- KBL Mining Ltd (KBL) focused on replenishing its balance sheet during 2H’FY12 through a Share Purchase Plan (SPP) and a Private Placement. The SPP raised $6.7 million with 35.3 million shares issued at $0.2057. The Private Placement involved the issue of 8.8 million shares at $0.25 to raise $2.2 million.
- On 14 May 2012, the company announced the placement of a further 48,924,000 shares to raise $8,317,080. The capital raised will be used to improve operations at the Mineral Hill Project as well as assist with the completion of the environmental permitting and Bankable Feasibility Study for the Sorby Hills Project.
- On 4 June 2012, the company announced a Maiden Copper/Gold Resource at the Iron Duke Project. The company announced an Inferred Resource of 1.3Mt at 1% copper and 0.6g/t gold at a 0.5% cut- off. The company intends to transport the ore to the Mineral Hill processing plant. There remains undrilled targets along the strike, which provide the potential for valuable open cut ore feed to Mineral Hill.
- On 4 May 2012, the company announced that gold and silver recoveries at the Pearse Project can reach 90% and 75%, respectively, with final results expected at the end of the June quarter. Given the higher recoveries, a new Resource Estimate at a lower cutoff grade is planned, which is expected to increase the Inferred and Indicated tonnage.
- A Bankable Feasibility Study (BFS) for the Pearse Mine is expected to be completed in the near term, with production to commence in 1Q 2013. Annual production of 20,000 ounces of gold and 165,000 ounces of silver is expected for an initial period of two and a half years.
- The first shipment of copper concentrate to Daye Non-Ferrous Metals Co. Ltd (DNMC) left Botany Bay on 29 May 2012. The shipment of approximately 1,160 dry metric tonnes is the first of the 20,000 tonne supply agreement with DNMC over the coming 12 months.
- Appointment of new CEO – On 20 March 2012, Anthony (Trangie) Johnston was appointed CEO. Mr. Johnston has been the Chief Geologist at KBL since April 2011. Mr. Johnston has over 15 years’ experience which extends across a range of commodity types, geological terrains and operating mines both domestically and abroad.
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