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Kanmantoo Copper/Gold Project Moves to Mine Development

Wednesday, December 19th, 2007

The Board of Hillgrove Resources Limited is pleased to report the Definitive Feasibility Study (DFS) of the Kanmantoo Copper Gold project in South Australia is now complete, and confirms Kanmantoo is an attractive 2 million tonne per annum new mine development with an estimated net cash flow after tax (NCFAT) of $167 million (base case) from the currently defined resource.
Hillgrove’s Managing Director, Mr. David Archer, said “We are delighted by the positive findings of the DFS and can now proceed with the development of the company’s first mine and South Australia’s next major copper gold operation following Prominent Hill.
A key finding of the DFS is that the Kanmantoo Mine can be successfully developed as a two pit open cut operation. The mine will have an operating life of at least six and a half years and considerably longer if underground operations occur.
“The development of the Kanmantoo mine is anticipated to cost $130 million, with plant commissioning and first copper concentrate production planned to occur in the second quarter of 2009. Kanmantoo will be one of a very small group of new Australian copper mines launched this decade to meet burgeoning metals demand from newly industrialising countries.
“The mine will bring a series of benefits to the Adelaide Hills’ community, including direct employment of approximately 150 people and indirect employment of approximately 300 during the mine’s operation. Furthermore, in an example of community co-operation, the mine will take the majority of its process water from the District Council of Mt Barkers’s Laratinga Water Treatment Plant via a 15km pipeline, providing environmental and other benefits through sustainable water resources management.
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