Ann: Calidus PFS on track for July Completion, page-2

More Good news , neither does the market know or care it seems .

The Directors believe that the Company is well positioned to grow the current resource base around the existing resources and via regional exploration. This is positioning the Company to become a new Australian focussed gold development company.

Calidus PFS on track for July Completion Excellent progress made on several fronts Initial findings highlight simple layout and processing route HIGHLIGHTS
• Open pit mine design contemplating a base load of a single 2km-long open pit at Klondyke • Underground investigation below the Klondyke open pit commenced
• Geotechnical investigations completed
• Processing route finalised contemplating a simple primary crush, SAG mill comminution chosen with CIL • Valley fill tails dam designed, minimises capital requirements
• Water exploration drilling completed, bore field sites identified in close proximity to plant • Final environmental base line studies being completed in current quarter, submission for permits on track for Q3
• Pre-feasibility study on track to be completed early in July Calidus Resources Limited (ASX: CAI) is pleased to advise that the pre-feasibility study on its Warrawoona Gold Project in WA’s Pilbara is progressing rapidly, putting it on track for completion in July. Calidus Managing Director Dave Reeves said that all the information gathered so far showed the Warrawoona Gold Project, which has a total Mineral Resource (Indicated and Inferred) of 1.25 million contained ounces, would have a simple layout and processing route. “The pre-feasibility study is now well advanced and it already shows that Warrawoona is shaping up as a very simple development scenario,” Mr Reeves said. “The completed mine design on the outcropping Klondyke shear shows a single, 2kmlong continuous pit. “The process flow sheet that has been locked in results in a very simple primary crush, SAG mill comminution circuit, followed by a gravity gold and conventional carbon-inleach (CIL) recovery plant. This conventional layout will also have the benefit of a modest capital and operating cost to build and operate. “The tailings are proposed to be thickened and disposed in a valley fill tails dam which will result in a much smaller tails dam embankment being required compared to conventional paddock dams, thereby reducing capital for this component of the study. Sustaining capital is also negated as no upstream lifts of walls are required as in the case of paddock dams. “Exploration drilling for water has now been completed, with good sources of high-quality water identified close to the processing plant. “The drilling rig has now moved back to regional exploration and I look forward to updating the market on this as results become available.”