Dargue Reef Gold Mine Update - Majors Creek Braidwood

Further Developments - NSW Dargue Reef Gold Mine Story

News - Gold Mining In Australia - Nuggets
Event Date: 
9 Feb 2012

Cortona Resources clears approvals hurdle, moves towards Dargues Reef gold mine development.

Cortona Resources (ASX:CRC) has completed the approvals process for its 50,000 ounce per annum Dargues Reef gold mine near Braidwood, New South Wales.

The final approval by the New South Wales Land and Environment Court (LEC) allows the company to progress outstanding permitting requirements for the project.

Dargues Reef will be the first major new mine to be permitted in the state in over seven years and is expected to generate around 100 jobs during the construction phase and around 80 long-term jobs during ongoing mining and processing operations, many of which will be sourced from local communities.

The Definitive Feasibility Study completed last year confirmed the technical and economic viability of a start-up underground mining operation at Dargues Reef which is forecast to produce an average of 50,000oz a year at a C1 cash operating cost of A$697/oz (including a 10% contingency).

Cortona had recently signed an agreement with DRA Pacific for construction of the processing plant and has selected a preferred contractor to excavate the box cut.

Dargues Reef has a current JORC resource of 327,000 ounces of gold including a mineral inventory of 257,462 ounces at an undiluted grade of 7.24 grams per tonne.

This does not include the recent gold discoveries at Ruby Lode, Chinamans, Dargues West or Carmine, all of which are within 250m of the planned development.

The LEC decision follows agreements with Eurobodalla Shire Council, Coastwatchers Association and the South East Regional Conservation Alliance that resulted in some modifications to the mine operating conditions.

These are expected to impact the forecast production and capital cost at Dargues Reef.

Cortona Resources (ASX: CRC) holds a number of gold prospects in New South Wales including the Dargues Reef Gold Project at Majors Creek.

Thursday, February 09, 2012 by Bevis Yeo

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