MILLENNIUM MINERALS LIMITED - ASX: MOY

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Description

Millennium Minerals Limited (ASX Code: "MOY") is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio includes gold resources of 1.1 million oz and a secondary molybdenum project.

A previously completed feasibility study has been updated that shows a viable green fields gold project could be developed at prevailing gold prices and economic condition. The Nullagine Gold project offers the Company a significant opportunity to explore and develop a 475,000 ounce (Ore Reserve) open pit based operations providing a valued return to shareholders during a time of economic uncertainty.

GOLD OPERATIONS

Results from the recently completed feasibility study indicate the following operational and financial metrics.

* Stage 1 Mining Ore Reserve of 10.45 Mt at 1.7g/t containing 567,000 ounces, using a cut-off grade of 0.5g/t.
* Initial mine life of 7 years, producing 504,000 ounces from CIL process plant.
* Process Plant and Infrastructure development capital cost $63 million.
* Owners cost $6.3 million, rehabilitation and closure $8 million (deferred).
* Native Title completed, final permitting largely complete.
* Inferred resource areas and depth extensions provide upside.
* Stage 2 scoping study to evaluate heap leach production from year 3.

Mine For

gold

Location of operation(s)

Western Australia

Address

Ground Floor, 17 Ord St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9216 9011

Email

Website

http://www.millenniumminerals.com.au/

Last Updated

18/03/2011