Proactiveinvestors Australia

Mutiny Gold uses SAM Survey to double strike length of Deflector gold project

Tue, 21 May 2013 09:25:00 +1000

The use of Sub-Audio Magnetics, or SAM technology survey has already more than doubled strike length of the mineralised host structure at Deflector, where data indicates a strike length of some 2,350 metres, previously 950 metres in length.

Mutiny Gold receives US$2M funding from Sandstorm Gold

Tue, 30 Apr 2013 14:50:00 +1000

Mutiny Gold (ASX: MYG) has now completed a strategic second loan from Canadian gold-streaming company Sandstorm Gold Ltd, with Mutiny to receive US$2 million.

Mutiny said that the funds will be allocated to ongoing activities in the lead-up to the completion of financing for its low cost-high grade Deflector copper-gold project in Western Australia.

A Definitive Feasibility Study at Deflector determined the project to be a low cost (C1 cash cost of $618/oz Au Eq), high-grade robust Project.

John Greeve, managing director of Mutiny, said that Sandstorm continues to show strong support of the Deflector Project despite a market where the gold price recently retreated to the lows of 2011.

“The company plans to apply the proceeds of the loan to progress the Deflector exploration and implementation plans.

“Meanwhile, Mutiny is continuing negotiations with the banks and remains confident it will be able to raise the required debt finance to put Deflector into production.”

Loan details

The loan is interest free, with a due date for repayment of 30 September 2013 unless converted into shares before that date. The first loan was drawn down in November 2012 and subsequently converted to shares in January 2013.

Expanded drilling program

Mutiny has already expanded the 2013 drilling program to 4000 metres of diamond and reverse-circulation, up from 3000 metres, as the company targets a potential increase of gold production from 70,000oz per annum to over 105,000oz per annum by year three at the proposed mine.

Exploration will be supported by structural interpretation studies and a Sub Audio Magnetic survey exploration program, targeting an increase to the current Deflector Deposit resource of 2.86mt at 6.4g/t gold, 6.8g/t silver and 0.9% copper for 591,000 ounces gold, 629,000 ounces silver and 27,000 tonnes of copper.

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Mutiny Gold books $11M profit on gold hedge

Wed, 10 Apr 2013 08:32:00 +1000

Mutiny saw an opportunity to use the profit to reduce short-term debt and simplify its balance sheet as part of completing its project financing agreements for development of Deflector gold project in Western Australia.

Mutiny Gold commences exploration within Deflector corridor

Wed, 27 Feb 2013 09:10:00 +1100

Mutiny has kicked off drilling within Deflector Corridor and Gearless Well, areas which have seen very little exploration outside of Deflector. Mutiny also said today it is "confident of being able to make a positive statement in regards to project finance within the coming weeks."

Mutiny Gold gets final Mining Proposal nod for Deflector Project

Thu, 07 Feb 2013 08:45:00 +1100

The approval for the Mining Proposal signals completion of the last key government approvals for Deflector. It signifies a step change for Mutiny from explorer to producer on the road to mining at Deflector.

Mutiny Gold issues 22M shares to Sandstorm Gold

Wed, 23 Jan 2013 09:10:00 +1100

Mutiny Gold (ASX:MYG) has added Sandstorm Gold Limited (TSX: SSL) to its share register resulting from a $2 million converting loan announced in November 2012.

A total of 22 million Mutiny Gold shares have now been issued to the $1 billion market-capped Toronto company.

Mutiny Gold managing director, John Greeve said the issue of shares recognised a critical milestone in the development of the low cost, high value Deflector gold-copper project in Western Australia.

“At a time when global financial markets were facing historically difficult times and project funding had almost dried up for small miners, to have put together this deal with Sandstorm Gold Ltd was a major success story for Mutiny Gold and its supporters,” Greeve said.

Mutiny Gold was advised by Noah’s Rule who introduced Sandstorm which led to the company’s first metals purchase agreement.

The US$43 million MPA with Sandstorm will fund a significant portion of the Deflector capital costs.

