23rd Jun 2009 11:44
FRONTIER MINING LTD
("Frontier" or "the Company")
Naimanjal Gold Production Update
Frontier Mining Ltd, the gold and copper exploration and development company focused on Kazakhstan, announces that following the announcement on 2 June 2009 of the extension of the pilot production license at the Naimanjal Complex, the Company has now commenced 2009 gold production.
As operations increase in the coming weeks, the Naimanjal Complex is expected to produce 6,000 ounces Gold (Au) and 60,000 ounces Silver (Ag) in 2009. As previously announced, the Company expects to receive commercial production approvals in Q3 2009 and forecasts commercial production of 15,000 ounces Gold (Au) and 150,000 ounces Silver (Ag) in 2010.
Enquiries:
|
Frontier Mining Ltd |
Thomas Sinclair |
+44 (0)20 7898 9019 |
|
Libertas Capital |
Sandy Jamieson |
+44 (0)20 7569 9695 |
|
Walbrook PR |
Louise Goodeve / Leah Kramer |
+44 (0) 20 7933 8780 |
Notes to Editors:
About Frontier Mining Ltd:
Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties
Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd. Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.
Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.
Frontier owns a 50% interest in KazCopper LLP, the joint venture company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt. A Competent Persons Report ("CPR") on the Benkala project completed by Wardell Armstrong International ("WAI") in March 2007 estimates 47.75 Mt at an average grade of 0.36% Cu for the oxide mineralization, and 873.75 Mt at an average grade of 0.30% Cu for the sulphide mineralisation, representing some 2.8 million tonnes of contained copper, and at a 10% Discount Rate and a $1.5/lb Cu price, the Benkala Project has an NPV approaching US$500M. A conceptual study team and advisory team have both been appointed to fast track the development of this project forward towards a pre- feasibility study, with a view to beginning production at the end of 2010.
Issued Share Capital
Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.
Frontier currently has 425,913,522 issued and 21,812,009 reserved and outstanding options giving 447,725,531 fully diluted ordinary shares.
For further information please visit; www.frontiermining.com
Related Shares:
FML.L