Argent Minerals Limited (ASX code: ARD) announced that it has received the $540,000 in claim funds from the Federal Government’s Research and Development Tax Incentive Scheme.
According to the company’s ASX media release, the claim funds in question are in connection with a number of much needed technical development activities in the financial year ended June 2013.
These technical development activities were aimed at the completion of the Kempfield Project in New South Wales.
“We commend the Australian Government’s continued support of research and development activities by junior mining companies such as Argent Minerals in the technically challenging environment in which we operate,” said David Busch, Managing Director of Argent Minerals.
“These funds will be strategically applied to support the Company’s activities toward our goal of becoming a significant Australian mining operation, including the massive sulphide target diamond drilling program set to start shortly at Kempfield,” added Mr. Busch.
Argent Minerals Limited is a publicly listed Australian company with a 100% interest in the silver and gold project at Kempfield, New South Wales.
According to the company, work is currently underway on the preparation of an EIS and a feasibility study for the first stage of the Kempfield project. This undertaking is set to involve heap leaching of 8.8 million tonnes of mainly oxide and transitional material in order to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life.
Argent Minerals Limited is also earning up to a 70% interest in two other New South Wales projects – gold at West Wyalong and base metals at Sunny Corner.
The Federal Government’s Research and Development Tax Incentive is a targeted, generous and easy to access entitlement program that helps businesses offset some of the costs of doing research and development while also stimulating innovation.