Company Overview
Cortona’s experienced management encompasses exploration, development and corporate strengths that have enabled the Company to successfully emerge from the Global Financial Crisis and aggressively pursue exploration and development of the Dargues Reef Gold Mine located within the richest historic gold field in New South Wales, Australia.
The Dargues Reef resource inventory is 327,300 ounces of gold grading 6.3g/t, and 142,000 ounces of silver. A Feasibility study has confirmed a mining inventory of 257,462 oz of gold at an undiluted grade of 7.24g/t Au. The mining operation is expected to generate revenue in excess of A$300 million over the 6 year mine life with a forecast free cash flow of A$160M at a gold price of A$1,700/oz. Initial gold production is forecast at 50,000oz/year.
Cortona recently received Federal EPBC approval and State Government project approval. The project has passed every environment standard set by the authorities and the Company is confident that the project assessment has satisfied all regulatory requirements.
Dargues Reef has been designed to be a low impact underground mine that focuses on delivering high returns whilst considering all stakeholders including, importantly, the local community. Recent advances include:
• A Memorandum of Understanding (MOU) with GBF Mining Services Pty Ltd, a specialised underground mining contractor, to mine the high grade deposit.
• Signed a MOU with plant construction experts DRA Pacific Pty Ltd to build the gravity and concentrate extraction plant on site.
• Secured an agreement and concentrate processing plant at the old London-Victoria Gold Mine near Parks.
• Metallurgical test work has confirmed gold recoveries in excess of 95%.
• Deutsche Bank has been mandated to provide an A$37M financing facility which is available for development upon credit approval.
Exploration drilling at Dargues Reef has led to the discovery of high grade parallel structures which are expected to add to the total gold inventory of the project. Further afield the exploration team has discovered additional near mine prospects (e.g. Chinaman's, Ruby Lode, Cu Ridge and the Carmine Prospect). These and other near mine targets, including extensions to the Dargues Lode are currently being tested, whilst exploration across the wider region continues to unlock the true potential of the region.
Cortona are working tirelessly towards commencing mine construction, with gold production scheduled for late 2012, in what appears to be an emerging Australian gold field with unlimited potential.