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Richmond Mining is focused on the development of the Company’s 100% owned Buena Vista magnetite project. Located in the mining friendly state of Nevada in the United States the project offers investors a low risk entry into an emerging steel mill feedstock.
The United States provides mining companies with well situated and established infrastructure with road, rail and port facilities all in place. For Buena Vista, this established infrastructure reduces the development costs by well in excess of a billion dollars and significantly shortens the time taken to get the project into production.
Richmond has already completed the definitive feasibility study and is now engaged in discussions with banks and other potential providers of finance for the development of Buena Vista. In conjunction with an active programme to secure the remaining mining and environmental permits Richmond anticipates that production will commence within 12-15 months of the securing of final finance. At this stage the first half of calendar 2013 is the targeted date for the commencement of production.
Inclusive to the many advantages inherent in BuenaVista are the low capital cost, the very low risk political environment, the cash costs which are equivalent to or better than the majority of emerging magnetite producers and the relatively short time to production. The project also represents a much lower operational risk than most emerging producers because of the proposed scale of production.
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Total Indicated JORC Resources for the West Deposit (which is the deposit the DFS is based on) are 65.1 million tonnes grading 22.5% Total Fe
|
Domain |
Volume (m3) |
Tonnes |
Total Fe % |
Average Density |
|
High Grade |
883,844 |
3,346,849 |
48.7 |
3.79 |
|
Medium Grade |
5,626,234 |
18,056,888 |
29.7 |
3.21 |
|
Mining Envelope |
3,643,336 |
10,694,397 |
20.7 |
2.94 |
|
Low Grade |
11,771,377 |
33,042,310 |
16.5 |
2.81 |
|
GRAND TOTAL |
21,924,791 |
65,140,444 |
22.5 |
2.99 |
The estimated JORC Ore Reserve based on a 9% Fe cut-off grade is 59.0 million tonnes grading 21.7% Total Fe.
In addition to the West deposit, the broader area of the Buena Vista Project contains other magnetite JORC resource estimates, which are based on historic diamond drilling and are tabulated below.
|
Deposit |
Category |
Tonnes |
% Magnetic Fe |
% Total Fe |
|
South Central |
Indicated |
37,000,000 |
18.6 |
21.9 |
|
East |
Indicated |
19,000,000 |
17.9 |
21.1 |
|
Section 5 |
Inferred |
6,000,000 |
20.0 |
23.5 |
|
Section 5 East |
Inferred |
4,000,000 |
11.8 |
13.9 |
A number of exploration targets have been identified by previous explorers and Richmond as a result of reconnaissance drilling and aeromagnetic data interpretation and field mapping.
|
Prospect |
Tonnes |
% Magnetic iron |
% Total Fe |
|
BV-D |
10-18,000,000 |
16-20 |
19-24 |
|
A5-1 Anomaly |
80-110,000,000 |
16-20 |
19-24 |
|
A-10 Anomaly |
70-90,000,000 |
15-20 |
18-24 |
|
Iron Horse |
1-3,000,000 |
- |
59-68 |
Note: 15% magnetic Fe cut off grade (magnetic Fe is 85% of total Fe).
The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a JORC compliant Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.
In addition there are, based on historic studies, approximately 800,000 tonnes of run of mine stockpiles grading an average of 28% available within the proposed mine area. These stockpiles are the lower grade remnants from the high grade mining of Buena Vista that was carried out during the 1950’s.
