Blackthorn Resources Limited (ASX:BTR) is an Australian-based resources company that is unearthing value from a diverse portfolio of base and precious metal projects in Africa.

The high-grade Perkoa Zinc Mine in Burkina Faso is currently under construction and targeting full production in second half of 2012. Joint venture partner Glencore International is managing and operating the mine, as well as funding mine development.

Blackthorn Resources is exploring for gold in Burkina Faso and an initial gold resource was defined at the Guido Prospect during 2010. Grassroots exploration of the Company’s extensive exploration permits is at an early stage and numerous targets remain to be thoroughly drill tested.

In Zambia, the Mumbwa Copper-Gold Project  is exploring for large Iron Oxide Copper-Gold (“IOCG”) deposits, similar to the style of mineralisation found at the Olympic Dam and Prominent Hill mines in South Australia, and the Ernest Henry mine in Queensland. Drilling has delineated an initial Inferred Mineral Resource of 87 million tonnes at 0.94% copper (using 0.5% Cu cut-off) at the Kitumba Prospect. Joint venture partner BHP Billiton progressed further drilling on the Mutoya-Mushingashi anomalies in 2010 prior to amicably announcing their intention to withdraw from the JV in 2011. Blackthorn Resources now owns 100% in the Mumbwa Project.

Blackthorn Resources (ASX:BTR)

Company Directors

Mr Derek Carter (Non-executive Director)
Mr Michael Oppenheimer (Non Exec. Director)
Mr Mr William Cash (Non Exec. Chairman)
Mr Nicole Bowman (Non Exec. Director)

Contact Information

Phone: (02) 9357 9000
Email: info@blackthornresources.com.au
Website: http://www.blackthornresources.com.au/
Address
Level 5, Suite 502, 80 William Street, NSW, SYDNEY, AUSTRALIA, 2011

Media Releases see all media releases

Blackthorn Resources Ltd, Board Approves Participation in Perkoa Expansion Increasing Plant Capacity by 40% and Adding Lead and Silver Circuit, at Perkoa JV Project
12 Jul,2012 09:25 AM

KEY POINTS

- Blackthorn Resources’ Board has given approval for its participation in the expansion of the Perkoa JV Project.

- The expansion improves the economics and risk profile of the project to the Company via unit cost reductions, commodity diversification, and increased production volumes.

- Funding for incremental investment via additional USD 40M project finance facility to be provided by Glencore to the Joint Venture (JV).

- Total project finance for the project will increase to USD 70M, including the original USD 30M senior facility, following finalisation of the funding facilities.

- Subject to finalisation of the funding facilities in the form currently negotiated, following completion of construction works and receipt of sufficient sales proceeds, a USD 5M special dividend will be payable to the Company from 50% of available free cash flows generated from zinc, lead and silver sales.

Blackthorn Resources Limited (ASX:BTR) (“the Company” or “Blackthorn Resources”) is pleased to announce that the Board of Directors has given approval to participate in the expansion proposal provided by Glencore International (Glencore) for the Perkoa JV Project in Burkina Faso, West Africa.


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