Panoramic Resources Limited (ASX: PAN) – $0.145

18 Mar 2016

Panoramic Resources Limited (ASX: PAN) has reported results for a Free Milling Scoping Study at its 100% owned Gum Creek Gold Project located in the East Murchison Province of Western Australia (Figure 1).

 

PAN Gum Creek Pits

Figure 1. Gum Creek Gold Project open pits

 

 

The Study is based on mining open pit resources from the Swan, Swift and Howard deposits and processing the ore through a new 800ktpa carbon in leach processing plant. The processing plant is expected to produce approximately 290koz of gold over an initial six year mine life at an all in sustaining cost of A$1,209/oz gold.

 

The Study assumes a maximum cash drawdown of A$62 million that includes construction of a new processing facility, associated infrastructure and open pit predevelopment. Based on A$1,700/oz gold (equivalent to US$1,275/oz gold and exchange rate of A$1:US$0.75) the Project generates a pre-tax cashflow of A$82 million (after royalities).

 

The key outcomes of the study include:

PAN Gum Creek Study

 

 

The company has commenced a sales process for the Project, however in the interest of its shareholders it is reviewing the option to retain and develop the Project. The company has commenced detailed design and optimisation for a Feasibility Study along with seeking funding terms for the Project.

 

 

For further information, visit www.panoramicresources.com

 

 

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