HRR Heron Resources Limited

Heron Resources Limited (“Heron”, “Company”, ASX:HRR and TSX:HER) is pleased to announce the results of its Feasibility Study (FS) for its 100% owned and fully permitted high-grade Woodlawn Zinc-Copper Project in New South Wales, Australia. The A$11 million study prepared under the guidance of SRK Consulting (Australasia) Pty Ltd (SRK) supports the viability of the Starter Case to deliver quality zinc, copper and lead concentrates to market over a significant Reserves-based mine life. This study underpins the Board’s decision to advance an accelerated program to secure project finance and bring the Woodlawn Project into production in 2018.  

Feasibility Study Highlights:

• Initial Mineral Reserves:
  • Underground Polymetallic  1.8 Mt @  16% ZnEq (8.1% Zn, 1.2% Cu, 2.9% Pb, 0.56g/t Au, 57g/t Ag)
  • Underground Copper         1.0 Mt @    9% ZnEq (0.6% Zn, 2.4% Cu, 0.1% Pb, 0.23g/t Au, 14g/t Ag)
  • Reclaimed Tailings             9.5 Mt @   6% ZnEq (2.2% Zn, 0.5% Cu, 1.3% Pb, 0.31g/t Au, 31g/t Ag)
• “Starter Case” 9.3-year mine life based upon the combined underground and tailings Mineral Reserves
• Inferred Mineral Resources defined in both the underground and tailings projects demonstrate excellent potential to extend mine life to more than 11 years
• Campaign processing rate of up to 1.0Mtpa from underground mining, and up to 1.5Mtpa from reclaiming tailings, processed through a common flotation facility
• Steady-state (2020-2023) annual production target of 40kt Zn, 10kt Cu, 12kt Pb, 900koz Ag and 4koz Au contained within zinc, copper, and lead concentrates
• Starter Case financials[1]:
  • Post tax net present value at a 8% discount (NPV)                          A$207M
  • Post tax internal rate of return (IRR)                                             32%
  • Payback                                                                                     2.3 years
  • Peak cash requirement                                                                A$163M
  • Direct cash operating cost, net of by-product credits (C1)              -US$0.06/lb payable zinc
• Significant leverage to the price outlook for zinc, which comprises approximately 48% of total payable metal value
• First production targeted early 2018 to meet projected favourable zinc market conditions
• Project is on granted Special Mining Lease SML20 – fully ‘permitted’, and ‘mine ready’
• Utilising existing local and regional infrastructure to achieve significant reductions in development costs
• Close proximity to large service and employment centres (Sydney, Wollongong, Canberra, Goulburn)
• Strong local community and regulator support

For further information, refer to Heron’s release of the 29 June 2016 titled “Heron Resources delivers robust Feasibility Study for Woodlawn Project” located on the Company’s web site and SEDAR www.sedar.com (TSX:HER).

The complete NI 43-101 Technical Report in support of the FS study will be published on Heron’s web site and SEDAR within 45 days of this news release.  While summarised here, this Technical Report will contain expanded information with respect to key assumptions, parameters and risks associated with the results of the FS.

Please refer to page 10 for important Cautionary and Forward Looking Statements that are to be read in conjunction with this release.

The Woodlawn deposit is a high-grade, Volcanogenic Massive-Sulphide (VMS) deposit situated in New South Wales, Australia, approximately 50km northeast of Canberra, and 250km southwest of Sydney.

The Woodlawn mine previously operated between 1978 and 1998 and reported production of 13.8Mt @ 9.1% Zn, 1.6% Cu, 3.6% Pb, 0.5g/t Au and 74g/t Ag.

The Woodlawn Project consists of two production sources, comprising underground and tailings ore, which will be processed through a single-sulphide flotation plant.  The Woodlawn Project benefits from an existing granted mining lease (SML20) and major statutory project approvals.  The mineral rights and production are 100%-owned by Heron. 

