Investment Highlights

Expanding resource base

Current Lamboo Project resource base of 256,000 oz Au

Golden Crown acquisition adds a further 34,000 oz Au

All resources remain open at depth

Aggressive exploration initiative underway

Robust Feasibility Study

Low risk, open pit start-up

Transitioning to underground in year 3

Targeting 5 years mine life commencing at 30,000 oz/annum

Solid economics

2 year payback on start-up cost*

Financing of project being progressed

Competent Persons Statement

The information in the table that relates to the Lamboo Project Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the AusIMM. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

For further information, please read the full pesentation by Bulletin Resources Limited: HERE

Thu, 03 May 2012 00:00:00 +1000

Laconia Overview

Rasuhuilca Project in Peru is a high-grade gold and silver project with outstanding near-term development potential and major exploration upside.
Lennons Find Project contains a JORC Code Inferred and Indicated Resource of 1.80Mt @ 82g/t silver, 0.26g/t gold, 0.2% copper, 1.4% lead and 5.1% zinc.
Lennons Find Resource includes a new Oxide Resource of 200,000t @ 89g/t silver, 0.37g/t gold, 0.2% copper, 1.2 % lead and 1.4% zinc in Indicated category.
Extensive area of silver anomalism identified over 15 km at 701 Mile project.
Significant base metal ground position in the Pilbara WA.
$7.5M JV with Chinese syndicate, Sinoz Mining Investment Group, for the exploration and development of the Mooletar Iron Ore Project

Peru

A review of available data was conducted by Mr Michael Andrew, a Principal of Optiro Pty Ltd. Mr Michael Andrew who is a member of the Australasian Institute of Mining and Metallurgy has compiled the information within this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves in Peru. Mr Andrew is a full time employee of Optiro Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

The Transaction - Rasuhuilca, Peru

Consideration for the acquisition consists of:

42.055m ordinary Laconia shares;
14.5m performance shares;
$120,000 paid over 6 months to a third party; and
$500,000 from production revenue only if production revenue is reached within 5 years.
Dr Saliba Sassine will join the Laconia Board.

Near-term Development Opportunity - Rasuhuilca, Peru

The project is a high-grade gold and silver project with outstanding near-term development potential and major exploration upside.
It has a comprehensive Feasibility Study conducted in 2008 and a significant Resource base.
Complements Laconia's existing portfolio of high grade precious and base metals projects in WA.
Laconia aims to bring the project into production within 12-18 months and use its revenues to unlock the project's major exploration upside.
Laconia will also acquire the Motil and Porcuchia gold-silver tailings projects.

For further information, please see the attached pesentation by Laconia Resources Limited.

Tue, 01 May 2012 00:00:00 +1000

ASX/Media Release - 1 May 2012

Notice of Meeting for acquisition of Gold-Silver Project in Peru

Perth based exploration company Laconia Resources Limited (ASX: LCR) advises that the Company has resolved to proceed with the acquisition of the Rasuhuilca Project in Peru.

The Notice of Meeting for a General Meeting of Shareholders to be held on 31 May 2012 was mailed to shareholders.

Acquisition Consideration

The project will be acquired from Perth-based exploration company Gold Mines of Peru Limited. Consideration for the acquisition consists of:

42.055m ordinary Laconia shares;
14.5m performance shares;
$120,000 paid over 6 months to a third party;
$500,000 from production revenue only if production revenue is reached within 5 years; and
Dr Saliba Sassine, the Chairman of Gold Mines of Peru, will join the Laconia Board following shareholder approval for the acquisition.

As part of the transaction, Laconia will also acquire Gold Mines of Peru’s other Peruvian projects, the Motil and Porcuchia gold-silver tailings projects (see Projects’ Location Map for location of all projects).

Competent Persons Statement

For further information, please read the Announcement by Laconia Resources Limited: HERE

Mon, 30 Apr 2012 00:00:00 +1000

SUMMARY & HIGLIGHTS FOR THE QUARTER

Rasuhuilca Gold-Silver Project acquisition, Peru

Due Diligence on proposed acquisition of Rasuhuilca Project successfully completed.

Project is a high-grade gold and silver asset with nearterm development potential & major exploration upside.

Acquisition, when complete, will establish Laconia as an emerging precious metals producer and complement its existing portfolio of precious and base metals projects in WA.

Lennons Find Base Metals Project

Preliminary test work completed on composite samples from the oxide Resource; sulphuric acid leach extracted 75% of the copper and 87% of the zinc.

Subsequent cyanide leach tests extracted 87% of the gold and 94% of the zinc.

Geological and litho-geochemical study completed in preparation for detailed field mapping and interpretation of the mineralising system.

Total mineral Resource is; 1.80Mt @ 82g/t silver, 0.26g/t gold, 0.2% copper, 1.4% lead and 5.1% zinc.

701 Mile Project

Phase 2 in-fill geochemical auger drilling commenced during the quarter.

Barramine Project

6,500 soil samples collected; gold in soil anomalism identified two target areas for infill soil sampling.