The agreement will allow Mutiny to put in place a number of key financing aspects for the Deflector development and to provide additional certainty to the Company’s bankers.

Mutiny’s principal lender Credit Suisse, with an existing A$11 million loan facility, is currently finalising the provision of approximately A$50 million in funding.

Credit Suisse would provide debt finance of A$25 million, with the remainder to be provided by a leading Australian bank as part of the proposed total A$102 million Deflector funding package.

John Greeve said, “Tied in with the quality drilling results we achieved last year, the subsequent significant increase to our JORC figures, the very robust outcomes of the Deflector Definitive Feasibility Study (DFS), Mutiny Gold is well on track to achieve a number of major goals this year on the way to commercialising what is a very valuable asset at Deflector and then stepping up our plan to become a major new mining house with a number of nearby developments.”

Mutiny Gold lands project finance from Sandstorm Gold, Credit Suisse

Thu, 06 Dec 2012 09:32:00 +1100

That this is strong outcome and an innovative funding package using Sandstorm and Credit Suisse for the development of Deflector mine into production in 2013 is to underplay its significance. Collectively the project funding package announced today will meet the majority of Mutiny's funding for development of Deflector Mine and associated infrastructure. It also serves to de-risk the company.

Mutiny Gold to brief market on project funding negotiations

Wed, 05 Dec 2012 11:30:00 +1100

West Australian resources developer, Mutiny Gold (ASX:MYG) will release the outcome of negotiations for funding for the Deflector Gold-Copper Deposit.

The project is located within the Gullewa tenements in the South Murchison region of Western Australia.

The trading halt will last until the opening of trading on Friday.

Mutiny Gold granted key Clearing Permit for Deflector project construction

Tue, 04 Dec 2012 10:40:00 +1100

Mutiny Gold (ASX:MYG) has been granted a key Clearing Permit by the Department of Mines and Petroleum for the Deflector gold copper project.

It will allow clearing of the designated project area in preparation for construction activities.

This permitting milestone is typically one of the longest assessment items in terms of permitting approvals.

The Clearing Permit allows the clearing of native vegetation for the purposes of constructing the processing plant and associated infrastructure, accommodation village, haul road and mine.

This leaves only the Mining Proposal approval outstanding, which has been submitted to the DMP, and Mutiny expects it should be approved before the end of the year.

In October 2012 the Mutiny successfully completed a Definitive Feasibility Study on the Deflector Deposit showing robust economics.

Mutiny Gold commences construction of Deflector processing plant

Fri, 30 Nov 2012 10:56:00 +1100

Commencement of the design and construction of the processing plant at the company's high grade Deflector deposit moves Mutiny Gold further toward the production goal. With long lead items to be ordered early, this provides impetus toward a Q4 2013 production start-up target. It follows an increase in the JORC Reserve by a further 63,000oz AuEq - and a US$2 million placement to a strategic North American investor.

Mutiny Gold raises US$2M in placement to North American strategic investor

Wed, 28 Nov 2012 12:50:00 +1100

Gold-copper resources company, Mutiny Gold (ASX:MYG) has completed a placement to a strategic North American investor.

The name of the investor has not been revealed, but is expected to be a part of a larger funding package for development of Deflector Copper-Gold Project in the Murchison Region of Western Australia.

The funding package is currently in the final stages of negotiation.

The placement of USD$2,000,000 has been structured as convertible loan, where the strike price for conversion will be 95% of a weighted average share price ten days after the funding package is announced.

Mutiny Gold managing director, John Greeve said, “We have had, and continue to have, strong support from the parties negotiating to provide funding for the Deflector Project.

These negotiations are now entering the final stages and completion will be a key milestone for the Company in the development of this project.

The North American strategic investor has confirmed their belief in the company and the project by taking part in this Placement ahead of this key milestone being achieved.”

