Highlights
-- Definitive Feasibility Study (DFS) underway with major contracts awarded to Hatch, a global engineering firm and Foraco, a global drilling company
-- Representative large diameter core samples obtained from significant diamond drilling programme
-- Metallurgical testwork program underway with bulk samples sent internationally for testwork
-- Continuing data collection for Environmental Baseline Studies to support permitting and approvals
-- Major survey data collected, including geotechnical, LIDAR and access routing surveys
-- Appointment of Mr Sam Chee as Strategic Advisor to assist with project financing
-- Mr Jim McKerlie and Mr Paul White appointed to the Board as Non-Executive Directors
Magnetite Mines’ Executive Chairman and CEO, Peter Schubert, commented:
“In this last Quarter, your Company has made significant steps towards our goal of becoming a robust, high-grade iron ore business as we progress our Definitive Feasibility Study (DFS).
The DFS study work is on track to arrive at a go-forward mine plan that will provide the optimal commercial business case across a range of iron ore pricing scenarios. Importantly, the DFS envisages a capital-efficient, long-life mine producing an attractive, high-grade iron ore product. Iron ore grade is becoming increasingly significant to steelmakers globally as they look toward energy-efficient steel production, with premiums for higher-grade ores continuing to reflect this position.
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