Boardroom Radio Interview
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April 30, 2012
Debt Funding - Meekatharra Gold Project
Barclays Bank PLC have been mandated to act as arranger in providing finance of up to $23 million for the Meekatharra Gold Project by way of a $20 million Revolving Working Capital Facility and a $3 million Performance Bond Facility.
Together with Reed’s $40 million underwritten rights issue, the working capital facility will provide the funding required for ongoing production and general development activities at Meekatharra.
April 30, 2012
Quarterly Activities Report
Meekatharra Gold Project
Mineral Resources Increase 11% to 3.59 Moz, Ore Reserves Increase by 40% to 752 Koz Au,
Stage 1 Bankable Feasibility Study completed, A$66m Net Cashflow over 19 months,
Board makes Decision to Mine, subject to equity and debt financing arrangements,
Project execution commenced, on track for first gold production in December Q 2012.
Mt Marion Lithium Project
Reviewing timing/production profile pending evaluation of mica production.
Barrambie Fe-Ti-V Project
Expanded Concept Study to recover titanium and vanadium units from concentrates.
Corporate Update
As of 31 March 2012, the Company had $9.9 million in cash and term deposits, including $9 million in restricted use term deposits supporting performance bonds,
Subsequent to the end of the quarter, on 2 April 2012, Reed Resources launched an underwritten, non-renounceable A$40 million entitlement offer to primarily fund the development of its 100%-owned Meekatharra Gold Project in Western Australia.
April 24, 2012
Luke Tonkin appointed Managing Director
Luke Tonkin joins Reed Resources as Managing Director.
Adds significant corporate and operational experience to Reed Resources ahead of planned production at the Meekatharra Gold Project in December quarter 2012.
Chris Reed moves to Executive Director to focus on business development and nongold asset optimisation.
April 5, 2012
Boardroom Radio Interview
Chris Reed discusses some of the details of the current capital raising as well as what the funds will be used for and to what stage they will take the Meekatharra Gold Project.
Direct link: http://www.brrmedia.com/event/95875
April 2, 2012
$40 Million Underwritten Entitlement Offer
A$40 million equity raising offer to shareholders.
Funds committed to the development of the Meekatharra Gold Project.
Offer fully underwritten.
Offer due to open on 17 April 2012.
March 21, 2012
Meekatharra Gold Project - Resource Increase
Reed Resources adds 283,000 ounces of gold to its flagship Meekatharra Gold Project, taking the total gold resource to 3.59 million ounces. The increase was made up of the following:
- Magazine-Grants trend adds 194,600 Maiden Resource Ounces
- Five Mile Well adds 39,900 Maiden Resource Ounces
- Boomerang Deeps adds 48,500 Resource Ounces
February 27, 2012
Decision to mine - Meekatharra
Bankable Feasibility Study for Meekatharra Gold Project completed.
Reed Board makes decision to mine, subject to equity and debt financing arrangements.
Stage 1 (95,000 oz pa) is a low-risk multiple open pit mine plan, targeting first gold in DecQ 2012.
Direct Construction, Pre-commissioning Mining and Owners Costs – A$35.5m
January 30, 2012
Quarterly Activities Report
Corporate Update
As of 31 December 2011, the Company had $11.7 million in cash and term deposits, including $9 million in restricted use term deposits supporting performance bonds and $1.3 million in listed securities
Subsequent to the end of the quarter, Reed Resources has strengthened and expanded its management and operations team with the appointments of Mr David Lim as Company Chief Financial Officer, Mr Geoffrey Cheong as Processing Manager, and Mr Kenneth Fairless as Maintenance Superintendent
Project Update
Meekatharra Gold Project
- Bankable Feasibility Study nearing completion and due for release in February 2012
- Mineral Resource Inventory increased by 498,000 oz to 3.27 Moz Au
- Open pit Ore Reserves increase 18% from 251,000oz to 308,800oz
- Total Ore Reserves of 533,700oz, as at 31st December, 2011
- Finalising metallurgical test work for Mickey Doolan deposit
Mt Marion Lithium Project
- Reviewing timing/production profile pending marketing review of high‐grade mica products
- Construction of modular processing plant well advanced
Barrambie Vanadium Project
- Commenced Concept Study to produce titanium, vanadium and iron concentrate for export
January 19, 2012
Gold reserves increased by 40% to more than 750,000oz
Total Reserves (including underground) increased 40% to 750,800oz of gold
Open pit Reserves increased 59% from 308,000oz to 491,700oz
Bankable Feasibility Study on schedule to be delivered in February
Finalisation of Paddys Flat ‘Super Pit’ optimisation imminent
January 11, 2012
Key appointments to support production and expansion at Meekatharra Gold Project
Reed Resources Ltd has bolstered its management and operations team with the appointments of Mr David Lim as Chief Financial Officer, Mr Geoffrey Cheong as Processing Manager, and Mr Kenneth Fairless as Maintenance Superintendent.
The appointments further expand the management and operations experience of Reed Resources and strongly position the Company to bring its flagship Meekatharra Gold Project back into production in late 2012.
November 15, 2011
Meekatharra - Resource and Reserve Upgrade
Total Resources increase by 498,000oz to 3.27Moz.
Open pit Reserves increase by 18% from 251,000oz to 308,800oz.
Total Reserves (including underground) now stand at 533,700oz.
New open pit Reserves strengthen a robust mining plan.
