gcr in offtake

Not sure if this has been posted before or not, so sorry if it has. It was on ASF site posted by Young Trader.

HomeAbout UsContact UsSite MapThe ASIA Miner 亚洲矿业 The ASIA Miner - Magazine and News Service covering Mining in Asia. HomeCurrent NewsEnglish 中文 News Archive Subscriptions ConferencesBrisbane XX Macao Alerts Photo Gallery Registration Advertise Home Current News Story of the month Wednesday, May 14, 2008 10:36:50 PMStory of the month
Golden Cross Resources is seeking Asian smelter operators interested in sourcing a reliable, high tonnage supply of copper and who would like to participate in mining operations at its Copper Hill copper-gold deposit in central New South Wales , Australia .

At this stage Copper Hill has the capacity to deliver 25,000 tonnes of copper concentrate per year for the next 12 years with the possibility to increase this as exploration continues in the tenement.

It is situated in an historic copper and gold mining area, just outside the town of Molong and about 30km away from the regional city of Orange that already services Newcrest Mining’s large copper and gold mining operations at Cadia Hill and Ridgeway.

Golden Cross managing director Kim Stanton-Cook says the Copper Hill low-grade but high-tonnage reserves would ideally suit a Chinese, Japanese or Korean smelter operator that is short of feed.

“We are talking to CRU about assisting us in an advisory capacity and have also made approaches to others who may be able to help. CRU knows the Asian minerals and mining market and would be well placed to take on the advisory role.”

Copper Hill boasts an existing resource of 133 million tonnes @ 0.31% copper and 0.28 grams/tonne gold, at a 0.20% copper cutoff.

Kim Stanton-Cook says there are a number of possibilities of increasing the resource through nearby targets.

At the Power anomaly, 2.5km east-southeast of Copper Hill, rock chips have assayed up to 7 grams/tonne gold. “Two drill holes have just been completed and while we are still waiting on results, we are hoping this drilling will point to additional resources.”

The company is also assessing and designing additional drill targets in the Vale Head, Molong South and Copper Hill North areas of the tenement with the aim of finding a higher grade zone.

“If we can add to the resource bit-by-bit from the nearby targets, it will make Copper Hill even more attractive as a source of concentrate for Asian smelters.”

Also in central New South Wales , Australia , and not far from Copper Hill, Golden Cross has a target at Yarindury, east of Dubbo, where drilling has started to test magnetic anomalies interpreted to represent an intrusive complex. This area has the same potassic rock types related to mineralization at the Cadia-Ridgeway, Northparkes and Lake Cowal deposits in the wider region.

The company also has a prospect at Cargo, also in central New South Wales which has been farmed-out to Calibre Mining. A phase 2 drilling program, comprising 4 diamond core holes for 1819 metres, returned some positive results, including 50 metres @ 0.30% copper and 0.13 grams/tonne gold from 432 metres.

Kim Stanton-Cook says: “Copper Hill has the potential to be mined. Although it is low-grade, there is a lot of ore and with the current copper and gold prices it is a viable proposition. You could halve the current prices and it would still be viable.

“There is great infrastructure and logistics with a railway line running through the tenement, suitable power and other facilities associated with a progressive mining region.”

Golden Cross has other prospects in New South Wales and Queensland , Australia , as well as in Panama and Canada , but it is Copper Hill that it is hanging its hat on as far as transforming from an explorer to a miner.

Contact: Kim Stanton-Cook, +61 2 9472 3500, + 61 411 504 512, email [email protected] website www.goldencross.com.au

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