The Woodlawn mining lease, SML 20, and surrounding larger exploration license, EL 7257 (179 sq km), contain the previously producing Currawang Mine located 9 km to the north-west of Woodlawn, and the Cowley Hills Mine located 2 km to the north.  A further 503 square kilometres are held by Heron under exploration licenses within the district covering the highly prospective Woodlawn felsic volcanics, the host of the VMS mineralisation.

Mineral Resources

Underground Mineral Resource

An updated underground Mineral Resource (Table 1) has been estimated in accordance with the JORC Code (2012) and the NI 43-101 guidelines which incorporates the results of recent drilling programs and an extensive review of historic data.  The Mineral Resource has been reported undiluted to a lower cut-off grade of 7% ZnEq, a value that approximates the estimated lower cut-off grade for the mining and processing methods considered by the FS study.

Table 1: Woodlawn Underground Mineral Resource Estimate 2016

Notes: 1) Please refer to the end of this release for Qualified Persons statements; 2) ZnEq% refers to a calculated Zn equivalent grade the formula for which is stated in Appendix 1; Polymetallic Type refers to polymetallic massive sulphide mineralisation with high-grade Zn and Pb; Copper Type refers to Cu dominated massive and stringer sulphide mineralisation; Values are rounded to two significant numbers and some rounding related discrepancies may occur in the totals; the Mineral Resource is reported in accordance with the guidelines set out in the JORC Code (2012) and NI 43-101 Codes; further details of the Mineral Resources estimation are provided in the release of the 29 June 2016 titled “Heron Resources delivers robust Feasibility Study for Woodlawn Project” located on the Company’s web site and SEDAR.

RECLAIMED tailings Mineral Resource

The reclaimed tailings Mineral Resource estimate, Table 2 below, is restated here as part of this FS. It has been previously disclosed to the market via the ASX/TSX release titled “Heron confirms 10Mt (M+I) of High Grade Tailings at 6.2% ZnEq within Revised JORC 2012 Mineral Resource Estimate” and dated 20 October 2015.  It is summarised here as a combined total for the three tailings dams, namely Tailings Dam North (TDN), Tailings Dam South (TDS) and Tailings Dam West (TDW), shown in Figure 4.  The tailings consist of fine grained sulphides and some silicate minerals derived from the processing of the Woodlawn open-pit and underground mineralisation from the late 1970’s through to 1998.

Table 2: Woodlawn Reclaimed Tailings Mineral Resource Estimate 2015

Notes: 1) The Mineral Resource estimate, originally published on Heron’s website and SEDAR under the NI43-101 guidelines, is entitled Woodlawn Retreatment Project Mineral Resources Technical Report (NI43-101) with an effective date of 30th November 2015 and authored by Mr Robin Rankin (MAusIMM CP Geology) of independent consulting firm GeoRes Geological Resources.  Heron confirms that it is not aware of any new information or data that materially affects the information included in this report and that the form and context in which the Mr Rankin’s findings are presented have not been materially modified 2) ZnEq(%) refers to a calculated Zn equivalent grade the formula for which is stated in Appendix 1;  3) some rounded related discrepancies may occur in the totals. 

Ore Reserves

Underground Mineral reserves

Based on the underground Mineral Resources block model, independent consultant SRK have developed a detailed mine plan to access and mine the resource blocks that meet the required resource classification (Measured or Indicated) and other parameters for inclusion in Reserves.  The Mineral Reserves calculation is based upon the Resource block model, and incorporates stope designs, cut-off grades, geotechnical parameters, mine recovery and dilution (planned & unplanned).  The Mineral Reserve is the basis of the ‘Starter Case’ for the financial modelling.

Table 3: Woodlawn Underground Mineral Reserve Estimate 2016

RECLAIMED tailings Mineral reserves

Mineral Reserves have been calculated for all three tailings storage dams; TDS, TDW and TDN. The conversion of Measured and Indicated Mineral Resources to Mineral Reserves has involved the inclusion of the following mining parameters; the loss of 400mm of retreatment tailings from the sides and base of all dams (recovery factor); and the addition of 200mm of zero grade material across the base of the dams as a dilution factor during recovery of the reclaimed tailings.

