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YTC Resources Appoints Mark Milazzo To The Board

YTC Resources (ASX: YTC) has appointed former Olympic Dam general manager Mark Milazzo as a non-executive director as it moves towards a possible late 2012 start of production at its Hera Gold Project.

Milazzo is a mining engineer with 30 years experience in both surface and underground mining operations.

Besides his time at Olympic Dam, he was also general manager of Kambalda Nickel Operations with WMC Resources as well as general manager with mining contractor HWE Mining.

Meanwhile, Stephen Woodham - one of YTC's founders - has resigned as a director of the company.

Hera, which could be in production by late 2012, has been confirmed as a financially and technically robust project, with a Definitive Feasibility Study already completed.

It has already received New South Wales Government approval, which provides conditions for the construction and establishment of an underground mine and surface processing operations.

The project is expected to generate gross revenues of around A$510 million in Stage 1 at very low costs of just $395 per ounce after lead and zinc credits.

This will be produced from a Reserve of 423,471 ounces gold equivalent at 7 grams per tonne (g/t), and a Resource of 677,200 ounces gold equivalent at 8.6g/t.

Hera is also open to the north and south, providing the potential for future discoveries which could deliver additional ounces - extending the mine life and improving the economics.

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