idc in creamer's mining weekly

Hey IDC Holders

International mining magazine, Creamer's Mining Weekly, where specialist resource fund subscribe to, is spreading the IndoChine Mining Word!

I like the sound of Mr Promnitz's comment below.......RESOURCE UPGRADE!

“In the near term, the company will continue to release assay results from its latest drilling programme, which is expected to lead to a resource upgrade,” Promnitz added.

Don't worry about the share price today, that is just traders not liking the day to day story, what we need to focus on is the long term story at Mt Kare!

And remember we have 37 High Grade Drill Holes to come in the coming weeks and from the sounds of it a JORC upgrade....:)

Cheers Nectar


Indochine looks at BFS for Mt Kare
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By: Esmarie Swanepoel
2nd October 2012
Updated 32 minutes ago
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PERTH (miningweekly.com) - The outcome of a preliminary feasibility study (PFS) into the Mount Kare gold/silver project, in Papua New Guinea, has prompted the launch of a bankable feasibility study, said gold developer Indochine Mining.

The PFS forecasts the production of one-million ounces of gold and eight-million ounces of silver over an eight-year life of mine, with the project generating a $2-billion in revenue, and an internal rate or return of 28%.

The study estimated that a capital investment of some $218-million would be required to fund the Mount Kare project, with operating costs estimated at $800-million.

“The PFS study has demonstrated the economic strength of the Mount Kare project, and with further significant upside achievable through optimisation and resource expansion should delivery potentially one of Papua New Guinea’s next gold mines,” said Indochine CEO Stephen Promnitz.

The project economics could also be improved through mine scheduling, grade optimisation, processing flow sheet optimisation and other initiatives to be undertaken in the bankable feasibility study, following regulatory approvals of the PFS.

“The company has delivered on its commitment to regulators to complete the Mount Kare project to PFS stage. Now the focus is to deliver a bankable feasibility study and move into production thereafter,” said Promnitz.

Production was expected to start in 2015, with modelled output of between 100 000 oz and 160 000 oz of gold a year, and between 700 000 oz and 1.1-million ounces of silver.

Indochine would lodge a mining licence application by late 2013, following the completion of the bankable feasibility study.

“In the near term, the company will continue to release assay results from its latest drilling programme, which is expected to lead to a resource upgrade,” Promnitz added.

The project has a Joint Ore Reserves Committee-compliant resource of 28.3-million tons at 1.9 g/t gold and 22.5 g/t silver for 1.8-million ounces of gold and 20-million ounces of silver.


Edited by: Creamer Media Reporter

http://www.miningweekly.com/article/indochine-looks-at-bfs-for-mt-kare-2012-10-02