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Mutiny Gold hits high note, lifting gold reserves at Deflector

Mon, 26 Nov 2012 08:32:00 +1100

With the funding package currently in the final stages of negotiation and a key milestone for Mutiny Gold in development of Deflector, today's reserve upgrade is an appetiser that adds tenor to confidence in the mining plan.

Mutiny Gold DFS paves the way for re-rating at Deflector

Mon, 22 Oct 2012 09:32:00 +1100

The Definitive Feasibility Study (DFS) has seen a 32% increase in projected net profits to $225m from production at Deflector with no material increase in CAPEX or operating costs. However, there is also significant upside in forecast annual production not factored into the DFS that provides additional share price upside.

Mutiny Gold to announce Deflector Definitive Feasibility Study results

Fri, 19 Oct 2012 09:00:00 +1100

Mutiny Gold (ASX: MYG) has been granted a trading halt and placed in pre-open pending the release of the company's Definitive Feasibility Study on its Deflector deposit in Western Australia.

Earlier in the week the Deflector maiden initial Life of Mine production inventory increased to 552,000 ounces of gold equivalent; including 442,000 ounces of gold, 21,000 tonnes of copper and 491,000 ounces of silver.

This Life of Mine production inventory includes a JORC reserve of 403,000 ounces of gold equivalent.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 23rd October.

Analysis

Proactive Investors wrote on 18th October:

The transformation from emerging producer to production is on track. Proactive Investors believes Mutiny Gold remains undervalued despite the recent re-rating. We consider a near term price of $0.15 is achievable.

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Mutiny Gold rides crest with increase in Deflector production inventory

Thu, 18 Oct 2012 09:57:00 +1100

Today's announcement is value accretive for Mutiny as it reaches another milestone moving it closer to production at Deflector. There are still significant milestones ahead and catalysts to lift from the current share price of $0.125.

Mutiny Gold acquires ball mill for Deflector, looks for increase in gold production

Mon, 17 Sep 2012 10:20:00 +1000

Mutiny has taken another step towards gold production at the low cost, premium return Deflector gold copper mine - with the purchase its first ball mill. Mutiny is currently modelling a significant increase in gold production at the project.

Mutiny Gold appoints Rowan Johnston and Paul Wright to the board

Tue, 28 Aug 2012 14:00:00 +1000

Mutiny Gold (ASX: MYG) has appointed Rowan Johnston and Paul Wright to the board as Non-Executive Directors, adding valuable experience from mining operations and legal perspectives - as the company continues on the path to production.

Johnston is currently an Executive Director at Integra Mining (ASX: IGR), joining the company in October 2007 where he has been an integral part of the company’s transition to producer.

His significant experience in project start-up, operations, both surface and underground, and resource development in its gold mining projects, is of direct relevance to Mutiny’s development of the Deflector Deposit.

The Deflector resource contains JORC Resources of 2.87 million tonnes at 6.41g/t gold, 6.82g/t silver and 0.95% copper for 729,000 ounces of equivalent gold, including 591,000 ounces gold, 628,000 ounces of silver and 27,000 tonnes of copper using a 0.5g/t gold cut-off grade.

In regards to Wright - he has a broad range of experience in the legal sector, with specialist expertise in resource based project financing, related hedging and off-take documentation.

He has acted on transactions for both sponsors and lenders, domestically and overseas, with experience including gold, nickel, copper, iron ore and oil and gas financings in Australia and, among other jurisdictions, Brazil, the United States, Indonesia and West Africa.

John Greeve, managing director of Mutiny, commented: “Rowan and Paul’s considerable experience in all aspects of mining operations and financing transactions respectively makes them invaluable additions to our Board, especially as the Company ramps up the development phase of our Deflector deposit.”

BFS – Deflector confirmed as premium, low cost gold-copper project

A Bankable Feasibility Study completed during the June quarter has confirmed Deflector as a low cost, highly profitable, premium gold-copper project.

Deflector could earn an estimated net operating cash flow of $342 million – and that is just the start.

