Ann: Option to Acquire Adelong Gold Project, page-23

I found some interesting commentary on page 5 from International Base metals 2018 annual report regarding the Adelong gold mine:

Challenger Mines Pty Ltd (NSW) IBML acquired a 40% stake in Macquarie Gold Limited (‘MGL’ in 2016. Through a wholly-owned subsidiary, Challenger Mines Pty Ltd, MGL holds the Adelong Gold Project in southern New South Wales (‘NSW’. During 2017, Challenger Mines attempted to commission a gold processing and extraction plant capable of initially processing 74,000 tonnes per annum (‘tpa’ of gold bearing ore. However, the processing plant failed to perform to expectations and was placed on care-and-maintenance while MGL undertook a full metallurgical review of the gold mill to determine what modifications were required in order to commission an efficient gold recovery mill and also to determine the amount of funding required to rectify the problems.

And then also there is their final summary on page 16 regarding the potential size of what Adelong can become:

In summary, the Adelong Goldfield provides sufficient resource potential to achieve mine production of 200,000 tpa and to maintain that level of production well into the future.


You can read the entire summary here:

https://www.interbasemetals.com/sit...8 23.10.2018 - final signed and combined.pdf