ABM Resources NL Annual Report Year Ended 30 June 2014
20.08.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - ABM Resources NL operations in 2013-14 focused around the trial mining activities at the Old Pirate High-Grade Gold Deposit, which is part of the wider Twin Bonanza Gold Camp Project. During the financial year ABM:1. Procured, installed and commissioned a small scale pilot plant at site.
2. Conducted mining in the top 5 metres from 13 trial pits.
3. Successfully completed trial mining and processing with:
a. 8122 tonnes processed.
b. 86% of gold recovered using gravity only methods.
c. 15.4g/t gold head-grade.
d. 3454 ounces of gold produced.
4. Commenced infill and extensional drilling at Old Pirate.
5. Increased the footprint in the Central Desert with acquisitions of new exploration licenses.
Furthermore, the company progressed towards full-scale mining with the granting of the Mineral Lease and the approval of the Environmental Impact Statement. Subsequent to year end, ABM completed an agreement, subject to conditions precedent, with Tanami Gold NL to access their Coyote Processing Plant for processing of Old Pirate ore.
On a corporate and strategic level, ABM
1. Negotiated a loan ($10 million) and bond facility ($3 million) with ANZ, the loan facility remains undrawn.
2. Added a new strategic investor to the register with Pacific Road Capital raising gross proceeds of $19.6 million, and
3. Undertook a one for fifteen share consolidation.
STRATEGIC OBJECTIVES
During the year the board reviewed its strategic and risk management plan, both of which are subject to continuous assessment. Key strategic objectives and milestones for the 2014/15 year include:
1. Advancing the Old Pirate High-Grade Gold Project to mining, commissioning and production under the Coyote Gold Plant lease agreement.
2. Continued studies and extensional work at the Buccaneer Porphyry Gold Project.
3. Continued exploration on the wider Twin Bonanza Gold Camp Project targeting high-grade vein systems to supplement long-term mining inventory for the project.
4. Continue to generate and test multiple regional targets.
5. Continue to support our alliance partner, Independence Group NL at Lake Mackay, in their regional exploration activities.
6. Continuous improvement in OH&S, environmental management and community relations.
To view the annual report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-688258.pdf
About ABM Resources NL:
ABM Resources (ASX:ABU) is an exploration Company developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade potentially short-term production scenarios such as the Old Pirate high-grade gold project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion gold project.
In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project, and the recently announced proposed divestment of the North Arunta projects to Clancy Exploration Ltd.
Contact:
ABM Resources NL
T: +61-8-9423-9777
F: +61-8-9423-9733
www.abmresources.com.au