Metals Exploration PLC Runruno Project Update to 12 December (1450Z)
December 13 2017 - 1:00AM
UK Regulatory
TIDMMTL
RNS Number : 1450Z
Metals Exploration PLC
13 December 2017
13 December 2017
METALS EXPLORATION PLC
Runruno Project Update to 12 December
Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the
"Company"), the natural resources exploration and development
company with assets in the Pacific Rim region, today provides an
update on matters relating to its Runruno gold operations (the
"Operations") in the Philippines.
For the months of October, November and into December the
project performance has been satisfactory, exceeding expectations
in mining and various parts of processing. However, during the
previous week the BIOX circuit suffered another setback which has
led to feeding being suspended while the bacterial populations are
rehabilitated. As of Monday 12 December, feeding has re-commenced
in select tanks.
Before the BIOX setback occurred, the circuit had achieved 65%
of the design sulphur throughput. As a result, gold recoveries
across the circuit had been steadily improving to a high of 75%.
The recent incident was primarily caused by an operational error
during an air outage and the subsequent overfeeding of the circuit
following the re-establishment of the airflows. The strict
adherence to promulgated procedures and protocols has again been
reinforced to prevent further repeats of such issues.
Elsewhere the Operations are moving forward positively:
-- Mining is performing well and in Q4 2017 to date it has mined
and delivered substantially higher tonnages than forecast; 497k
tonnes of ore averaging 1.81 grams of gold per tonne, for 29,060
ounces of contained gold.
-- Waste movement mirrors this achievement too.
-- Crushing and grinding have demonstrated the capacity to run
continuously at up to 120% of design.
-- The gravity circuit has been recently overhauled and is now
consistently providing a minimum of 30% of gold recovery with highs
of up to 40%. This is a result of good engineering combined with
positive metallurgist test-work.
-- Flotation gold recoveries have consistently achieved and
bettered design recovery levels of 90%. Further sulphide ore
treatment test-work is ongoing to further improve this
performance.
-- The ROM pad has two months of ore stockpiled (290k tonnes) at
an average grade of 1.75 grams of gold per tonne of ore.
Further updates on the BIOX circuit recovery will be made at an
appropriate time.
The lenders to the project are regularly informed of the project
and management continues to work with them for the benefit of the
project.
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
For further information please visit or contact
www.metalsexploration.com
Ian R. Holzberger (Executive +63 (0) 9189
Chairman) 795 992
+61 (0) 418 886
165
+63 (0) 918 979
Liam A. Ruddy (Company Secretary) 2931
+44 (0) 7911
719 960
Andrew Rodgers (Chief Financial
Officer) +61 412 429 856
Nominated Adviser and Broker: CANACCORD GENUITY
LIMITED
+44 (0) 207 523
Martin Davison, James Asensio 8000
Public Relations: TAVISTOCK
+44 (0) 207 920
Barnaby Hayward, Jos Simson 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLDLLFFDLFBFBZ
(END) Dow Jones Newswires
December 13, 2017 02:00 ET (07:00 GMT)
Metals Exploration (LSE:MTL)
Historical Stock Chart
From Apr 2024 to May 2024
Metals Exploration (LSE:MTL)
Historical Stock Chart
From May 2023 to May 2024