Bit of an idea of HAV and the projected timelines
I reckon some of this may have been released more than once as some of it sounds familiar
ASX Release 30 November 2006
FIRST QUARTER ACTIVITIES AND CASH FLOW REPORT
PROGRESSING MUTOOROO, PORTIA AND KALKAROO ADVANCED PROJECTS
An MOU signed for a joint venture at Mutooroo that will see the project fully funded through feasibility and development, with Havilah retaining a 50% interest
During the quarter Havilah Resources NL (Havilah – ASX:HAV) signed a Memorandum of Understanding (MOU) to form a joint venture with Chinese resources group, Heilongjiang Resources Limited (HJR), to carry out a feasibility study on the Mutooroo copper-cobalt deposit near Broken Hill and then develop the mine.
The feasibility study, which will cover additional drilling, metallurgy and mining studies, will be funded by HJR for an initial investment of $3m and thereafter HJR will fund 100% of the mine development until production, for a maximum share in the mine output of 50%. Initial funds have been advanced and the feasibility drilling work has already commenced.
Scoping studies based on Havilah’s drilling to date indicate that the deposit contains at least 11 million tonnes of ore with grades of 1.1% copper and 0.1% cobalt, along with minor amounts of gold. Deeper ore sections, where the ore is well-developed, indicate grades of around 2% copper and 0.2% cobalt.
With securing of finance that effectively underwrites the development of the Mutooroo project, the first plank in Havilah’s future growth strategy is in place. Securing of finance to develop the trial open pit at Portia and completion of the feasibility study for Kalkaroo are now the immediate priorities.