The key financial outcomes of the study include a net operating cash flow after debt (project finance) and taxes of $171 million; EBITDA of $323 million; net profit of $171 million; a net present value at 8% of $103 million; capital costs for plant construction of $66 million; capital costs for mine construction of $21 million; and an internal rate of return of 43%.

The study paves the way for the development of the project at an initial production rate of 55,000 gold ounces equivalent (annual range 44,600 in year one to 61,612 gold ounces equivalent).

There is a forecast low average operating cash cost of $617 per gold ounces equivalent and an initial mine life of seven years.

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Mutiny Gold on track for mine start up for Deflector

Thu, 23 Aug 2012 09:40:00 +1000

Mutiny Gold (ASX: MYG) is on schedule to soon begin mine start-up and process plant construction at its Deflector Gold-Copper Project, with the granting of additional key permits.

The bulk of permits have now been received with the recent approval of the Project Management Plans for both the treatment plant and the mining operations by the Department of Mines and Petroleum, and the haul road construction by the Shire of Yalgoo.

Earlier this month Mutiny was granted the Works Approval and Groundwater Operating Licence by the Department of Water.

John Greeve, managing director, commented on the achievement of yet another milestone: “From an early stage in the development of this project we identified permitting as a key area that required our focus and one of the main determinants to the successful, and timely, commencement of mining, which is why we started the permitting process early and committed necessary resources to it.

“We are pleased that the permitting process has occurred in a timely fashion and in line with our internal timeframes.

“We look forward to securing the last few outstanding permit approvals shortly, finalising our already well advanced mining plans and commencing mining start-up in the near future.”

Resource and grade increase

Earlier this week Mutiny reported an increase in the Deflector Resource by 61,000 ounces to 591,000 ounces (729,000 equivalent gold).

The average gold grade of the Deflector Gold-Copper resource has also increased from 5.1 to 6.4 grams per tonne (g/t) gold from the previous resource model used in the Bankable Feasibility Study.

The Deflector resource now contains JORC Resources of 2.87 million tonnes at 6.41g/t gold, 6.82g/t silver and 0.95% copper for 729,000 ounces of equivalent gold, including 591,000 ounces gold, 628,000 ounces of silver and 27,000 tonnes of copper using a 0.5g/t gold cut-off grade.

BFS – Deflector confirmed as premium, low cost gold-copper project

A Bankable Feasibility Study completed during the June quarter has confirmed Deflector as a low cost, highly profitable, premium gold-copper project.

Deflector could earn an estimated net operating cash flow of $342 million – and that is just the start.

The key financial outcomes of the study include a net operating cash flow after debt (project finance) and taxes of $171 million; EBITDA of $323 million; net profit of $171 million; a net present value at 8% of $103 million; capital costs for plant construction of $66 million; capital costs for mine construction of $21 million; and an internal rate of return of 43%.

The study paves the way for the development of the project at an initial production rate of 55,000 gold ounces equivalent (annual range 44,600 in year one to 61,612 gold ounces equivalent).

There is a forecast low average operating cash cost of $617 per gold ounces equivalent and an initial mine life of seven years.

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Mutiny Gold: a star on the rise - logs increase in resource and grade at Deflector

Tue, 21 Aug 2012 08:34:00 +1000

An 11.5% increase in resource at Deflector and a 26% increase in gold grade is a prime reason why Mutiny Gold has been a star performer on the ASX in past months. This looks set to continue given pace of development.

Mutiny Gold continues march towards development of the Deflector gold copper deposit

Fri, 10 Aug 2012 10:00:00 +1000

Mutiny Gold (ASX: MYG) has achieved another milestone in the development of the Deflector gold copper deposit with the granting of the Works Approval and Groundwater Operating Licence, with all other permitting for the project remaining on schedule.

Investors have begun to recognise the signficant progress made by Mutiny to date, with the Mutiny Gold share price climbing 35.3% since early June.

The importance of the Works Approval from the Department of Environment and Conservation is that in combination with the Clearing Permit (which is currently being assessed for approval by the Department of Mines and Petroleum), is that it allows for the upgrade of the Deflector treatment plant and camp.

