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THL :Progress of Tungkum's Gold Project
THL 151-178 / 09 / 2003
10 September 2003
Director General
The Stock Exchange of Thailand
Dear Sir,
Progress report on Tungkum's gold project
Pursuant to providing an Information Memorandum (IM) consisting of independent
third party verification of the technical and economic viability of Tungkum's
resources and processing methodology, to meet the requirements of lending
institutions to obtain project financing, COMO Engineers Pty. Ltd., Australia,
an independent third party engineering consultant, has completed a report on
the processing methodology aspects. Resource verification was conducted by
Edward Brennan, a well experienced authoritative economic consulting geologist
from Australia and registered member of the Australasian Institute of Mining
and Metallurgy (AIMM).
The scope of the IM study was to determine if the immediate minable ore
resources (consisting of ore mining down to an average of 40 metres
depth - mineralisation extend to an average depth of 300 metres with one hole
extending to a depth of 600 metres with average grading of over 2.9 grams per
ton), would be adequate to repay proposed bank loans and recoup investments.
The study confirmed adequacy of said resource and also verified that proposed
phase I operations (open pit) can easily meet stipulated requirements.
Resource Tonnes Grade Contained gold
(grams/ton Au) (Oz.)
Proven Resource 1,452,000 4.49 209,630
Indicated 822,000 5.95 157,365
Inferred 2,213,000 3.25 231,000
Total 4,487,000 597,995
Economic results*
Project period for first stage : 4 years
Plant capacity : 365,000 tonnes per annum
Capital investment** : USD 17.8 million
Planned resource to be mined
over the first 4 years (average depth 40 meters): 1,452,000 tonnes
Gold production : 178,671 ounces
Gold price*** : USD 350 per ounce
Revenue from gold : USD 62.5 million
Net cash margin : USD 30.5 million
Internal rate of return 28 %
Payback period 2.19 years
Note:
*Initially, the pre-feasibility study was prepared on the resource of
3.47 million tons and project life was 10 years. However, the resource applied
in this report is 1.45 million tons (only the average mineable to 40 meters
depth) and not including the indicated and inferred resources of 3.04 million
tons covering approximately 4 sq. kilometres. Tungkum's mining leases (MLs)
and Mining Lease Applications (MLAs) cover a total area of 55.06 sq. kilometres.
Each mining lease is for 25 years and renewable if resources remain to be mined.
**Plant and infrastructure will have capability to process ore over a 25 year
period.
*** Current market price is USD 381 per ounce.
The project has Board of Investment privileges which includes (amongst others)
exemption of corporate income tax for 8 years and another 5 years at 50 percent
of normal rate.
Currently, the company is in final negotiations process with financial
institutions to complete project financing. The infrastructure construction
and engineering designs are in progress, and the company is sourcing plant
and machinery suppliers. The commercial operation is expected to commence
in the second quarter of 2004.
Please be informed accordingly.
Yours faithfully,
(Mr. Ronald Ng Wai Choi)
Managing Director