Red Mountain Mining Ltd (ASX:RMX) has outlined the key steps to advancing the Batangas Gold Project in the Philippines, with partner Bluebird Merchant Ventures Ltd (LON:BMV).
Jon Dugdale, managing director for Red Mountain, commented:
“Now that the Batangas JV is operational, and funded, we can bring together all the work over the past 12 to 18 months to fast track completion of the development studies and permitting.
“This JV brings together two highly experienced board and executive teams, with the mining and development experience to develop this exciting gold project.”
Key milestones in near to medium term:
- Complete a Pre-Feasibility Study (PFS), utilising the work completed to date and a new mining and processing schedule incorporating updated lower input costs (e.g. lower diesel price) and applying the current gold price of circa AUD 1,750/oz;
- Subject to the consent of the Philippines Mines and Geosciences Bureau (MGB), conduct a drilling program to complete geotechnical testing and test key resource/reserve targets at Lobo;
- Upgrade the PFS to a Definitive Feasibility Study (DFS), incorporating additional geotechnical and other information as well as any potential resource upgrades with new mining and processing schedules; and
- Complete all permitting inputs including submission of the finalised Environmental Impact Statement (EIS) required to allow grant of the Environmental Compliance Certificate (ECC), and endorsements required to allow the Declaration of Mining Project Feasibility (DMF) to be elevated to the central MGB for final technical assessment and recommendation for approval.
Analysis
Now with the finding in place, the joint venture can complete the Pre-Feasibility Study.
The metrics will be highly anticipated considering a Australian Dollar gold price of circa A$1750 an ounce.
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