Explorers Conference Presentation
latest news...
June 29, 2009
Iron drilling campaign commences at Mt Finnerty
A major drilling campaign has commenced at the Mt Finnerty Iron JV.
Resource definition drilling at FIN's 9 & 10 as well as mineralisation extension drilling at FIN 's 10 & 11 will require around 62 RC holes.
The programme is expected to be completed by late August and results will be released as they become available.
June 22, 2009
Glencore, Noble eye vanadium project
"Commodities traders Glencore International and Noble Group are thought to head a list of nine parties in the running to buy Windimurra Vanadium’s (WVL) almost-completed mine and plant near Mt Magnet.
"Mr McMaster confirmed yesterday the timetable had slipped because of unexpected high interest in the project, with 55 parties having been through the WVL data room.
"The list is also thought to include Chinese and Indian groups, private equity houses and Russian steel giant Evraz, which owns the Highveld vanadium business in South Africa.
"The outcome of the WVL auction is being watched closely by Reed Resources, whose Barrambie vanadium project is just to the north of WVL’s. Reed has placed a $629 million capital cost on developing its project and could attract the attention of unsuccessful WVL bidders. "
May 5, 2009
Completion of Definitive Feasibility Study
Reed is pleased to provide the details of its two year, $15million definitive feasibility study into the Barrambie Vanadium Project. The key details are:
- Average EBITDA per annum of A$105 million at US$30/kg vanadium.
- High grade resource of 0.82% V2O5.
- Initial mining reserve of 39.7 Mt of ore at a grade of 0.82% V2O5.
- Indicated and Inferred Resource of 65Mt of vanadium ore.
- Minimum of 12 years mine life at throughput of 3.2 Mt per annum.
- Capital cost estimated at A$628.9 million.
- Total operating cost of less than US$20/kg vanadium.
May 5, 2009
Initial Ore Reserve Statement
Mining reserve of 39.7 Mt of ore at a grade of 0.82% V2O5.
Conversion of Indicated Mineral Resource to Probable Ore Reserve is 81%.
Mine life of 12+ years at 3.2 Mtpa throughput.
April 30, 2009
Quarterly Activities Report
Comet Vale (gold) – Net cash flow from gold operations of A$1.18M and initial development on the 4 Level.
Barrambie (vanadium) – Mineral Resource increased to 65.2M tonnes at 0.82% V2O5 and Definitive Feasibility Study (DFS) materially complete.
Cash and receivables of $11m.
April 28, 2009
Option to buy strategic processing plant
PROCESSING PLANT
Option secured over 250,000 tpa precious metal processing plant.
Creates the potential to remove milling risk/production limits from current processing/oresale arrangements.
COMET VALE
Resource optimization and reserve calculations underway enable fast track evaluation of open pit operations (100% RDR).
Combined, shallow (<50m) measured and indicated resources at Comet Vale currently stand at 192,000 tonnes at 2.6 g/t Au for 16,200 ounces of gold.
March 17, 2009
Director increases holding
March 4, 2009
Gold Production Update and Forecast
5,656t of ore grading 9.21g/t Au was sold in February which should net Reed approx. 770oz. The final price received for the gold is dependant on a determination of the average gold price for the month of February.
Attributable production for DecH08 was 2,424oz at a cash cost of A$558/oz.
Forecast attributable production for the JuneH09 is 1,600oz. The reduced production relative to the DecH08 is due to the refurbishment of the shaft from the 3Level to the 4Level and development of the 4Level.
Forecast attributable production for 2010 is 5,200oz.
February 13, 2009
Final Mineral Resource Estimate for Barrambie Vanadium Project
The Barrambie Resource has been increased by 80% to 65.2Mt @ 0.82% V2O5 - confirming it as an exceptionally high grade resource.
The Resource has been modelled to a depth of about 60 metres below surface, which is the limit of drilling, and remains open at depth and along strike.
January 30, 2009
Quarterly Activities Report
Comet Vale (gold)
- Record grade of milled ore with 4,262 t @ 14.7 g/t Au.
- 34% increase in Mineral Resource estimate to 182,600 ounces of gold.
Barrambie (vanadium)
- Completion of northern extension and infill drilling adds an extra 6 km strike length of vanadiferous magnetite mineralisation.
- Definitive feasibility study (DFS) by SKM on schedule for completion end of March 2009.
Mount Finnerty (iron)
- JV Committee approves RC drill campaign on seven new BID targets.
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