Mount Henry Gold Mine in Western Australia Sees Positive Results from Scoping Studies

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Researched by Industrial Info Resources (Perth, Australia)--A joint venture between Panoramic Resources Limited (ASX:PAN) (Perth, Australia) and Matsa Resources Limited (ASX:MAT) saw positive results from a recently completed scoping study on the Mount Henry gold mining project. Panoramic Resources has a 70% stake in the project, and Matsa Resources has a 30% stake.

The Mount Henry project site is approximately 730 kilometres from Perth, Western Australia, in a resource-rich area just south of Kalgoorlie, which is home to Australia's largest open pit gold mine, which is known as the "Super Pit." The Super Pit is managed by the Kalgoorlie Consolidated Gold Mines (KCGM) and is 50:50 owned by Newmont Australia Pty Limited and Barrick Australia Pacific.

The Mount Henry project is correlated with two other identified resources, North Scotia and Selene. The general location of the resources forms part of the Eastern Goldfields region of Western Australia, where the tenement lies at the southern end of the Wiluna-Norseman Greenstone belt.

A positive for the project is that Mount Henry, North Scotia and Selene are all located on granted mining leases, which can eliminate some of the time needed to acquire necessary approvals to move a mining project from scoping to commissioning.

The scoping study produced by GR Engineering Services (ASX:GRES) (Perth) indicates that the project can expect to have an average annual production of just less than 120,000 ounces. Initial indicators estimate the life of the mine to be approximately seven years, based on the annual reported productivity. The initial estimated cost of the project is $195 million, which includes a contingency figure of $16 million.

A bankable feasibility study is under way and is expected to be finalized throughout the fourth quarter of 2013. Construction is expected to proceed for an estimated timeframe of about 15 months, commencing in the second quarter of 2014.

Industrial Info is currently tracking 63 gold plants associated with mines and processing facilities in Western Australia alone. Of these, 40 are in the commissioned stages and 23 in the pre-commissioned status.

In recent years, global gold prices, combined with a strong Australian dollar, have favoured exploration and processing of this precious metal.

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