Transformational news out "RNS"29 Oct 2012 07:35
http://www.investegate.co.uk/Article.aspx?id=20121029065928M3333
Commercial Production for the Ming Mine has been defined as the period
following commissioning with the mill running at 85% of designed
production for a period of 60 continuous days. The operation achieved
this milestone during October's production month. Therefore, the Company
has decided to declare Commercial Production effective 1 November 2012
which is also the start of its 2Q 2013 reporting period
-- The Company has concurrently provided Transamine a notice of "Load
Readiness" for the first shipment of copper concentrate from Goodyear's
Cove. The vessel is expected to call port in the next 30 to 45 days
-- Upon arrival of the vessel, the Company expects to ship between 9,000
and 10,000 wet metric tonnes of copper concentrate
-- Since beginning copper production in May 2012, 7,300 wet metric tonnes
of concentrate have been produced averaging 27% copper, 6 g/t gold and
49 g/t silver of which 6,225 wet metric tonnes have been invoiced to
Transamine at average provisional pricing of US $3.52per pound copper,
US $1,669 per ounce gold and US $30.47 per ounce silver, generating US
$12.5 million in revenue
-- Milling recoveries have been steady, averaging 90% copper and 65% for
gold. During a scheduled shutdown in September, the Company finalized
preparations to begin reprocessing floatation tailings through the CIP
circuit to try and improve gold recovery to 85%. Testing for this is
expected to begin before the end of the calendar year
-- Development headings into the 1807 Zone are continuing on multiple
fronts. Development and run of mine head grades have been steadily
increasing as thicker parts of the ore body are accessed. Over the last
two weeks mill head grades have been averaging 4.5% copper with 1.7 g/t
gold
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