Theta Gold Mines Ltd (ASX:TGM) has appointed Sydney-based financial advisory firm Kamara Group to lead the debt financing efforts for Theta’s starter open-pits projects in South Africa.
Led by ex-Morgan Stanley banker John Kamara, the group has advised and closed many rounds of debt financing for ASX listed resource clients including New Century Resources (ASX: NCZ), Horizon Minerals (ASX: HRZ), Wiluna Mining (ASX: WMX) and Kin Mining (ASX: KIN).
The Theta Starter open-pits permitting amendment for MR83 is progressing through the normal government departments and is currently being reviewed by the Department of Mineral Resources and Energy (DMRE) in consultation with other stakeholders.
Theta will update shareholders as the permitting advances as and when information becomes available to the company.
Team strengthened by two expert appointments
Chairman Bill Guy said: “Theta is making good progress operationally and corporately.
“We are pleased to confirm the appointment of Kamara Group to drive debt funding discussions and work on the PFS is also advancing, adding considerable value to our asset base.”
The Theta mine team is back onsite following the New Year break and has been strengthened by the appointment of two more ex-Harmony Gold mining experts, forming part of the mine build and execution team.
PFS progressing well
A highly competent owners’ team (CEO, COO, mine manager, project portfolio manager, consulting metallurgist and consulting engineer), together with various external specialists and design partners are working towards implementing the most appropriate plant solution, with the flexibility to treat various ore sources from open cast and underground mines.
TGM’s pre-feasibility study (PFS) on the potential underground mining operations is progressing well with many components of work already completed.
Guy continued: “The board is pleased with preliminary progress of the PFS and the insights by the team on the ground.
“Led by the new CEO and COO, the team have spent long hours accessing and investigating the underground workings, as well as studying the immense repository of historic information, in search of easily accessible gold.
“Their discovery of many kilometers of accessible, on-reef, pre-developed underground tunnels, and access to old mining faces, together with the introduction of modern mining methods, have brought about this accelerated effort to bring these mines into production as soon as possible.”
PFS targeted for completion by Q1
The PFS, targeted for completion by Q1 2021, will produce the maiden underground mining reserve for the underground mines predominantly on granted Mining Right 83 (MR83).
The first stage of the PFS is to match modern mechanized mining methods to the narrow, flat dipping reef systems.
Mechanized long-hole stoping has been identified as the likely mining method which offers many advantageous.