The Groundwater Operating Licence granted by the Department of Water allows for sufficient water supplies to be extracted to supply the processing plant and mining activities during full production.

Another plus in the development of the project is that the Shire of Yalgoo has also shown its support by approving Mutiny’s application to construct a haulage access intersection with the Morawa Yalgoo Road north of the Gullewa mine access.

John Greeve, managing director, said the company continues to tick all the boxes in its carefully planned campaign to commercialise Deflector.

“To outsiders, these may seem like minor achievements along the path to the development of a significant new Australian gold-copper mine, but for the team at Mutiny and our supporters it is an important milestone as we move towards bringing Deflector on stream in 2013 and work to grow the Company into a far larger gold-copper producing operation.

"The Mutiny team is also appreciative of the support we have received and continue to receive, from the relevant government agencies as we steadily move through this critical permitting process."

A Bankable Feasibility Study recently confirmed Deflector as a low cost, highly profitable, premium Gold-Copper project

Mutiny well supported and funded

At the end of last month Mutiny received a US$4 million first deposit on a non-interest bearing Commercial Agreement. Importantly - the deposit is intended as the precursor to a wider Agreement which will supplement the project finance requirements for the development of Deflector.

The Agreement enables the company to continue escalating its project development - whilst concluding the ongoing Project Finance arrangements with Credit Suisse and other financial institutions.

Bankable Feasibility Study re-cap

A Bankable Feasibility Study has already identified that Deflector could earn an estimated Net Operating Cash Flow of $342 million - and that is just the start.

The key financial outcomes of the study provide key financial parameters of Deflector and they are impressive, including Net Operating Cash Flow after debt (project finance) and taxes of $171 million; EBITDA of $323 million; Net Profit of $171 million; NPV at 8% of $103 million; Capital costs for plant construction of $66 million; Capital Costs for mine construction of $21 million; and IRR of 43%.

The study paves the way for the development of the project at an initial production rate of 55,000 gold ounces equivalent (annual range 44,600 in year one to 61,612 gold ounces equivalent).

There is a forecast low average operating cash cost of $621 per gold ounces equivalent and an initial mine life of 7 years, with a net operating cash flow of $324 million and internal rate of return of 43%, with a forecast net profit of $171 million and a net present value at 8% of $103 million.

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Mutiny Gold's substantial shareholder Drake Capital Management buys another 5 million shares

Fri, 03 Aug 2012 11:20:00 +1000

Mutiny Gold's (ASX: MYG) potential has not been lost on the company's substantial shareholder Drake Capital Management, which has recently bought another 5 million shares for an average entry price of around $0.084.

Drake Capital now has a position of 35 million shares for a 7.5% stake.

Bankable Feasibility Study delivers impressive metrics

A Bankable Feasibility Study recently identified that Deflector could earn an estimated Net Operating Cash Flow of $342 million - and that is just the start.

The key financial outcomes of the study provide key financial parameters of Deflector and they are impressive:

- Net Operating Cash Flow after debt (project finance) and taxes of $171 million
- EBITDA of $323 million;
- Net Profit of $171 million;
- NPV at 8% of $103 million;
- Capital costs for plant construction of $66 million;
- Capital Costs for mine construction of $21 million; and
- IRR of 43%.

The study paves the way for the development of the project at an initial production rate of 55,000 gold ounces equivalent (annual range 44,600 in year one to 61,612 gold ounces equivalent).

There is a forecast low average operating cash cost of $621 per gold ounces equivalent and an initial mine life of 7 years, with a net operating cash flow of $324 million and internal rate of return of 43%, as well as a forecast net profit of $171 million and a net present value at 8% of $103 million.

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Mutiny Gold receives US$4m from Commercial Agreement, Project Finance Loan negotiations underway

Tue, 31 Jul 2012 09:37:00 +1000

Mutiny Gold has now received a US$4m first deposit on a non-interest bearing Commercial Agreement. The importance of the deposit is that it is intended as the precursor to a wider Agreement which will supplement the project finance requirements for the development of the Deflector Gold Copper Deposit.