Table 4: Woodlawn Tailings Mineral Reserve Estimate 2016

Reported with no cut-off grade applied

Mining

Underground

The deposit will be accessed via a box-cut located to the west of the existing open-pit, this allows early access to shallow underground material.  

The mine plan for the underground has been developed by SRK with a summary of the applied mining methods presented in Table 5.  The mine design plans for stopes to be filled with cemented paste fill.

Table 5: Mining Methods

Ore and waste will be transferred to loading bays with LHD loaders and then loaded onto trucks (40t capacity) to be hauled to the surface via the decline. The ore will be conveyed overland to the processing plant run-of-mine (ROM) pad located 1.2km to the east via a 2.1km haul road south of the open pit.

Reclaimed tailings

Previous detailed mining studies undertaken on the tailings reclaim process concluded that there is no shortage of potential working faces around the dams and production rates of up to 2.0Mtpa are considered readily achievable.  Economic considerations led to a determination that a mining rate of 1.5Mtpa provided an attractive basis for the tailings retreatment project. Mining of the tailings ore will be undertaken using automated monitor-based hydraulic mining, which uses a high pressure water cannon to agitate the ore into a slurry.  

A single production monitor (water cannon) is to be employed to achieve the required shift output. The tailings mining schedule incorporates the mining of tailings in the following sequence: TDS, TDW, and TDN. 

Processing

Metallurgical Test Work

This FS metallurgical test work program was undertaken by Australian Mineral Metallurgical Laboratories Pty Ltd (AMML) with input from independent consultant GR Engineering Services Ltd (GRES) and was focused on the underground massive sulphides scheduled as plant feed from Woodlawn.

The overall results from this work have demonstrated better than historical operational performance and reflect the advancements made in the field of sulphide flotation, and in-particular fine grinding technology. The test work demonstrated the ability to produce three readily saleable concentrates.

Process Design

GRES have updated the previous PEA to deliver a plant that has been designed to treat ore on a campaign basis with capacity for up to 1.0Mtpa for underground ore or 1.5Mtpa for reclaimed tailings ore. The design allows initial operations to treat 100% reclaimed tailings ore, whilst at the same time the development of the initial mine decline will be undertaken to provide access for mining of the high margin underground ore. The contribution from underground peaks at an annualised 800kt during the middle years of the current Reserves-based mine life.

For underground ore, a two-stage crushing circuit has been incorporated into the plant design, together with a primary ball mill. For reclaimed tailings ore, a fine grind mill is planned that reduces the particle size down to 30μm, a size which previous and current test work confirms maximises recovery performance from the ore. For the underground ore, the initial float (copper concentrate) is undertaken at a 75μm grind size, with a regrind of copper tails to 30μm being employed to maximise the subsequent recoveries from the lead and zinc flotation stages.

A differential flotation circuit for copper, lead and zinc will be utilised with concentrate regrind stages in the copper, lead and zinc circuits to produce cleaner concentrates. Concentrates from the copper, lead and zinc flotation circuits will be thickened and subsequently filtered for road transport.

Final flotation tailings will be de-slimed and used in the paste fill plant which will generate a cemented paste that will be reticulated underground and used to backfill completed stopes from both proposed and historic mining. The slime tailings component (approximately 50% of tailings produced) will be deposited initially into a new tailings storage facility TSF4, and later into the existing TDS.

Process Design Criteria based on metallurgical test work is summarised in the table below:

Table 6: Process Design Criteria

Infrastructure & Personnel

Power - The Woodlawn mine site is supplied via Essential Energy’s 66kV Woodlawn Zone Substation. Power will be reticulated around the site at 11kV with stepdown to 1000V for the underground operations and 415V/240V for surface installations.

Water - Infrastructure exists for site water management purposes and includes major storage capacity in TDS and two evaporation dams (ED1 and ED2). Heron has access to a water access license and would be used for make-up purposes. Detailed water balance modelling shows that there is adequate water available for operational requirements.

Access - Access to the site is gained from the sealed Collector Road located approximately 350m north of the proposed plant site. This road to the east is heavy haulage rated (25/26m B-Double) and provides access to a road network linking all major regional centres including Sydney, Canberra, Wollongong and Goulburn.

