BCD RESOURCES-TASMANIA MINE

BCD Resources NL is an Australian listed metals producer and has a processing facility situated at Beaconsfield in Tasmania. The Company is focused on the development and evaluation of the economics of treating gold deposits and investigating longer term utilisation of the Beaconsfield processing facility, including processing of ore from future pr... ojects. The Stormont deposit is a skarn-style gold-silver-bismuth deposit located in northern Tasmania, 40km south of Devonport and 130km by road to Beaconsfield. It is a shallow, keel-shaped deposit, with mineralisation commencing at surface and extending to around 40m depth. A small open cut mine was operated historically for bismuth, but the majority of the deposit is undeveloped. It lies on exploration licence EL42/2010 and is held by Torque Mining Ltd (90%) and Frontier Resources Ltd (10%). Previous metallurgical testwork indicates that the gold is free-milling and that high recoveries should be achieved from Carbon-In-Leach (CIL) processing. A 50/50 Joint Venture has been formed which allows for the completion of a feasibility study, with BCD as the manager and operator, and for BCD to then develop and process Stormont ore. The Lorena Gold Project is wholly owned by Malachite and is located about 15km east of Cloncurry in northwest Queensland. Malachite and BCD propose to establish an unincorporated joint venture to develop and operate the project and to transport the concentrate produced at Lorena to BCDs processing facility situated at Beaconsfield in Tasmania for final treatment and production of gold doré. BCD will be the manager of the Joint Venture and be responsible for all development, operating and management functions. The Joint Venture will operate on the existing granted mining leases at Lorena (MLs 7147 and 90192 96) and will apply to all open cut and underground resources within the mining lease area. BCD is required to solely fund the development of the project to the point of commercial production, including construction and commissioning of a ...Read More