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THE GIDGEE GOLD PROCESS PLANT
THE GIDGEE GOLD CAMP
JINDALEE RESOURCES LIMITED
Level 2,
18 Kings Park Road
West Perth, Western Australia 6005
Phone:
(61 8) 9321 7550
Facsimile:
(61 8) 9321 7950
Email:
enquiry@jindalee.net
www.jindalee.net
ASX:
JRL
Initial indications suggest that $20 million would be
required to refurbish the mothballed carbon-in-pulp mill,
and upgrades will need to be made to the 150 person
camp, airstrip and other infrastructure, but in light of the
company’s strong cash position, this is not a barrier to
fast-tracking the project back to production.
Mr Harold said Panoramic is aiming to boost resources
from its current 310,000 ounces at 5.2 g/t, optimised at
just $US500 per ounce when mining ceased in 2005, to
over 1 million ounces and has set an internal target of
500,000 ounces of reserves within two years.
“All the evidence suggests that Gidgee is significantly
undervalued, given the existing shallow, high-grade
resources, exploration potential and low capital cost to
fast track production. Our production target of 100,000
ounces a year is perfectly realistic, and would place Gidgee
among, or very close to, the top twenty gold operations
in Australia.
“At that point we will be well on the road to achieving
our aim of becoming a major mining house, but we’re not
planning to stop at Gidgee. We have a strong cash position,
a very experienced team and a genuinely global outlook,
evidenced by our recent strategic investment in Chilean
copper miner, Hot Chili.”
Entering the gold
business spreads the
risk pretty well, and as
things stand at present
we could not have
chosen a better time.