Personnel - The majority of operational labour will be sourced from surrounding population centres with in excess of 430,000 people residing within a 55km radius of the Woodlawn site. Total site personnel numbers are expected to reach approximately 250 during construction and 157 at full production, comprising 30 Management/ Supervisory/Technical staff, 40 Operational staff and 87 Mining Contractors.

Marketing

Port & Export

Port Kembla (211km) and Port Botany (239km) are the likely concentrate export points. Port Kembla can handle bulk concentrates (zinc and copper). Zinc concentrates will be shipped in 10kt lots and copper concentrates in 5kt lots. Lead sulphide concentrates will be containerised onsite for shipment out of Port Botany for shipment in 2.5kt lots.

Concentrates

The concentrates produced at Woodlawn are expected to have the following typical major element levels:

An Expression of Interest for the off-take of Woodlawn concentrates was undertaken in April 2016 and received strong interest with commercial parameters referenced to standard industry terms.

Project Development and Production Schedule

The Woodlawn Project development schedule has been developed by GRES with a construction duration of 15 months from commencement until completion of wet commissioning.

The ore production processing schedule is driven by a campaign (or separate) treatment of underground ore and reclaimed tailings ore with underground ore to be stockpiled on the ROM pad until a minimum quantity of 42kt is reached at which time the treatment of this ore will commence. When insufficient underground ore is available (during stockpile build) the reclaimed tailings ore will be treated.

Financial Analysis

CAPEX

Capital costs have been estimated to a +/-15% accuracy. Upfront capital costs of A$144M are estimated, with total capital costs to Peak Cash Draw estimated at A$163M including contingency.

OPEX

Operating costs have been estimated by GRES for the plant component and by SRK for the mining component, with additional costs estimated by Heron.

Major components include:

Financial Results

The Woodlawn project economics have been assessed using the discounted cash flow method, based on a quarterly schedule of tonnes mined and processed from both the underground ore and the reclaimed tailings ore. Capital and operating costs are applied to mining, processing and overheads. The processed material has recovery factors applied, together with flotation splits to the three concentrates which make up the project production. Shipping and logistics, product payability, treatment and refining costs, state royalties and taxes are adjusted for to derive a Net Present Value (NPV) for the project.

1. C1 is defined as direct cash operating costs produced, net of by-product credits, divided by the amount of payable zinc produced. Direct cash operating costs include all mining and processing costs, mine site overheads and realisation costs (including transport costs, treatment and refining costs and smelter recovery deductions) through to refined metal, net of revenue credits from sale of by-products. C3 includes C1 costs, plus a depreciation charge and royalties. C1 and C3 are presented in this table based on Zn as primary product with all other saleable commodities treated as by-product credits
2. Net increase in cash after tax and after paying back capital.
3. Results are based on substantially Mineral Reserves only, at an 8% post tax real discount rate (approximately. 10% post-tax nominal), with AUD/USD FX 0.71, and with flat real commodity prices of US$1.01/lb Zn, US$3.00/lb Cu, US$0.91/lb Pb, US$17.80/oz Ag and US$1,200/oz Au. Other assumptions detailed in release of the 29 June 2016 titled “Heron Resources delivers robust Feasibility Study for Woodlawn Project” located on the Company’s web site and SEDAR.
4. Capital and Peak Cash Draw are converted using a USD:AUD 0.73 exchange rate.

The project is highly leveraged to commodity prices. In particular, zinc makes up around 48% of expected total payable metal value for the project. Hence the project provides excellent exposure to what is anticipated to be a market where demand will exceed supply, with positive potential implications for the future price of zinc.

Whilst the Starter Case presents a strongly positive economic outcome for the project, there is potential for the project to deliver significantly greater tonnages from underground based on both expansion of the current Reserve through further conversion of existing Mineral Resources, and on the broader exploration potential of the Woodlawn mineralised system.  The project is highly leveraged to such conversion.

