ASX ANNOUNCEMENT
29 July 2016
JUNE 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 30 June 2016.
Highlights - Subsequent to the quarter end
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Beacon Executes Ore Purchase Agreement
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Beacon Completes Sale of Refractory Ore to Northern Star
Sale of Refractory Ore
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.
A lengthy, but necessary, metallurgical testing program followed.
The Company advised on 13 July 2016 that it had entered into an agreement with Northern Star to purchase Beacon's high grade refractory ore under an Ore Purchase Agreement.
A total of 12,199 tonnes of gold was sold to Northern Star at $611.87 per tonne, nett of all costs. The average grade of the parcel was 15.53g/t with a metallurgical recovery of 87.5%.
Managing Director Graham McGarry commented:
"The completion of the ore purchase agreement further highlights the success at Halleys East and the continued efforts of the Directors to deliver a positive result to the Company's shareholders.
"Beacon would like to acknowledge the collaborative approach taken by both parties to achieve this mutually beneficial transaction.
"Rehabilitation at Halleys East is completed and is being monitored in accordance with the Mine Closure Plan."
CASH RESERVES
As at 30 June 2016 the Company had approximately $0.216 million in cash reserves.
Subsequent to the quarter ended 30 June 2016 the Company received $8,210,673 from Northern Star in in relation to the purchase of Beacon's high grade refractory ore under the Ore Purchase Agreement.
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 30 June 2016 as required by ASX Listing Rule 5.3.
Beacon Minerals Limited Mineral Tenement interest as at 30 June 2016;
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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%
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0%
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L77/0243
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Lake Barlee
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100%
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0%
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M77/1254
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Halleys East Lake Barlee
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100%
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100%
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E77/0273
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Barlee
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100%
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100%
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E77/2156
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Halleys East Lake Barlee (1)
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100%
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0%
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Summary of Terms:
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Option to acquire E77/2156 for $1,000 on or before 31 December 2015.
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 Beacon including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel.
Certain statements contained in this announcement, including information as to the future financial or operating performance of Beacon and its projects, are forward‐looking statements that:
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may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions;
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are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Beacon, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and,
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involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Beacon disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise. The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements.
All forward looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
No verification: Although all reasonable care has been undertaken to ensure that the facts and opinions given in this Announcement are accurate, the information provided in this Announcement has not been independently verified.