Mutiny Gold receives $0.19 price target from Hartleys

Fri, 20 Jul 2012 10:00:00 +1000

Mutiny Gold (ASX: MYG) has received a buy recommendation from Hartleys, with a valuation of $0.13 and a twelve month target of $0.19. Mutiny last traded at $0.079.

The following is an extract from the report.

Robust Deflector BFS Confirms Low Cost Operation

Mutiny Gold has completed the Bankable Feasibility Study (BFS) on its 100% owned Deflector Deposit, part of the Gullewa Project, WA.

The Deflector BFS confirms a low cost gold-copper operation, with total production of 382Koz Au Eq (~314Koz Au, 14.4Kt Cu and 344Koz Ag) at average life of mine (LOM) cash operating costs of A$617/oz Au Eq over an initial 7 year mine life.

The project mine life of 7 years (2 years open pit and 5 years underground) is considered to be the base case, with a mine life exceeding 10 years achievable, given the numerous high-grade extensions not included in the updated Deflector resource estimate released in
December 2011.

Two years could potentially be added to the mine life of the open pit alone, providing upside to the project economics. Mutiny expects both mine life extensions and potential production growth as the Deflector Deposit remains open along strike and at depth.

Increased Capex Provides Platform for Growth

Mutiny expects that the Deflector operation will achieve throughput production of 480Ktpa for the oxide and transitional ore from the open pit and up to 360Ktpa for the fresh underground ore.

The project development is estimated to cost A$87m (plant A$66m and mine construction A$21m) which is only slightly above our estimate of A$80m, but includes all costs associated with a new processing plant, refurbishment of the accommodation village and mine construction (including pre-strip development of the Deflector open pit).

Development costs for the underground mine have been included in mining costs. Mutiny expects that using a gold price of A$1700/oz (below the LME gold forward for the next 5 years) that the project can generate cash flows of A$342m for a Net Profit of A$171m. Mutiny already has a gold hedge in place, covering 50Koz over a 3 year period at average gold price A$1847/oz.

Gold Production Now Targeted for Late CY2013

The Company plans to commence project development, following funding for first production in October 2013. The Deflector mine will produce gold bullion via gravity separation (~50% of the gold) and a gold-copper concentrate via a conventional flotation circuit. Bullion will be sold locally with the gold-copper concentrate likely to be sold overseas to an off-take partner.

Off-take discussions are well advanced and are expected be announced around the same time as project financing, which is due to be concluded before the end of Q3 CY2012. The Deflector mine has been previously mined so the Company expects to receive final permitting
approvals in the coming months (viewed as a mine reopening as opposed to a completed new project development).

We have an updated base case valuation for Mutiny Gold of 13 cps, which includes a fully funded and risked NPV12 Deflector valuation (pre-tax NAV) of ~A$101m. We expect a larger operation will be demonstrated following a pending resource upgrade, providing opportunities for both production increases and mine life extensions, which we have incorporated within our 12-month price target of 19cps.

We continue to recommend Mutiny as a Speculative Buy.

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Mutiny Gold paves way for Deflector to become premium, highly profitable gold copper mine

Tue, 03 Jul 2012 09:35:00 +1000

The Deflector BFS is an impressive document that belies a market cap. of just $33 million or so for a mine that would produce EBITDA of $323 million and net profit of $171 million. Clearly, the current market valuation of MYG is out of kilter with the Deflector BFS projections.

Mutiny Gold has Bankable Feasibility Study on the table, halt granted pending delivery

Fri, 29 Jun 2012 16:00:00 +1000

Mutiny Gold (ASX: MYG) has some very big news in the pipeline with the ASX granting a trading halt pending the release of the Bankable Feasibility Study on the high grade Deflector gold copper deposit in Western Australia.

