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  • Cleveland Mining Company Advancing Towards Share Placement  0 comments
    Feb 12, 2013 8:26 PM

    Cleveland Mining Company (ASX: CDG) has requested a voluntary suspension from the ASX regarding a planned share placement expected to be made by the company.

    The company is progressing its flagship Premier Gold Mine in Brazil towards becoming cash flow positive.

    Recent gold recoveries have been 10‐20% above budget from the gravity circuit while the opening of ore faces has significantly expanded Cleveland's knowledge of the ore‐body during the last few months of mining.

    The Premier Gold Mine is held as a 50:50 Joint Venture with Edifica Participacões.

    It is located in an area that is very close to the town of Crixás with a population of 20,000 people, and includes gold mining infrastructure that supports operations at the Serra Grande Gold Mine.

    Premier is a high potential brownfields gold project that is part of the Crixás Hub of 15 concessions that cover about 150 square kilometres, and contains an Inferred resource of 1.95 million tonnes at 1.42 grams per tonne for 89,000 ounces of gold.

    This resource was defined from historical data and a limited drilling program that evaluated a very small portion of the total project.

    Premier is expected to produce 20,000 ounces of gold per year, at a cash cost of around $450 per ounce with production doubling within a year.

    The voluntary suspension is expected to remain in place until the earlier of Thursday 14 February 2013 or the release of an announcement.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China

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