News: Rex Minerals reveals promising scoping study for Bells Project, Nevada, page-32

Should have $2.8m funding left after this quarter.

Copper Project PEPR

During the March 2020 quarter, the Company worked to remove any doubt that consistency issues have been thoroughly addressed. There has been no further feedback or queries on the PEPR document. It continues to sit with the SA Government for determination.


Nevada Gold project -

The Company announced a major increase in May 2020 to the Mineral Resource estimate at Hog Ranch, to 97.6Mt @ 0.45g/t gold (Au) for 1.4Mozs (see announcement of 12 May 2020).

The Bells Project (Bells) Study has identified a stand-alone low-cost start-up heap leach opportunity in the southern area of Hog Ranch (Figure 1).

The headline metrics and outcomes for Bells are:
• Based on a Mineral Resource of 420kozs.
• Production rate of 3Mtpa for an 8.5-year operation. • Producing approximately 39kozs of gold per annum from heap leach.
• Low operating costs of approximately US$10/ore tonne.
• Pre-production capital costs of US$58 million. • All In Sustaining Costs (AISC) of US$902/oz.
• At US$1,550/oz gold price: o IRR of approx 40% (after-tax). o NPV5% of approx US$75 million (after-tax).
• Payback of 1.9 years (after-tax) from start of development.
• The Project is envisaged to be an owner-operator open pit mine with a very low LOM strip ratio of less than 0.5:1.
• Gold to be recovered by heap leach processing with an estimated LOM recovery of 80%.