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Market: ASX
Sector: General Mining - Gold
EPIC: MOY
Latest Price: A$0.02  (0,00%)
52-week High: A$0.02
52-week Low: A$0.01
Market Cap: A$65.55M
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Millennium Minerals
www.millenniumminerals.com.au

Millennium Minerals Limited (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project.

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Millennium Minerals adds 90,000 ounces to gold resource at Nullagine

21st Sep 2010, 9:54 am

Perth-based Millennium Minerals (ASX:MOY) has increased the gold Mineral Resource Inventory for the Golden Eagle, Shearers and Otway deposits by 90,000 ounces at its Nullagine Gold Project in the East Pilbara District of Western Australia.

The global Mineral Resource estimate now stands at 34.41 Mt grading at 1.13 g/t for 1,247,200 contained gold ounces, a 7.8% increase on previous estimates. Measured and Indicated category Mineral Resources now total 1,022,000 ounces.

The discovery cost for the additional Mineral Resources is less than $14/Oz. The majority of the new Mineral Resources are shallow (<100m), which highlights the substantial exploration upside for the project.

Mining optimisation studies are now being undertaken on the three deposits, to update the mining plan and for Ore Reservationj definition. Results will be released once the work is complete.

The JORC reported Mineral Resource estimates were carried out by independent consultants, CSA Global Pty Ltd.

Brian Rear, CEO, said the company believes there is very good potential to increase these Mineral Resource estimates along strike, or adjacent to the currently drilled holes, and a drill hole programme is currently being planned to target these areas.

Millennium achieved a significant milestone in nudging its Nullagine gold project into development with a $35 million project finance mandate with BNP Paribas, announced August 18.

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