re: Ann: Phoenix signs Catherwood Gold Mine d... Dear AllPlease...

re: Ann: Phoenix signs Catherwood Gold Mine d... Dear All

Please find attached our latest announcement regarding the deal with Norton Goldfields to develop stage 1 of the Catherwood gold mine.

Norton will fund, mine, haul and mill the ore that contains an estimated 19,000 ounces grading 2.4g/t. Phoenix retains the project leases and the remaining stages and will be conducting further exploration when stage 1 is complete.

While I cannot discuss commercial terms, we will receive an initial deposit before start up and progressive payments on a $/oz recovered basis. We have locked in a floor price and we both share in any upside. As I have stated, our aim is to generate cash without risk or distraction and this will deliver that outcome. The Blue Funnel mine is next to be developed and we hope to have news on that in the March Quarter.

We look forward to updating you on the conceptual mining study results in coming weeks. In the December Quarter, we will also have our maiden resource for Telegraph, updated resource for Castle Hill inclusive of the recent diamond drilling and a maiden Reserve on the back of our mining studies.

Kind Regards,
Jon Price