🕐10.06.10 - 04:57 Uhr
Helixs Yalleen Iron Ore JV - Update
Helix Resources Limited
ASX Announcement
10 June 2010
Helixs Yalleen Iron Ore JV - Update
Development Studies
- Independent engineering firm appointed to undertake transport and
logistics assessment based on production range of 5Mtpa to 8Mtpa and
report mid 3Q10.
- Transport options will focus on road and rail (or light rail) to:-
o Proposed API rail infrastructure
o Nearest suitable point on the Rio Pannawonica rail line
Output from the independent study to include:-
o Concept design for required infrastructure and capital costs
o Whole of Life operating costs
o Financial assessment of preferred transport and logistics
solution for the life of the mine
- The 2010/2011 Work Program and Budget will consider expanding on the
study findings to include the assessment of mine operating costs and
project approval timeline.
Background
- API is a joint venture vehicle between Aquila Resources and private group
AMCI, and API holds 70% of the iron ore rights on Helixs 100% owned
tenements.
- AMCI and associates own 19.9% and Aquila 5.8% of Helix.
-Definitive Feasibility Study for API West Pilbara Iron Ore Project Stage 1
due end 2Q10.
Whilst not specific to the Yalleen JV (Stage 2), the
information contained therein will be useful when considering Yalleen
Project economics.
Yalleen Iron Ore JV Project Summary
- 600km² tenement area located in the West Pilbara region of WA, 50km SE of
Pannawonica;
- Pisolitic iron mineralisation is present in buried palaeodrainage systems
developed from erosion of iron rich strata in the Hamersley Range creating
a series of channel deposits within the drainage systems
- API estimated a resource of 84.3 Mt @ 57.2% Fe for Kumina Creek and Robe
Exit prospects 2Q09 [refer www.helix.net.au for estimation Process
details];
- Exploration upside exists on identified targets to increase existing
resource;
- Development scenario assessment commenced 1H10
To view the full ASX announcement click here.
http://esp.gewru.com/download/files/12414/1187244/Yalleen%20Iron%20Ore%20JV%20update.pdf
For further information please contact:
Greg Wheeler
Managing Director
Helix Resources Ltd
Tel: +61 8 9321 2644
Karen Oswald
Professional Public Relations
Tel: 61 8 9388 0944/ 0423 602 353
Email:
About Helix Resources Limited
Helix Resources Limited was listed on the Australian Stock Exchange in 1986
and is focused on acquiring and developing assets within the bulk
commodities, base metals and precious metals sectors in Australia.
The Helix strategy is:
- Acquire large tenement holdings in the prospective exploration regions
- Use of leading edge exploration methodologies and techniques under the
guidance of a skilled Board and Management team
- Create shareholder wealth whilst managing risks
Helixs most significant development asset is the Yalleen Iron Ore Project
joint ventured with API Management Pty Ltd (50% Aquila Resources, 50% AMCI)
situated in the Robe Valley in the West Pilbara region of Western
Australia.
The project has an inferred and indicated resource estimate of
84.3Mt channel iron ore with exploration upside.
Helix is contributing 30%
of funding and recognises the benefits of a partnership with a focused,
well funded project manager and JV partner to advance this project.
Helix also has exposure to 0.8 Million oz of gold at the Tunkillia JV in
South Australia, being managed and funded by Minotaur Exploration.
During 2009 the Company has accumulated significant landholdings in the
Cobar/Girilambone region of NSW and the Eastern succession of the Mt Isa
region in QLD.
Both areas are prospective for gold and copper with
operating mines and nearby infrastructure.
Copper and gold targets in the
Cobar/Girilambone region will be the Companys main exploration focus in
2010.
Details on the JORC resource estimation process is outlined at
www.helix.net.au.
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