Sandfire Resources Accelerates Thaduna Cooper Mine Project's Development in Yerrida Basin

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Researched by Industrial Info Resources Australia (Perth, Australia)--The positive findings from the Thaduna Cooper Mine Project's scoping study has attracted a new joint venture investor, Sandfire Resources NL (ASX:SFR) (Perth, Western Australia), to accelerate the project's development. The Thaduna Cooper Mine is located in the Yerrida Basin, approximately 105 miles (170 kilometers) northeast of Meekatharra and 24 miles (40 kilometers) east of Sandfire's DeGrussa Copper Project.

Sandfire has reached an agreement with Ventnor Resources Limited (ASX:VRX) (Perth, Western Australia) to secure up to 80% interest in the Thaduna Copper Mine Project. Currently, Sandfire has acquired a 35% interest with an upfront payment of $2.72 million (AUD$3 million). According to the joint venture agreement, Sandfire will acquire the remaining 45% interest by further expenditures $5.43 million (AUD$6 million) through two stages within a four-year period.

Stage I involves funding up to $2.72 million (AUD$3 million) of expenditures within two years to earn a further 16% of interest, for a total of 51%. Stage II involves funding a further $2.72 million (AUD$3 million) to earn another 29% interest, for a total of 80%.

The joint venture agreement has allowed Sandfire to manage the project's feasibility study, pre-development and operations. Furthermore, Sandfire will manage the toll treatment at its DeGrussa operation.

The Thaduna Cooper Mine Project development requires the construction of two open pit mines--Thaduna and Green Dragon, which is a crushing circuit and a flotation circuit. The Green Dragon mine is located approximately 3 miles (5 kilometers) north of Thaduna. The annual capacity of the flotation circuit will be 500,000 tons. It is estimated to produce 15,000 tons of copper concentrate annually.

The Thaduna Cooper Mine will eventually expand to an underground operation, with an estimation of addition 250,000 tons of ore annually.

The development of the Thaduna Cooper Mine Project also requires supporting infrastructure facility, including an accommodation camp with a capacity for 100 people.

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