ARS 0.00% 4.9¢ alt resources limited

(courtesy of @Pisces)...... .....this was 1988-89 .. Rio had...

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    (courtesy of @Pisces)......

    .....this was 1988-89 .. Rio had control of the project who bought North who subsequently managed it . But the guys who designed the plant designed the wrong plant and the drilling wasn't done properly and there was pit wall failure . North ended up suing these people because of plant failure. In those times you didn't have to have a JORC resource so none of the drilling undertaken by North was recorded and they left all these orebodies there .

    The gold price had dropped over $400 in around the preceding 12 months and was sitting at just over $400 and because the whole thing was a schemozzle and sentiment towards gold at the time was very poor Rio closed the project, but because they had environmental bonds in place they spent 8 years rehabing it and 2 open pit mines with tailing dams have been completely rehabed and importantly there is no environmental liability for future drilling.

    A prospector eventually got hold of it and has sat on it for a long time until ARS negotiated the purchase .
    There are 8000 pages on Tengraph re this project.

    cheers
    Last edited by Jako8557: 11/04/18
 
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