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1 ASX Release 20 March 2012 PANTON REVIEW STUDY RESULTS (ASX:PLA) is pleased to advise that the results from the recently completed Panton Review Study ( PRS ) showed that the Project could achieve and Internal Rate of Return ( IRR ) of 13% on the Base Case and 18% on the Alternate Case. The Study was focused on updating capital and operating costs and reviewing technical aspects of the project. The technical review identified a number of areas where further work could significantly reduce capital and operating costs and increase recoveries of PGM s and base metals. The key results from the study are as follows:- The Project would deliver a return of 13% on the Base Case assumptions or 18% on the Alternate Case using long term metal prices and exchange rate; The Project would achieve a pre tax NPV10 of US$15 Million on the Base case or US$41 Million; The Project would generate a net cash flow (undiscounted) of US$97 Million on the Base Case or US$136 Million on the Alternate Case; Initial Capital Cost of the Project would be US$172 Million; Cash Operating Cost of US$830/oz 3E ( platinum + palladium + gold ) concentrate produced on the Base Case and US$790 on the Alternate Case; The Project would produce an average of 83,000 ozs 3E per annum; Optimization and redesign of the open pit and underground mines using the higher metal prices and updated operating costs has the potential to significantly increase the size of the open pit and the underground reserves further enhancing the project economics; A number of opportunities to improve the metallurgical plant design and performance were identified and the impact of these were included in the Alternate Case PLA Managing Director John Lewins said: The Panton Study Review was initiated as the basket metal price for the platinum + palladium + gold for the project had increased more than threefold since the completion of the Bankable Feasibility Study in late The Review Study has shown that the potential viability of the Panton Project has significantly increased and could be further improved with additional work in a number of areas, including mine and plant design and consideration of alternate power supply sources.

2 A summary of the results of the Panton Review Study are provided in Table 1 below and the underlying assumptions relating to metal prices and exchange rates are provided in Table 2. Tetra Tech Australia (Pty) Ltd carried out the mining review and DRA Pacific (Pty) Ltd were responsible for the Metallurgy and Plant review in the Study. Table 1 Summary of Results from Rooderand Panton Review Study Study Results 2003 BFS 2012 Review Base Case 2012 Review Alternate Capital Cost Million US$ Throughput t/annum 600,000 Ave Grade g/t 3E 5.47 g/t Ave Production 3E oz/annum 83,000 83,000 85,000 Site Opex US$/ton US$/oz Basket Price US$/oz 422 1,244 1,244 NPV 10 US$ Million Net Cash Flow US$ Million IRR % Table 2 Metal Price and Exchange Rate Assumptions 2003 BFS 2012 Review Exchange Rate Aus$/US$ Metal Prices Platinum US$/oz 700 1,800 Palladium US$/oz Gold US$/oz 375 1,400 Nickel US$/t 9,000 22,500 Copper US$/t 1,700 9,000 Basket Price Per oz 4E 422 1,244

3 The Panton Project The Panton Project is located adjacent to the Great Northern Highway, 60km north of Halls Creek in the Kimberly region of Western Australia. The Project is 100% owned by Platinum Australia Limited and is secured by three granted mining leases. The Panton Intrusive is a layered, differentiated mafic to ultramafic body that has been intruded into the sediments of the Proterozoic Lamboo Complex in the Kimberley Region of Western Australia. The Panton Intrusive is a structurally complex body that has undergone several folding and faulting events that have resulted in a southwesterly plunging synclinal structure some 10 kilometres long and 3 kilometres wide. High grade PGM mineralisation is hosted within a number of stratiform chromitite reefs within the ultramafic sequence. The focus of the BFS has been the Top Reef, which is situated approximately 150 metres below the mafic/ultramafic interface, and the parallel Middle Reef, which is approximately 15 metres below the Top Reef. The average true thickness of the Top Reef is over one metre and the average grade is 6.1 g/t PGM + Au. The Middle Reef averages 0.5 metres true thickness and has an average grade of 3.4 g/t PGM + Au. A summary of the Panton Resource Estimate is provided in Table 3 below. The Study envisages an initial development of an open cut mine followed by the sequential development of two underground mines commencing in the second year of the project. The mining rate would be 600,000 tonnes per annum and mine life will be dependent on the metal prices and US$ exchange rate. The underground mining operation would be developed as two separate mines accessed through independent declines. The A mine accessing the A and B sub blocks would be developed first, followed by the C mine which would access the BC and C sub blocks. Mining would be mechanised using a long hole, up-hole stoping method. As part of work undertaken in completing the Feasibility Study undertaken on the Panton Project, the Company, in conjunction with Lonmin Plc, developed a new metallurgical process for the recovery of PGM + Au. The development of this new "Panton Process" was driven by the refractory nature of the Panton ore which resulted in uneconomic recoveries of 65% or less and the production of low flotation concentrate grades of less than 100 g/t PGM + Au, which would be difficult to market. The Panton Process consists of two distinct parts, a Calcine-Leach Process in which a low grade flotation concentrate is subjected to low temperature calcination followed by cyanide leaching at elevated temperatures to dissolve the PGM's, gold and base metals; and a Metals Recovery Process which recovers the dissolved metals from the leach solution by precipitation and then further upgrades the precipitate to a high grade PGM concentrate and a separate base metal concentrate. This Panton Process offers significant benefits over the traditional smelter route for the Panton Project and potentially for other similar projects. These include: Increased or comparable recoveries; Reduced concentrate transport costs; Shorter processing pipeline and therefore more rapid payment for products; Increased payment for products by up to 20%; and Reduced environmental impact.

4 The Panton Process Crush Grind Flotation Final Tailings Concentrates Off Gas Cleaning Calcine C Calcine Cyanide Leach 60 C Solid / Liquid Separation Residue to Tailings Solution Base Metal Concentrate Metals Recovery PGM Concentrate

5 Table 3 Panton Resource Estimates Reef Type Resource Category Tonnes (million) Grade 6E g/t 6E Moz Pt (g/t) Pd (g/t) Au (g/t) Ni (%) Cu (%) Top Reef Measured Indicated Inferred Top Reef SUB TOTAL Middle Reef Measured Indicated Inferred Middle Reef SUB TOTAL HIGH GRADE TOTAL Qualification Statement The information in this report that relates to the Panton Mineral Resource is based on a resources estimate compiled by Mr. Ted Copeland who is a Director of Cube Consulting Pty Ltd. and is a Member of the Australian Institute of Mining and Metallurgy. Mr. Copeland has more than 10 years experience which is relevant to the style of mineralisation and type of deposit under consideration and in the activity which he is undertaking and qualifies as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Copeland consents to the inclusion in the report of the matters based on his information in the form and context in which they appears. Yours faithfully PLATINUM AUSTRALIA LIMITED JOHN D LEWINS Managing Director Media enquiries UK: Guy McDougall Newgate Threadneedle +44 (0) Media enquiries AUS: John Lewins M: Glossary 3E - Platinum + Palladium + Gold Moz Million ounces Mt Million tonnes Symbols and abbreviations; Pt is platinum, Pd is palladium, Au is gold, ppm is parts per million which is equivalent to grams per tonne (g/t), m is metres.