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Millennium Minerals Ltd, Nullagine Gold Project Life-of-Mine Update

-  Mining inventory included in the LOM now stands at 481,000 ounces, including the Ore Reserve of 465,000 contained ounces, treatment of medium grade stockpiles and some Inferred Mineral Resources likely to be mined.
The plan forecasts mining and processing 9.8 million tonnes at an average grade of 1.52 g/t Au to recover 426,000 ounces, at an average metallurgical recovery of 89%.
-  Higher mill throughput of 1.6 million tonnes per year.
-  Forecast LOM mine level cash flow of $171 million2, using a spot gold price of US$1350/oz and exchange rate of $US0.90 : $1.00 and the average hedged gold price of $1594/oz (for 72,000 ounces.)
-  Project before tax, pre-debt, NPV (7% discount rate) of $144 million.
-  Average LOM cash (C1) costs of A$989 per ounce and sustaining cash cost of $1,160 per ounce.
-  Using the above prices, an average LOM gross operating margin (Project level) of A$527 per ounce.
-  FY2014 production is estimated at approximately 76,000 ounces at a C1 cash cost of A$975 per ounce and a sustaining cash cost of A$1140 per ounce.
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