ORMINEX MINE DEVELOPMENT UPDATE
- Total development advance of 1000m up from 600m since last update.
- Focus continues on decline development to access high grade ore.
- Low profile production fleet now fully established on site.
- Mining continues to progress in line with the mine plan and schedule.
- Ore being stockpiled on site ready for trucking to mill for next processing campaign.
- Mining continues 24 hours a day.
- A number of projects suitable for the Mineral Ventures model are under due diligence.
Orminex Limited has provided the following update on mining operations at its joint venture Comet Vale project in the Goldfields region of Western Australia.
The Company has a strategic alliance with underground mining contractor GBF Mining Pty Ltd (“GBF”) who oversees all operational management of the project.
This strategic alliance facilitates the Mineral Ventures model that provides capital and mining service solutions to suitable near-term production gold projects.
Mining development has advanced significantly at the Comet Vale project and a total of 1000m has been developed to a depth of 100m from the surface. A low profile production fleet is now established on site and operational.
The priority remains on advancing the decline to the historically higher grade and largely unmined resource below the 4th level. Decline advance continues in improving ground conditions with the current face now at the 3rd level. Evaluation of remnant mining opportunities above the 3rd level continues with the aim of identifying short term production opportunities.
Mining development is on schedule and ore continues to be stockpiled on the ROM pad ready for transport to the Burbank’s Mill for processing.
Executive Chairman Daryl Henthorn commented, “With mine development already advanced to the 3rd level and on target with the mine plan, it demonstrates the Mineral Venture model’s capacity to bring stranded assets back into production. GBF are highly experienced underground mining contractors and the Mineral Venture model fast tracks the pathway to production, bringing us closer to achieving our targets at Comet Vale.
“We are also reviewing a number of suitable new projects that, if successfully concluded, will demonstrate that the Mineral Ventures model is scalable and repeatable.
“The Company will continue to update shareholders as mining progresses at Comet Vale and on any material progress on new Mineral Venture projects.”