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ASX Announcements
RECORD GOLD PRODUCTION IN JUNE
Thursday, 01 July 2010 13:03
Record_Gold_Production_in_June_-_1_July_2010.pdf
- Record gold ore production in June from Mt Morgans with 3,293 contained ounces.
- Ore mined was the highest average grade of gold at 6.25 g/t.
- Annualised mining rate at 40,000 ounces of contained gold.
1 July 2010, Melbourne: Range River Gold Ltd (ASX Code: RNG) reports that the Mt Morgans operation achieved record gold (Au) production in ore for the month of June.
Mined ore production was a record 16,386 tonnes @ 6.251 g/t Au for 3,293 ounces of contained gold. The grade of gold mined was also the highest mined to date. Mined production was at an annualised rate was 40,000 ounces of contained gold.
Ore deliveries to Barrick’s Granny Smith operations (BGS) were also at record level with 17,529 tonnes delivered which included ore from stocks at Mt Morgans at the beginning of the month.
Managing Director Rick Watsford commented, “We are very satisfied with the progress made as evidenced by the production figures achieved this June. While our costs have yet to be finalised for June, we were broadly cash breakeven in May with 1,620 ounces mined. We expect to also record a record profit for the Company in June.
The April and May production was below expectations, primarily due to wet weather in April exacerbated by equipment reliability issues and the previously advised gold depletion in the top 30 metres of the Craic deposit.”
The equipment reliability issues were addressed and a more reliable excavator was brought to site in June by our mining contractor.” assured Mr Watsford.
“Our June performance, which was also impacted by wet weather and the equipment issues early in the month, establishes a solid platform to further grow our gold production performance.” Mr Watsford added.
At the end of June, a contract portable crushing plant was commissioned at Mt Morgans to crush run of mine ore. It is planned to deliver crushed ore to BGS from this plant. This will facilitate improved cash flow by reducing the dependence upon crushing windows at BGS.
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1From grade control estimates that have been broadly consistent with final estimates.Mt Morgans Underground Development to Commence
Monday, 28 June 2010 14:08
Mt Morgans Underground Development to Commence
- Development of an underground mine at Craic and reopening of underground mines at Transvaal and Westralia at Mt Morgans to proceed.
- Underground mining contract to be undertaken by Australian Contract Mining Pty Ltd.
- Mine Planning Study indicates robust economics delivering a minimum of 215,000 recovered ounces of gold from these three mines over five years.
- Development program to be funded through existing cash flow.
- Further exploration upside exists at the three sites.
- Mobilisation planned for early August and portal development commencing at Craic in September.
28 June 2010, Melbourne: Range River Gold Ltd (ASX Code: RNG) is to proceed with the underground mining of the Craic deposit and reopening of the Transvaal and Westralia underground mines at Mt Morgans.
A mine planning study undertaken on these projects indicates a base case of mining 1.42 million tonnes of ore at an average grade of 5.26 g/t Au to recover 215,000 ounces of Au over five years.
The upside case based on extensional exploration success at these deposits indicates a total of 306,000 recovered ounces of gold.
At A$1,200 per ounce gold price the base case would generate a pre-tax total free cash of $56.2 million and the upside case $93.3 million.
At A$1,400 per ounce gold price the pre-tax total free cash rises to A$97.4 million and A$152 million respectively.
A rising gold price and brown-field exploration success provide opportunity for further upside. A rising gold price would offer the opportunity to lower the grade of ore mined.
The Company will develop a more detailed plan to respond to the proposed Resources Super Profits Tax by the Federal Government. This plan will be based on mining high grade gold to maximise after tax cash-flow but at the expense of current life of mine.
Resignation and Appointment of Director
Thursday, 24 June 2010 16:23
Board_Announcement_24_June_2010.pdf
Range River Gold Limited wishes to announce the resignation of Mr. Owen Hegarty as a Director of the Company effective 30 June 2010.
Mr. Hegarty has helped to guide the company since its incorporation in July 1994. He believes his spread of activities now precludes him from making a full and fair contribution to Range as a Director. He will continue to be a very strong supporter and shareholder. Mr Hegarty said:”I have been privileged to work with so many good people at Range over these past many years – Directors, staff, all stakeholders. Range is well set up with good people, good projects and sustainable gold production. The Company is in excellent shape now to become a solid gold producer with realisable ambitions to join the mid-ranks.”
The Chairman of Range River Gold Limited, Dr.
The Board also announces the appointment of Mr. Paul Fowler as a Director of the Company from 1 July 2010.
Mr. Fowler has broad international experience in commodity businesses, including mining, smelting, plantation forestry and downstream petroleum. He has held executive positions in general management, strategic planning, M&A, finance and engineering. Most recently he has been the founding CEO of Nyrstar, COO of Zinifex and CEO of Fletcher Challenge Forests. He was a key contributor to the successful IPO of both Nyrstar and Zinifex. Paul holds a BSc degree in marine engineering, an ME degree in nuclear engineering, and an MBA.
Kevin Tuckwell
ChairmanMt Morgans Exploration Update
Friday, 28 May 2010 10:47
Mt_Morgans_Exploration_Update_28_May_2010.pdf
Highlights
Mt Morgans
- Successful exploration of highly prospective ground around Mt Morgans will underpin expanded production.
- Commenced 1,500m drill testing program of the Craic and the Xena prospect at Mt Morgans.
- Encouraging preliminary results from the Craic drill program.
- Planning for drill testing of Morgans North and the Moonstone prospect commenced.
- Recently acquired 3D modelling of geological information for the Mt Morgans Operation area will greatly assist exploration targeting.
Indee
- NWME geologists commenced exploration at Indee.
- 3,150m diamond drilling program funded by Chinese joint venture partner, NWME, at Indee planned to commence by mid June.
Overview
Range River Gold Ltd (ASX Code: RNG) is progressing with its established exploration program on the Mt Morgans Project and has recommenced exploration at the Indee Project. Both projects are located in
The exploration program at Mt Morgans is the first step in delivering on the aim of increasing gold production from 40,000 ounces per annum to 100,000 ounces per annum within five years.
This update provides some examples of the large number of opportunities and targets being developed at Mt Morgans.
The Company has commenced drilling at depth with a view to extending and reclassifying known resources at the currently producing Craic gold deposit.
Drill testing of target area Xena, identified by the Company, will also be part of this program. Applications have been made to undertake drilling on two further drill targets, Morgans North and Moonstone, also identified by the Company. These latter opportunities form advanced targets for extensions of known deposits and brownfield discoveries of new deposits.Page 1 of 26