Sensitivities

The NPV is most sensitive to the commodity price / FX environment and to mine life extensions on the revenue side, and to grade (which in turn is driven by dilution considerations) and metallurgical recoveries on the cost side. 

Approvals

On 4 July 2013, project approval was provided to the Woodlawn Project under Section 75J of the Environmental Planning and Assessment Act 1979 by the Department of Planning and Environment. On 28 April 2016, a modification to this approval was granted by the Department of Planning and Environment covering the relocation of the underground portal from the eastern side of the open pit to the western side. The completion of the FS mine plan will require a final Planning Approval update covering the revised underground mine plan. This is expected to be completed in the second half of 2016.

The mining lease, SML20, is held in the name of Tarago Operations Pty Ltd, a fully owned subsidiary of Heron Resources. SML20 has been recently renewed for 15 years (to 16 November 2029). The Company is required to lodge a security bond of A$3.577 million prior to commencement of any on-ground activity.

Opportunities to Enhance the FS Outcomes

mine LIFE EXPANSION

The underground Mineral Reserves presented as part of the FS are considered to be a ‘starter case’ with the aim of the FS being to justify the development of the project. Beyond the defined Mineral Reserves there are many open positions within the mine environment that are expected to provide mineralisation extensions that will result in further optimisation and additions to the current mine schedule to extend the life of the underground mine. These additions are likely to come both from upgrading Inferred Mineral Resources to Reserves and from drilling new lens positions.  SRK have provided a mining schedule including Inferred material (equivalent to the PEA) which shows excellent consistency with previously published PEA.  

Regional Expansion

With a known endowment of some 21Mt of massive sulphide mineralisation, Woodlawn is a world recognised VMS district with considerable potential for significant future discoveries. There are a number of advanced exploration targets within 15km from the Woodlawn plant site that provide for further discovery potential.  Cowley Hills on SML20 and Currawang on EL 7257 are highly regarded for further discovery.

Power Costs – OPEX Reduction

Alternative sources of power supply are available within immediate proximity of the proposed operations including the Infigen Windfarm located to the south (23 x 2.1MW turbines) and Veolia’s 6 x 1MW gas fired generators fuelled by the bioreactor methane generation. These power supply sources could provide a lower cost supply of electrical power to site.

Alternative Equipment Supply – CAPEX Reduction

A number of options for major plant components are available through the used equipment market. An assessment of specific items is currently underway with an aim of reducing both upfront capital costs and potentially the lead time into first production.

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 in Western Australia.

Appendix 1: 

Zinc Equivalent CalculationsThe ZnEq calculation used in this report is the same as that used in the PEA to allow a direct comparison between the two figures.  The ZnEq calculation takes into account, mining costs, milling costs, recoveries, payability (including transport and refining charges) and metal prices in generating a Zinc equivalent value for each block grade for Au, Ag, Cu, Pb and Zn.  ZnEq = Zn%+Cu%*3.12+Pb%*0.81+*Au g/t*0.86+Ag g/t*0.03

Metal prices used in the calculation are: Zn US$2,300/t, Pb US$ 2,050/t, Cu US$6,600/t, Au US$1,250/oz and Ag US$18/oz.  Metal recoveries are provided in the section on metallurgy and it is Heron’s view that all the metals within this formula are expected to be recovered and sold.

The Woodlawn Project Mineral Reserve, mine design, production schedule and FS results have been produced or reviewed by SRK Consulting (Australasia) Pty Ltd (SRK) under the direction of Ms Anne-Marie Ebbels, Principal Consultant (Mining), an Independent Qualified Person as defined by Canadian National Instrument 43-101 and a Competent Person as defined in the 2012 edition of the JORC Code: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Ms Ebbels consents to the inclusion in this report of the matters based on her information in the form and context that it appears. The Woodlawn Project plant and metallurgy designs and costings have been produced or reviewed by GR Engineering Services Limited (GRES) under the direction of Mr Peter Allen, Manager – Process & Technical Services, who is a Member of the Australasian Institute of Mining and Metallurgy and accredited by the AusIMM as a Chartered Professional (CP) in the metallurgy discipline, and an Independent Qualified Person as defined by Canadian National Instrument 43-101.  Mr Allen consents to the inclusion in this report of the matters based on his information in the form and context that it appears.