Corporate

Cash at bank at quarter end was $2 million.

EXPLORATION PLANNED FOR JUNE 2012 QUARTER

Reverse Circulation (RC) drilling targeting additional oxide resources at Lennons Find.

Metallurgical test work on bulk samples from Lennons Find oxide resources.

RC drill testing of co-incident XTEM and geochemical targets at Barramine project.

Complete Phase 2 infill and regional auger drilling at 701 Mile.

Field mapping and litho-geochemical studies at Lennons Find.

Mapping of banded iron formations, and flying an airborne survey at Mooletar Project.

For further information, please read the Quarterly Report by Laconia Resources Limited: HERE

Fri, 27 Apr 2012 00:00:00 +1000

ASX ANNOUNCEMENT - 27th April 2012

Key outcomes from the feasibility study are:

Low-risk, rapid development strategy; multiple open pits transitioning into underground;
Nicolson’s South and Nicolson’s Find Open Pit Probable Ore Reserve of 510,000t at 4.9g/t containing 81,000 ounces of gold supports 200,000 tonne per annum (tpa) operation over 2.5 years;
Additional 150,000t of feed targeted from Rowdies, Wagtail South and Wagtail North open pit resources (diluted Indicated and Inferred Resource of 194,000t at 4.65g/t for 29,000 ounces of gold) following completion of in-fill drilling currently in progress to advance Inferred Resource into the Indicated category;
Indicated and Inferred Resource of 673,000t at 5.83g/t for 126,000 ounces of gold supports expectation for a +100,000 tpa underground operation at Nicolson’s Find over a 2 to 3 year duration;
Average gold production targeting 30,000 ounces per annum during initial open pit mining phase at a life of mine cash cost of $1,000/oz Au to $1,030/oz Au (inclusive of waste removal and State royalty, net of silver credits) subject to the inclusion of Rowdies and Wagtail into the mine plan;
Project start-up capital estimate of $13.6 million, inclusive of owner’s costs, leach circuit upgrade to 200,000 tpa and contingency;
Mine development capital and pre-production waste mining cost estimate of $9.8 million, subject to the inclusion of Rowdies and Wagtail into the mine plan;
Commissioning of processing facility estimated within 6 months of a development decision;
Ongoing exploration planned to assess additional open pit targets and investigate opportunities to enhance the scale of the proposed underground operation through extensional drilling at depth and along strike;
Nicolson’s Project to be formally renamed to the Lamboo Gold Project

Resource Estimate

Optiro was engaged to compile a Mineral Resource estimate for the Project (refer ASX announcement dated 20 March 2012). At the request of Bulletin, the open pit resource estimate has been modified by Optiro and is now reported as a fully diluted resource above a 1.0g/t Au cut-off constrained by the feasibility study pit designs.

Ore Reserve Estimate

AMC generated a mine planning block model for Nicolson’s South and Nicolson’s Find, based on Optiro’s Mineral Resources model, inclusive of mining dilution and mining recovery factors. The Ore Reserve estimate is derived from that part of the mine planning model contained within pit designs based on pit shells generated using pit optimisation software at a gold price of A$1,500/oz. A cut-off grade of 1.07 g/t Au has been applied in the Ore Reserve estimate.

Competent Persons Statement

The information in this table that relates to Lamboo Project Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the AusIMM. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

For further information, please read the full ASX Announcement by Bulletin Resources Limited:HERE

Thu, 26 Apr 2012 00:00:00 +1000

St Barbara at a glance

Australian gold producer and explorer
Two operations, three mines
Proven development and operations credentials
FY 12 production guidance 320,000-350,000 ounces
Ore Reserves 2.8 Moz (14.7 Mt @ 5.8 g/t Au) contained gold [1]
Gwalia Mineral Resources increased in FY11 by 515,000 ounces at $16 per ounce discovery cost
First half FY 12 NPAT $46.5 million
Net cash at 31 March 2012 $134 million and growing
Focus on growing EPS

Gwalia Mine, Leonora - high quality, long life, rich gold deposit

Ore Reserves of 6.9 Mt at 8.9 g/t Au containing 2.0 Moz of gold [1]
Mineral Resources extended to 1,840 mbs, open to north, south and at depth
Indicative 10+ year mine life based on Ore Reserves
Forecast sustainable rate for FY12 onwards of 175,000 to 190,000 ounces p.a.
FY 12 drilling program completed, aiming to extend Mineral Resources and Ore Reserves

The Ore Reserves have been estimated and compiled under the direction of Mr Andrew Law. Mr Law is a Fellow of The Australasian Institute of Mining and Metallurgy and was a full time employee of St Barbara at 30 June 2011 and is a full time employee of Optiro at the date of this report. Mr Law has sufficient experience relevant to the style of mineralisation, type of deposit under considerations and for the activity being undertaken to qualify as a Competent Person as defined by the 2004 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Law consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

For further information, please read the full presentation by St Barbara Limited: HERE