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:: Initial Gold Pour at Porcupine Flat Gold Processing Plant
The Directors of Octagonal Resources Limited are pleased to announce that an important step in the recommissioning of the Companyís Porcupine Flat Gold Processing Plant at Maldon has been achieved with the operation of the Carbon Regeneration and Stripping Circuit used to produce a 2.066 kilogram gold dore bar.
The Porcupine Flat Gold Processing Plant at Maldon is the hub of Octagonal's Victorian operations. The gold processing plant has not operated since 2009 and each section of the plant is currently being brought back on line to process ore from the planned initial open pit at Black Reef, near Wehla.
On 11 August 2011 the plant completed an important step in moving back to full operation with the pour of a 2.066kg gold dore bar. The gold bar was produced by stripping gold from carbon in the circuit. This carbon has been regenerated ready for processing new batches of ore.
The Company has four projects located within viable cartage distance of the gold processing plant that contain near surface gold mineralisation potentially amenable to open pit mining: Black Reef at Wehla, Pearl Croydon near Maryborough, Bosunís Prospect at Campbelltown and Specimen Reef near Dunolly. These projects complement the Alliance South Deposit at Maldon that hosts a JORC compliant Inferred Mineral Resource of 473,000 tonnes grading 12.0g/t Au for 182,000 ounces of gold.
Octagonal is progressing towards an ongoing and sustainable gold producing operation in Central Victoria by mining both open pit and underground ore and processing it at the Companyís Porcupine Flat Gold Processing Plant.
Open pit mining operations will commence at Black Reef, as soon as regulatory approval is received, and will be followed by the commencement of underground mining of the Alliance South Deposit.
The Porcupine Flat Gold Processing Plant is a fully permitted, recently refurbished, and operation ready carbon in leach gold processing plant. The cost of construction of this gold processing plant and associated infrastructure today would be substantial and provides Octagonal with the ability to generate a cash flow by mining and processing open pit and underground ore.
The plant has a nominal capacity of 20 tonnes per hour and is permitted to operate 24 hours per day, seven days per week. All gold recovered is extracted by cyanide leaching.
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