The information in this report that relates to Mineral Resources for the Woodlawn Underground Project has been reviewed, and verified by Mr Rodney Brown who is a full time employee of SRK Consulting (Australasia).  Mr Brown, who is a member of the AIG, takes responsibility for the integrity of Data that have been used to prepare the resource estimates, and for the Geological Model.  Mr Brown has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the JORC Code: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person as this term is defined in Canadian National Instrument 43-101.  Mr Brown consents to the inclusion in this report of the matters based on his information in the form and context that it appears.

The technical information in this news release relating to the exploration results and forward program at the Woodlawn Project is based on information compiled by Mr David von Perger, who is a Member of the Australian Institute of Mining and Metallurgy (Chartered Professional – Geology). Mr von Perger is a full time employee of Heron Resources Limited and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to qualify as a Competent Person as defined in the 2012 edition of the JORC Code: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person as this term is defined in Canadian National Instrument 43-101.   Mr von Perger has reviewed this press release and consents to the inclusion in this news release of the information in the form and context in which it appears.

Cautionary Notes & Forward Looking Information:

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, marketing, or other relevant issues. The Mineral Resources disclosed in this release are estimated using the Canadian Institute of Mining Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves Definitions and Guidelines proposed by the CIM Standing Committee on Resource Definitions adopted by the CIM Council.

Certain statements contained in this Report constitute forward-looking information, future oriented financial information, or financial outlooks (collectively, “forward-looking information”). Forward-looking information is considered here to be within the meaning of Canadian securities laws and has the same meaning as forward looking statements under Australian securities laws. 

Forward-looking information often relates to statements concerning Heron’s future outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.  Statements of historical fact are not considered forward looking information.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in results; the ability to explore; communications with local stakeholders and community and governmental relations; status of negotiations of joint ventures; weather conditions; Mineral Reserves; Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalise and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the Woodlawn property; the timing and amount of future production and ability to meet production, cost and capital expenditure targets; timing and ability to produce studies and analysis; capital and operating expenditures; execution of the amended credit facility; ability to draw under the credit facility and satisfy conditions precedent including execution of security and construction documents; economic conditions; availability of sufficient financing; the ultimate ability to mine, process and sell mineral products on economically favourable terms, any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political factors that may influence future events or conditions, as well as those factors discussed in the section entitled Risk Factors in Heron’s annual information form, which is available under Heron’s issuer profile on SEDAR at www.sedar.com. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect and undue reliance on forward-looking information and statements should not be made. Forward-looking information and statements are only predictions based on Heron’s current expectations and projections about future events.  Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed above and further in Heron’s filings at www.sedar.com.  

Forecast financial information provided in this announcement is based on the Production Target disclosed herein.  The Company has concluded that it has a reasonable basis for providing the forward-looking statements included in this announcement.  The detailed reasons for this conclusion are outlined throughout this announcement and in particular in Appendix 1 headed “Disclosure of Additional Assumptions”.  However, the Company cautions that there is no certainty that the forecast financial information derived from the Production Targets will be realised. 

Other than as required by law, Heron assumes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

[1] Results reported using Mineral Reserves as estimated for the FS at an 8% post-tax real discount rate (approximately. 10% post-tax nominal), with AUD/USD FX 0.71, and with flat real commodity prices of US$1.01/lb Zn, US$3.00/lb Cu, US$0.91/lb Pb, US$17.80/oz Ag and US$1,200/oz Au. Other assumptions are detailed later in this release.

For further information, please visit www.heronresources.com.au or contact:

Australia:
Mr Wayne Taylor                                                                                                                          Jon Snowball
Managing Director and Chief Executive Officer                                                                           FTI Consulting
Tel: +61 (2) 9119 8111 or +61 (8) 6500 9200                                                                              61 (2) 8298 6100
Email: heron@heronresources.com.au                                                                                       jon.snowball@fticonsulting.com     

Canada:
Tel: +1 647 862 1157 (Toronto)

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