Highlights
- Definitive Feasibility Study (DFS) is on track to provide
results for release prior to the end of the June quarter 2016
- Initial Ore Reserve Statement for the planned high-grade
underground mine is incorporated in DFS
- Tightening global supply provides the basis for a strengthening
zinc price
- A new drilling program to test high-ranking near-mine
exploration targets to commence post DFS release
Heron Resources Limited (Heron or the
Company) is pleased to advise that the DFS for its
wholly owned Woodlawn Project is progressing well and study results
are scheduled for release, as previously announced, before the end
of the June quarter 2016.
The fully-funded DFS for Heron’s 100%-owned and fully permitted
Woodlawn Zinc-Copper Project will provide an updated Mineral
Resource statement, an initial Ore Reserve statement for the
underground project, an updated Ore Reserve statement for the
tailings project, updated operating and capital costs estimates and
business case modelling. This study will underpin the Company’s
funding campaign to bring the Woodlawn Project into production in
2018.
Heron Resources Managing Director and Chief Executive Officer,
Wayne Taylor, said that he was pleased with the progress made to
date and that the DFS remained on budget and on schedule for
release before the end of June 2016.
“The team is working very hard to make sure that we meet the DFS
release schedule which pleasingly, also coincides with a
fundamental shift taking place in the zinc market impacted by
restricting global supply which in turn will support improved
prices,” said Mr Taylor.
“The restriction in global supply has been a result of some key
industry players either curtailing their production output or
closing their operations due to Ore Reserve depletion. This gives
near term development projects such as Heron’s the opportunity to
step up and satisfy the growing demand needs.”
“Woodlawn is perfectly placed to become a meaningful producer in
the zinc market as early as 2018,” said Mr Taylor.
The Company is also pleased to advise that following the release
of the DFS results, a 2,500m drilling program will be undertaken
focusing on the B Lens North and other near-mine targets previously
defined within SML20. These are considered to be the highest
ranking exploration targets that have the potential to
significantly grow the project post the current development phase.
The Company will provide a further update on this program closer to
the commencement date.
About Heron Resources Limited:
Heron’s primary focus is the development of its 100% owned, high
grade Woodlawn Zinc-Copper Project located 250km southwest of
Sydney, New South Wales, Australia. In addition, the Company holds
a significant high quality tenement holding in the Lachlan Fold
Belt of New South Wales and the Kalgoorlie Nickel Project in
Western Australia.
For further information, please visit
www.heronresources.com.au
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws, which are based on expectations,
estimates and projections as of the date of this news release. This
forward-looking information includes, or may be based upon, without
limitation, estimates, forecasts and statements as to management’s
expectations with respect to, among other things, the timing of
delivery of the Woodlawn Zinc-Copper Project Feasibility Study, the
timing and amount of funding required to execute the Company’s
exploration, development and business plans, capital and
exploration expenditures, the effect on the Company of any changes
to existing legislation or policy, government regulation of mining
operations, the length of time required to obtain permits,
certifications and approvals, the success of exploration,
development and mining activities, the geology of the Company’s
properties, environmental risks, the availability of labour, the
focus of the Company in the future, demand and market outlook for
precious metals and the prices thereof, progress in development of
mineral properties, the Company’s ability to raise funding
privately or on a public market in the future, the Company’s future
growth, results of operations, performance, and business prospects
and opportunities. Wherever possible, words such as “anticipate”,
“believe”, “expect”, “intend”, “may” and similar expressions have
been used to identify such forward-looking information.
Forward-looking information is based on the opinions and estimates
of management at the date the information is given, and on
information available to management at such time. Forward-looking
information involves significant risks, uncertainties, assumptions
and other factors that could cause actual results, performance or
achievements to differ materially from the results discussed or
implied in the forward-looking information. These factors,
including, but not limited to, the ability to complete the Woodlawn
Zinc-Copper Project Feasibility Study on time or at all, and
whether the feasibility study is positive and otherwise consistent
with the business plans of the Company, fluctuations in currency
markets, fluctuations in commodity prices, the ability of the
Company to access sufficient capital on favourable terms or at all,
changes in national and local government legislation, taxation,
controls, regulations, political or economic developments in
Canada, Australia or other countries in which the Company does
business or may carry on business in the future, operational or
technical difficulties in connection with exploration or
development activities, employee relations, the speculative nature
of mineral exploration and development, obtaining necessary
licenses and permits, diminishing quantities and grades of mineral
reserves, contests over title to properties, especially title to
undeveloped properties, the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drill results and other
geological data, environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project
cost overruns or unanticipated costs and expenses, and should be
considered carefully. Many of these uncertainties and contingencies
can affect the Company’s actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Prospective investors should not place undue reliance on any
forward-looking information. Although the forward-looking
information contained in this news release is based upon what
management believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure prospective purchasers that
actual results will be consistent with such forward-looking
information, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such forward-looking information.
The Company does not undertake, and assumes no obligation, to
update or revise any such forward-looking statements or
forward-looking information contained herein to reflect new events
or circumstances, except as may be required by law. No
stock exchange, regulation services provider, securities commission
or other regulatory authority has approved or disapproved the
information contained in this news release.
Australia:
Mr Wayne Taylor
Managing Director and Chief Executive Officer
Tel: +61 2 9119 8111 or +61 8 6500 9200
Email: heron@heronresources.com.au
Jon Snowball, FTI Consulting
Tel: +61 2 8298 6100
jon.snowball@fticonsulting.com
Canada:
Tel: +1 647-862-1157 (Toronto)
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