Panoramic Resources Redevelops Mount Magnet Gidgee Gold Mine and Processing Plant

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Researched by Industrial Info Resources Australia (Perth, Australia)--Panoramic Resources Limited (ASX:PAN) (Perth, Australia) is finalizing the bankable feasibility study (BFS) for the Gidgee Gold Mine and Processing Plant redevelopment project. The final outcome of the BFS is expected by December 2013, and construction is scheduled to commence by mid-2014. Completion expected in September 2015.

The Gidgee Gold Mine is located approximately 640 kilometers northeast of Perth, with Mount Magnet the closest town. The existing infrastructure at Gidgee Gold Mine, which has a capacity of 600,000 metric tons per year, consists of tailings storage facilities and road access, as well as an accommodation camp. All these facilities are under care and maintenance.

The required works for the project redevelopment include extending multiple abandoned aboveground mines; establishing an underground operation by using the long-hole, open-stoping mining method; and constructing a new crushing/processing plant with carbon-in-leach and gravity circuit. The annual capacity of the new processing plant will be 1 million metric tons. It is estimated to produce approximately 87,000 ounces of gold concentrate annually.

The capital cost of the Gidgee Gold Mine redevelopment is approximately $120.98 million, which includes the power station and accommodation camp facility. A 10-megawatt power station, consisting of multiple high-speed reciprocating diesel generators and a diesel storage facility, will be constructed on a build, operate, own and maintain (BOOM) basis. The completion of the power station is expected to coincide with the mine's first production, which has been scheduled for September 2015.

As part of the Gidgee Gold Mine redevelopment, the existing accommodation camp, with capacity for 80 people, will be refurbished and expanded to accommodate an additional 30 people. The refurbishing and expansion work for the accommodation camp is expected to be complete by October 2014.

Engineering design and contracting services firm CPC Engineering Pty Limited (Perth, Western Australia) is working with Panoramic Resources Limited for the BFS. CPC Engineering anticipates winning the award as the engineering, procurement and construction (EPC) contractor for the Gidgee Gold Mine project redevelopment.

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