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Convergent Minerals Ltd, Quarterly Activities Report and Scoping Study Update to 30th June 2013


-  Early positive scoping results have concentrated the company’s efforts to move towards rapid transition to the underground development of the Blue Vein mine at Mt Holland

-  Scoping studies to date indicate that Blue Vein and Van Uden are both viable development options

-  Indicative positive cash-flow from the first 3 years of underground operations at Blue Vein in excess of $40 million

-  The initial underground mine life of 3 years at Blue Vein is currently constrained by drilling. With the highest gold grades being in the deepest drill holes, further drilling is anticipated to significantly increase mine life

-  Based on current contractor mining rates and CIL processing, early studies indicate total cash costs of production of around AUD$800/ounce

-  Work continues on optimizing capital costs of processing plants, including the use of modular CIL components and CVG’s existing infrastructure where applicable

-  Core processing plant infrastructure and services (power, water, roads, processing ponds and tailings storage facilities) are already established and will significantly reduce the expected capital cost requirements.

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