Dear Shareholders and Colleagues, Welcome to Adelaide Resources Limited latest company announcement. BARNS SCOPING STUDY INDICATES ECONOMIC POTENTIAL ? EYRE PENINSULA GOLD PROJECT, SA Summary Further scoping studies on the Barns gold deposit, based on an updated mineralisation model and incorporating high level operational parameters and cost assumptions, concludes that Barns has potential to support mine development scenarios. ? In-house revision of the 3-D mineralisation model for Barns reveals two flat lying supergene gold zones overlying stacked sub-parallel primary lodes. ? Independent experts Mining Plus Pty Ltd and Maptek Pty Ltd have then respectively completed 3-D block modeling and estimation of a (non-JORC) mineral inventory,
and run first pass pit optimisation studies of the deposit. ? At an A$1,500 per ounce gold price and appropriate capital, recovery and operating cost assumptions, the study indicates positive economic potential and identifies the improvements necessary to generate robust economics. ? While this scoping study is at a very high level, the results provide confidence to advance the project. ? Estimation of a mineral resource and metallurgical investigations are logical next steps, while the delineation of additional resources at Barns and nearby prospects including Baggy Green could materially improve the project. Click here to download the full announcement (PDF 1.5 MB). Should this link not open, go to the Adelaide Resources Limited website at: www.adelaideresources.com.au and follow the link in Recent News. |