Presentation by Geoff Lowe, Managing Director of White Rock Minerals Limited (ASX:WRM) at the Investor Presentation SymposiumExcerpt from presentationOur main project is the Mt Carrington project in northern New South Wales. We purchased the project in 2008 and it covers an abandoned gold and silver field. We recognise the field to host more resources, it was initially mined in the 1980s and we’ve spent the last 15 months defining a much bigger resource base.
Quite an exciting future here, in tandem with resource drilling, we’ve undertaken a lot of regional exploration and have quite a few targets to test over the next 12 to 24 months. We’re a young company having listed in 2010 after demerging from Rex Minerals Limited and believe White Rock is a good investment proposition.
We currently have 82 million shares on issue, cash at the end of December about $4.5 million and no debt. Our resource base is about 730,000 ounces of gold equivalent at today’s prices, about 280,000 ounces of gold and just over 23 million ounces of silver. Our market cap’s about $12 million and enterprise value about $7.5 million. So quite cheap ounces, EV per ounce is about $10. In terms of gold and silver, it’s about $40 per gold ounce and about 40 cents per silver ounce.
Our Board and management are all very experienced mining professionals. Brian Phillips is a mining engineer with about 20 year’s corporate experience. I’ve been a geologist for 25 years and MD of White Rock for two years. Prior to that, I was exploration director at Rex Minerals. Steve Olsen is a mine geologist with about 20 years’ experience and is Managing Director of Rex Minerals. Rohan Worland, our exploration manager, has fantastic experience with epithermal deposits.
Mt Carrington is located between Lismore and Tenterfield on the Bruxner Highway in northern New South Wales. We purchased the project under Rex Minerals and estimated a resource based on historical drilling of about 190,000 ounces of gold and 10 million ounces of silver. We spun the project into White Rock Minerals in 2010 and have spent the last 12 months drilling to update and increase that resource.
Our analogous in Australia are Pajingo, Cracow and Mt Carlton which is quite similar to Mt Carrington - all are in north Queensland. There are not a lot of epithermal deposits in northern NSW apart from Mt Carrington, so we are quite unique. Our resources sit on granted mining leases which are current until 2020. We have a mine operations plan in place and good land access. We have a water dam, tailings dam, high voltage power to site and are situated 90 minutes from Ballina or Byron Bay. Everyone in the district is supportive of the development and can see potential for jobs and increased regional services, once we get into production.
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