Comet Vale
This Project Summary was last updated 2009-12-18 09:20:37.
The Company’s main asset at the time of listing in December 2007 was its share of gold production from the Sand Queen mine at Comet Vale.
By participating in the Comet Vale Joint Venture, the Company’s objective is to fulfil its mine development and gold production obligations in order to earn 50% ownership of the Comet Vale tenements, located approximately 100kms north of Kalgoorlie.
The Comet Vale Joint Venture’s other partner is Reed Resource Ltd (50%), holder of the Comet Vale tenement package. Kingsrose is responsible for all costs of underground mining and development whilst Reed Resources Ltd is responsible for all ore transport and treatments costs as well as tenement management. Reed Resources is also responsible for all surface exploration of the tenements therefore the Company's costs are limited to any underground exploration, mine development and ore production costs.
Kingsrose is entitled to 60% of gold produced below a depth of 107 metres from the collar of the Sand Queen Main Shaft (i.e., below the 3 Level) and 50% of gold mined above this level. Kingsrose is required to produce 25,000 ounces of gold by the 31st May 2010 to earn it's registered interested in the tenements, totalling approximately 40km2.
NEWS FLOW...
April 8, 2010
New Gold Resource for Sand Queen Gold Mine
Resource increased to 186,000 oz Au.
Increase in grade from 8.6 to 10.8 g/t Au.
Robust geological model based on mine production.
More...October 30, 2009
Quarterly Report
Grade control sampling for Level 4 Hanging Wall Block 1 stope has returned an average mined grade (including dilution) of 17.0 g/t.
Approximately 6,100 tonnes @ 17.0 g Au/t of broken ore currently contained Level 4 Hanging Wall Block 1.
115 m of sub-level development was completed on Level 4 Sand George Foot Wall lode. Grade control sampling of the sub level has returned an average mined grade (including dilution) of 9.2g Au/t.
8,086 tonnes of ore grading 12.7 g Au/t stockpiled on the ROM pad ready for treatment.
Approximately AUD1.9m is expected in revenue from the sale of this parcel (Campaign 10).
More...October 16, 2009
Kingsrose to exit Comet Vale JV on favourable terms
Reed Resources will pay Kingsrose A$1M by October 31, 2009.
Kingsrose will continue to earn gold production, as per the current arrangement, from now until May 31, 2010.
Kingsrose will receive A$1M in cash in exchange for its mining equipment by June 30, 2010.
Kingsrose will receive A$2M equivalent in Reed Resources Ltd shares by June 3, 2010.
More...July 29, 2009
Quarterly Report
Over 205 m of development completed on the Sand Queen 4 Level to access the Sand George ore body.
90 m of level development in ore on the Sand George ore body completed.
Grade control sampling of Sand George Hanging wall Block 1 stope indicates average grade of 18.2 g Au/t.
3,197 tonnes of ore grading 12.5 g Au/t stockpiled on the ROM pad ready for treatment.
More...May 13, 2009
$20m placement completed successfully
Kingsrose Mining Ltd is pleased to announce that it has raised $20m via the placement of 100,000,000 fully paid ordinary shares at 20 cents per Share to clients of Southern Cross Equities.
The proceeds shall be applied towards:
- Completion of construction of the mine at the Way Linggo Gold project in Indonesia
- To fund repayment of the loans pursuant to the terms of the Loan Arrangements Deed pursuant to which the Company has obligations to fund the repayment of various loans made to its wholly owned subsidiaries connected to the Project.
- To fund site exploration during the construction phase for the Project; and
- General working capital requirements.
March 4, 2009
Comet Vale Gold Production Update
Approximately 5,656t of ore grading 9.21g/t Au has been sold to a third party. The financial results from the sale are dependent on the average gold price for the month of February.
A revised mine plan has forecast production to June 30, 2009 of 11,370t at 9g/t Au for 3,290oz Au.
The lower production forecast for the first six months of 2009 is due to refurbishment of the shaft between the 3 and 4 levels and development along 4 level.
Forecast production for the year 2009-10 is 36,500t at 11g/t Au for 12,900oz Au.
The new mine plan was completed following a revised resource estimate which increased the total Mineral Resource to 661,000t at 8.6g/t Au for 182,600oz Au.
More...December 22, 2008
Record Gold Grade from Comet Vale
The highest grade gold ore parcel produced so far from the Sand Queen Gold Mine has been sold.
The parcel of 4,055t @ 14.7g/t Au is 50% higher than the previous highest reconciled grade of ore treated or sold.
More...December 2, 2008
Gold Resource Increased by 34 per cent at Comet Vale
Gold resource is increased by 34% to 182,600oz of gold as a result of recently completed resource extension drilling.
The total Indicated and Inferred Mineral Resource now comprises 661,000 tonnes at an average grade of 8.6g/t Au for 182,600 ounces of gold.
The terms of the Joint Venture Agreement have been altered. Included in the variation is the increase in KRM's share of gold produced below the 3 Level to 60% - except if the grade is greater than 13g/t Au. Refer to the announcement for the full ammendment to the Agreement.
More...October 7, 2008
Record Production from Comet Vale
Record quarterly gold production of approx. 4,300oz was produced from the Sand Queen gold mine in the September Quarter from approx. 12,000t of ore grading 11.1g/t.
In addition, a resource extension drilling programme was completed.
Financial and assay results are expected to be available near the end of the month.
More...May 29, 2008
Gold Production Update
Fifth toll treatment campaign produces 1,466 oz Au (KRM share 700 ozs).
Underground production for May is expected to exceed 2,000 tonnes of ore for the first time.
A parcel of 5,196 tonnes, comprising 3,821t of stoping ore grading 10.85 g/t Au and 1,375g/t of development ore grading 3.3g/t, from the Sand George deposit has been processed at Higginsville Mining’s Greenfields plant at Coolgardie.
A total of 1,466 ounces of gold and 143 ounces of silver have been extracted of which 700 ounces of gold has been credited to Kingsrose.
Total gold production from the Comet Vale operation since underground mining resumed in 2005 has now exceeded 6,000 ozs.
The May 2008 ore parcel is the second parcel or ore from Sand Queen and Sand George that mostly originated from new stoping above the 3 Level.
More...May 29, 2008
Reed Resources Limited - Gold Production Update
More...February 8, 2008
Gold Production Update
A parcel of 4,190t, comprising 3,712t of stoping ore grading 10.66g/t Au and 478t of flushing material grading 2.45g/t Au from the Sand George deposit has been processed at Higginsville Mining's Greenfields plant at Coolgardie.
A total of 1,235oz of gold and 101oz of silver has been recovered of which 50% is credited to KRM.
The January 2008 ore parcel is the first parcel of ore from Sand Queen and Sand George that mostly originated from new stoping above the 3 Level and remnant stoping above the 2 Level.
More...January 31, 2008
Quarterly Activities Report
Kingsrose Mining Ltd listed on the ASX on December 7, 2007.
$6m raised in the IPO.
Kalgoorlie based specialist geological consultancy contracted for Comet Vale.
First group of overseas miners due to arrive in Febraury 2008.
Rail development on 3 Level completed; stope development above 3 level progressing.
Treatment of 4,000t ore parcel completed in January - awaiting final reconciliation.
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