Resolute Mining has completed the Ravenswood Expansion Project Feasibility Study (REP Study) at its wholly owned Ravenswood Gold Mine in Queensland.
The study defines the company’s plans to complete the Mt Wright underground mine and extend mining operations at Ravenswood by recommencing open-pit mining in the Nolans East, Sarsfield and Buck Reef West pits.
The company’s Managing Director and CEO, Mr John Welborn, described the REO Study as “a tremendous achievement” for Resolute.
He said the Feasibility Study confirmed the viability of the company’s low risk, low cost development plan with robust economics that will extend the mine’s life for another 13 years.
“A year ago we were facing the prospect of closing our operations at Ravenswood when the Mt Wright underground reserves were exhausted,” Mr Welborn stated.
“We now look forward with confidence to a highly profitable 13 years mine life at Ravenswood as we return to open pit mining at Sarsfield and Buck Reef West.”
Ravenswood is a major gold field, having produced over 3 million ounces of gold. According to Mr. Welborn, Resolute now has ore reserves of 1.8 million ounces and total resources of 4.3 million ounces.
“Establishing a development plan to ensure a long life, low cost open pit operation to follow Mt Wright has been a key priority for our business,” he added.
“With the successful completion of the REP Study, Resolute is well placed to take advantage of the strong Australian gold price and continue our positive operating performance at Ravenswood and maintain our diversified production base between Australia and Africa.”