www.bassmetals.com.au
Bass Metals (ASX: BSM) is a growth focused and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania. Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.
The Company also has an active and successful exploration programme and is currently following up on recent discoveries at Switchback and Fossey East which are high-grade and located in close proximity to existing mines and milling infrastructure. Bass has an experienced Board and operating team who have a strong track record of delivering profitable production underpinned by exploration success and are highly motivated to improve on that record.
The Company’s growth strategy centres on the development of a ‘pipeline’ of production, near-production and exploration assets in this prolific mineral belt, with strong leverage to a substantial new discovery through its extensive regional ground holding.
Bass Metals completes hedging programme for $12 million loan facility
Polymetallic miner Bass Metals' (ASX:BSM) project financing for the Hellyer Mine is in place, after the company completed its prerequisite hedging programme for the $12 million RMB Resources project loan facility.
The hedging comprises zinc and lead forward contracts at flat prices of A$2,460/tonne zinc and A$2,410/tonne lead.
The Bass Feasibility Study price assumptions of A$2,241/tonne and A$2,414 respectively, with Bass securing price levels for 13,656 tonnes of zinc and 8,409 tonnes of lead which represents approximately 30% of the payable zinc and lead production from the Fossey Deposit.
Further details in the market update from Bass included that the Fossey decline is at approximately 730 metres. with the power and water pumping system upgrade largely complete.
The raise boring process to install ventilation shafts and an emergency egress system has also commenced.
The Hellyer Mill refurbishment is approximately 70% complete, with costs to date on budjet, with commissioning on waste rock and then mineralised waste material from Que River planned to commence in November 2010.
The mining operations at Que River were completed in early September as planned, and the final ore deliveries for sale to MMG Australia at Rosebery will be completed through September.
