TriAusMin (ASX: TRO, TSX: TOR) has appointed mining veteran Dr James Gill as its chairman replacing Bill Killinger who will remain a director of the company.
Gill has over 40 years of experience in the mining industry including 26 years as the founder and chief executive officer of Aur Resources, which was acquired by Teck Resources in 2007.
Based in Canada, he will assist TriAusMin managing director Wayne Taylor in the management of the company's increasing investor relations and financing activities in North America.
Killinger had stepped down from his position to allow the company to appoint a Canadian-based chairman.
The company is advancing its Woodlawn Tailings Retreatment Project in New South Wales towards the construction phase.
Located 250 kilometres southwest of Sydney and 55 kilometres north of Canberra, Woodlawn is located in proximity to other known polymetallic deposits in the region with expansion potential - like the 35,000 tonne at 2% copper, 2.6% lead, 4.2% zinc, 95g/t silver and 1.8g/t gold Cowley Hills Mine.
Woodlawn requires about $93 million of development capital required to achieve production at the rate of 4,300 tonnes per day for a mine life of 7.5 years.
This operation will produce about 22,050 tonnes of zinc, 5,250 tonnes of lead, 3,080 tonnes of copper and 295,000 ounces of silver annually, with payback of the start‐up capital in 3.8 years at forecast metal prices.
The pre‐tax internal rate of return for the project is over 30% on this basis.
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