Blackham Resources Ltd.: Gold Price Risk Mitigation
The initial expiry date on the forward sale is 2 August 2016 and the gold put options 9 August 2016. It is intended as the Matilda Gold Project progresses towards commissioning the forwards will be rolled out against first 6 months production to minimise gold price risk exposure as we de-risk the operations.
Commenting on the hedging, Blackham's Managing Director, Bryan Dixon, said:
"I am pleased that Blackham has been able to secure gold price protection at near record highs prior to production commencing. This hedge provides certainty over the Matilda's revenue as it quickly transitions to 100,000ozpa production. The initial price protection is modest but greatly reduces start up risk as the Company continues development of the Matilda Gold Project."
Matilda gold production is on track for the Sept 2016 quarter.
About Blackham Resources Ltd:
Blackham Resources Limited (ASX:BLK), a Western Australian resources company, is focused on exploration and development at the Matilda and Williamson Gold Mines in the Wiluna gold belt of Western Australia. The Matilda Gold Project incorporates over 780 square kilometres of tenements including Regent and the Matilda and Williamson Gold Mines containing total JORC 2012 resources of 44Mt @ 3.3 g/t for 4.7 Moz ounces of gold. These tenements cover around 45 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine & Coles Find Sequence has historically produced 4 million ounces of gold.
Contact:
Blackham Resources Ltd
Bryan Dixon, Managing Director
T: +61-8-9322-6418
E: info@blackhamresources.com.au
www.blackhamresources.com.au
Tony Dawe, Professional Public Relations
T: +61-8-9388-0944