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:: Option Secured on Strategic Processing Plant
Reed Resources Ltd is pleased to advise it has entered into a binding letter agreement with Polymetals Group Pty Ltd (“PGPL”) giving Reed an exclusive option to acquire the Nimbus Silver Project and Processing Plant, 15km southeast of Kalgoorlie.
Acquisition of a processing plant will enable Reed to further develop its strategy of increasing its level of profitable gold production, from its share of the high-grade Sand Queen Production Joint Venture and in its own right through the exploitation of shallow gold resources , in unweathered rock, amenable to low-cost open pit mining and processing through a Merrill-Crowe gold recovery circuit, currently owned by PGPL and installed at Nimbus.
The Comet Vale gold ores are highly amenable to gravity recovery followed by leaching, and the Nimbus plant, which includes a yet to be installed gravity circuit, will enable both open pit and underground ores to be processed at their optimal conditions.
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