Microsoft Word - 31 Mar 2016 BCN Quarterly Activities and Cashflow Report
ASX ANNOUNCEMENT
19 April 2016
MARCH 2016 QUARTERLY ACTIVITIES AND CASH FLOW REPORT
Beacon Minerals Limited (ASX:BCN) (Beacon or Company) is pleased to present its Quarterly Activities Report for the period ended 31 March 2016.
Highlights
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Halleys East rehabilitation and ore cartage is completed
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Beacon Executes Letter of Intent with Northern Star Resources
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High Grade Refractory Ore has been crushed, sampled and delivered to Kanowna Belle
Progress at Halleys East project
Rehabilitation work at the Halleys East project is complete and the tenement position reduced to the minimum size while maintaining the monitoring commitment to the DMP.
All infrastructure and equipment has been removed from the Halleys East mining site.
Figure 1 - Halleys East Pit - June 2015
LETTER OF INTENT EXECUTED
On 4 February 2016 the Company announced that it had entered into a letter of intent (LoI) with Northern Star Resources Limited (Northern Star) to process the Company's high grade refractory ore under an ore purchase agreement.
Northern Star operates the Kanowna Belle processing facilities (KB Facility) in the Eastern Goldfields region of Western Australia approximately 18km north of Kalgoorlie. The KB Facility has a successful history and has the capability to treat both refractory and free milling ores.
The LoI includes typical specifications for the ore being supplied, details pertaining to the delivery of the ore and other standard purchase terms. The transaction is conditional upon, amongst other things, Northern Star completing confirmatory testwork for gold recovery on the delivered ore.
Crushing and sampling of this ore commenced on 3 February 2016 and was completed on 18 February 2016. 12,199 DMT was crushed and delivered to the KB Facility.
Figure 2 - Commencement of Crushing and Sampling ‐ February 2016
SANDSTONE
Subsequent to the quarter end Exploration Licence 57/961 was purchased from Black Oak Minerals Limited. Previous exploration on this tenement by other parties will be reviewed during the June 2016 quarter.
CASH RESERVES
As at 31 March 2016 the Company had approximately $0.465 million in cash reserves.
CAPITAL STRUCTURE
As at the date of this report the Company has the following capital structure:
Fully Paid Ordinary Shares (BCN) 1,495,470,963
OTHER OPPORTUNITIES
The Company confirms its commitment to continue to pursue other opportunities in the minerals sector in Australia.
Should shareholders have any questions regarding Beacon, please feel free to contact Executive Chairman Geoff Greenhill or Managing Director Graham McGarry.
Geoff Greenhill Executive Chairman Beacon Minerals Ltd M: 0419 991 713
Graham McGarry Managing Director Beacon Minerals Ltd M: 0409 589 584
SCHEDULE OF MINERAL TENEMENT INTERESTS
Beacon Minerals Limited provides the following schedule of mineral tenement interests held by the Company for the quarter ended 31 March 2016 as required by ASX Listing Rule 5.3.
Beacon Minerals Limited Mineral Tenement interest as at 31 March 2016;
TENEMENT
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PROJECT/LOCATION
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INTEREST AT THE BEGINNING OF THE QUARTER
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INTEREST AT THE END OF THE QUARTER
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Halleys East Project
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L30/0057
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Evanston / Menzies
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100%
|
100%
|
L77/0243
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Lake Barlee
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100%
|
100%
|
M77/1254
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Halleys East Lake Barlee
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100%
|
100%
|
E77/0273
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Barlee
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100%
|
100%
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E77/2156
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Halleys East Lake Barlee (1)
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100%
|
100%
|
|
Sandstone West Project
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E57/0921
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Henning (2)
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0%
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0%
|
Summary of Terms:
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Option to acquire E77/2156 for $1,000 on or before 31 December 2015.
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Initial option period expiring 27.1.2016 with further option period of 12 months for a payment of $50,000 to 27.1.2017. $1.5m to exercise option.
JORC 2012
Probable Ore Reserves
The estimate of Probable Ore Reserves relating to the Halleys East deposit were first announced to the market on 30 October 2013. The Company confirms it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates in those market announcements continue to apply and have not changed.
Disclaimer
This ASX announcement (Announcement) has been prepared by Beacon Minerals Limited ("Beacon" or "the Company"). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this Announcement.
This Announcement contains summary information about Beacon, its subsidiaries and their activities which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Beacon.
By its very nature exploration for minerals is a high risk business and is not suitable for certain investors. Beacon's securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Beacon and of a general nature which may affect the future operating and financial performance of Beacon and the value of an investment in