Canada Newswire
Newcrest Mining Ltd yesterday released the technical report
on the Wafi-Golpu Property in Morobe province, Papua New Guinea,
prepared in accordance with the requirements of Canadian National
Instrument 43-101.
Release of the report follows completion of the
Golpu technical pre-feasibility study and the announcement to the
market of a significant upgrade to the Golpu ore reserve estimate on August 29, 2012.
The Golpu deposit forms part of the Wafi-Golpu Project (the Project)
located approximately 65km west of Lae, in the Morobe province
of PNG.
Newcrest and Harmony Gold Mining Company Ltd (Harmony) each
have a 50% interest in the Project.
The Wafi-Golpu Project remains a
highly prospective exploration area, and exploration drilling on
multiple targets continues.
The Golpu pre-feasibility study confirmed Golpu as a world-class deposit
with an expected mine life in excess of 25 years and projected unit
cash costs at the bottom of the industry cost curve.
The pre-feasibility study also identified several factors with the
potential to improve production, grade and metal recoveries for a Golpu
development beyond that assumed and already modelled, including the
potential for higher grade and recovery in Lift 1, improved overall
gold recoveries, accelerated production ramp up and higher mining and
processing rates, and the potential for an additional mining lift based
on high grade drill intercepts recorded below the existing ore reserve.
The joint venture participants are currently engaging with key
stakeholders, including government and landowner representatives, to
ensure alignment on the planned project development and key elements of
the next phase of work, and anticipate commencing the feasibility study
in the first half of 2013.
A copy of the report can be found on Newcrest's website: www.newcrest.com.au; and on SEDAR: www.sedar.com.
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