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YTC RESOURCES LIMITED - ASX: YTC
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Description
On 18 June, YTC announced it had reached agreement to purchase a 100% interest in the Hera Project and an 80% interest in the adjacent Nymagee Joint Venture, from CBH Resources Ltd.
The Hera Gold Project and Nymagee Joint Venture are located approximately 100km south-east of the mining town of Cobar in central NSW and include the undeveloped Hera gold-base metal deposit.
The Hera deposit was discovered by Pasminco in 2001 and advanced to pre-feasibility by Triako Resources in the period 2002 to 2006. The Hera Project was acquired by CBH in the $70m takeover of Triako Resources in 2006.
The Hera acquisition is the culmination of a 2 year, Australia wide, project acquisition assessment by YTC, and Hera is considered an ideal project for YTC for the following reasons:
* The Hera deposit is an advanced, high grade gold deposit with base-metal credits capable of generating high margin production revenues.
* The project is located in a low-risk, established mining province close to YTC’s technical base in central NSW.
* The project represents an ideal fit for the company’s technical skills and capacity to rapidly develop a mining operation.
* The Project contains outstanding exploration upside, with the potential to significantly expand the existing resource.
Settlement of the purchase of the Hera Project and Nymagee Joint Venture occurred on the 22 September 2009 following a successful capital raising of approx. $25million.
YTC has subsequently commenced a major exploration campaign on the Hera Gold Project in parallel with a Definitive Feasibility Study (DFS).
Mine For
tin, copper, nickel, sulphur, lead, zinc, gold, silver, tungsten
Location of operation(s)
New South Wales
Address
2 Corporation Place
ORANGE, NSW, AUSTRALIA
Phone
(02) 6361 4700
Website
Last Updated
15/02/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.