DOM 0.00% $2.95 dominion mining limited

On track for 1st Gold pour on 9 Oct.

  1. 6,931 Posts.
    From the Dom website, announced 25 September

    DOMINION ON TRACK TO POUR FIRST GOLD AT CHALLENGER AS PLANT COMMISSIONING COMMENCES
    CHALLENGER GOLD PROJECT

    Dominion Mining Limited (ASX: DOM) is on track to pour the first gold bar from its 100% owned Challenger Gold Project in South Australia early next month after commencing plant commissioning at the new mine.

    Open pit mining for the Stage 1 Challenger Project has been underway since July with construction of final plant and infrastructure items nearing completion.

    Practical completion of the $17.8 million Stage 1 Project is now scheduled for the first week of October, with the first gold pour expected to occur on 9 October.

    Dominion¡¦s Managing Director, Mr Peter Alexander, said plant commissioning had commenced this week, with the plant to commence processing of ore drawn from the Run-of-Mine (ROM) stockpile of 25,000 tonnes grading 3.5 g/t

    ¡§Commissioning is proceeding well and we expect to be able to complete our ramp-up to full production during the first half of October,¡¨ Mr Alexander said. ¡§It is pleasing to note that we will successfully launch the Project on schedule and on budget.

    The Stage 1 Challenger Project will produce 105,000 ounces of gold over a 20-month operating period, at a cash operating cost of A$278 per ounce. This is expected to transition smoothly into a longer-term underground operation producing around 50,000 ounces a year.

    Mr Alexander reported that ¡§a significant exploration drilling program has commenced at Challenger. The program consists of a:

    13 hole diamond drill program on the current 350,000 ounce underground resource, to provide the detailed information for the underground feasibility study due for completion in August 2003;
    deep extensional hole planned to give further data as to the long term potential of the Challenger deposit; and
    25,000 metre RAB drilling program involving mainly systematic shallow drilling within a radius of around 5 kms of the Challenger plant to identify potential shallow open pittable gold resources¡¨.
    Dominion also today released its financial statements for the 12 months to 30 June 2002. The Company posted a loss of $3.7 million for year. This result included expensing of exploration and evaluation expenditure amounting to $3.3 million.
    As at 30 June 2002 a total of $12.7 million of expenditure on the Challenger Project has been capitalised to Dominion¡¦s balance sheet and will be written off over the life of the Project.
    The Company retained cash at the 30 June 2002 balance date of $8.8 million.


    Regards

    Desmond

    PS I hold DOM
 
watchlist Created with Sketch. Add DOM (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.