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Carbine Resources Ltd assembles new team to pursue Queensland project

Published: 02:30 14 Apr 2016 BST

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Carbine Resources Ltd (ASX:CRB) will be assisted by a newly appointed board and management team to explore the Mount Morgan Gold and Copper Project in Queensland.

The appointments comprise of Tony James as managing director, John Fitzgerald as non-executive chairman, Graham Brock as non-executive director, and Chris Newman as geology manager.

Tony James is a mining engineer with considerable operational, project development and corporate experience, including recent roles as Managing Director of Atherton Resources Ltd (ASX:ATE) and Mutiny Gold Ltd (ASX:MYG).

John Fitzgerald is an experienced mining and finance executive and is also a non-executive director of Northern Star Resources Ltd (ASX:NST), Danakali Ltd (ASX:DNK) and Dakota Minerals Ltd (ASX:DKO).

Carbine completed a pre-feasibility study (PFS) on the proposed gold and copper tailings retreatment operation at Mount Morgan, which confirmed the potential for a low-cost operation with a minimum eight-year life.

The capital cost was estimated to be $63.3 million and all-in sustaining costs were forecast to be US$234 per ounce after copper and pyrite credits, providing the potential for the project to become one of the lowest cost gold operations in Australia.

Under the scenario outlined in the PFS, Mount Morgan would produce an average of 31,200 ounces of gold, 3,200 tonnes of copper sulphate and 211,000 tonnes of pyrite per annum.

Carbine’s share price is going through the roof, increasing 227% since the beginning of 2016.

 

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