Mutiny has been ticking off the milestones in 2012, including delivering maiden high grade Ore Reserves earlier in the month, along with a production plan.

The Deflector maiden initial ‘LOM production plan’ produces 450,000 ounces of gold equivalent including, 349,000 ounces of gold, 17,530 tonnes of copper and 429,000 ounces of silver.

This ‘LOM production plan’ includes reserves of 332,000 ounces of gold equivalent. The Reserve breakdown is 1.95 million tonnes at 3.9 grams per tonne (g/t) gold for 243,000 ounces, 0.8% copper for 15,530 tonnes, and 5.9g/t silver for 368,000 ounces.

Highlighting the upside of Mutiny, the recent highly successful exploration expansion results will see Deflector as potentially reaching a 10 year plus mine life - rather than the initial forecast of seven years.

The halt will last until the earlier of an announcement being made to the market, or the open of trade on Tuesday 3rd July.

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Mutiny Gold: Deflector's road to production a step closer after maiden gold Reserves delivered

Tue, 12 Jun 2012 09:35:00 +1000

With the milestone delivery of Ore Reserves and the Bankable Feasibility Study nearing completion, the Deflector deposit is becoming a near term production reality. The milestone is value accretive and moves Mutiny Gold further along the road toward a market re-rating.

Mutiny Gold: Is Deflector one of the best undeveloped orebodies in Australia?

Tue, 22 May 2012 18:02:00 +1000

Mutiny Gold (ASX: MYG) continues to unleash the potential of the Deflector Gold Deposit in Western Australia, with the latest positive news flow bonanza grade gold strikes - which are from the drilling program completed in March.

The importance of the discoveries is not just the high grade, but the fact Deflector has been extended down-dip, along with the confirmation of mineralisation in both West and Central Lodes.

This leads to the outcome of providing confidence in the resource targets allowing the Mutiny team to accelerate exploration planning.

New discovery highlights from the Central Lode at Deflector include:

- 2 metres at 57.1 grams per tonne (g/t) gold and 0.2% copper from 92 metres;
- 5 metres at 41.8g/t gold and 0.3% copper from 218 metres;
- 4 metres at 30.7g/t gold and 0.9% copper from 146 metres;
- 5 metres at 23.9g/t gold and 0.5% copper from 162 metres; and
- 2 metres at 22.7g/t gold and 1.0% copper from 104 metres.

The results will be incorporated into the revised resource estimation, which will be released in the September quarter of 2012.

John Greeve, managing director, said that the continued discovery of high-grade gold and copper is increasing the company's confidence in the asset.

"We look forward to releasing a new resource model and hence a new LOM production profile.

"The distribution of the gold ounces-plus results across the entire length of Deflector shows that we really have one of the best undeveloped orebodies in Australia."

Adding to the future development potential of the deposit, are results with elevated copper levels from diamond drilling to the north of the Deflector Fault at West Lode, with new discoveries including:

- 2 metres at 38.8g/t gold and 0.5% copper from 211 metres;
- 2 metres at 20.6g/t gold and 2.2% copper from 201 metres;
- 5 metres at 10.3g/t gold and 1.1% copper from 209 metres; and
- 2 metres at 13.0g/t gold and 3.1% copper from 163 metres.

These assays and their locations in West Lode have added a potential block of ore 200 metres in length and 100 metres in height to the underground mine shape, and considering the grades ranging up to an over 1 ounce per tonne, it would be expected that Mutiny will deliver a substantial upgrade in the upcoming resources and reserves.

Not to be forgotten were the very impressive discoveries from earlier in the year, such as:

- 3.3 metres at 79g/t gold and 10.5% copper from 62 metres; and
- 2 metres at 24g/t gold and 2.4% copper from 234 metres.

Repetition of mineralised intersections

Worthy of note is the repetition of mineralised intersections in some holes, delineating a number of parallel lodes present at depth within the deposit.

This will add flexibility in the mining sequence and has the potential to add tonnes per vertical metre to the deposit.

Deflector - on the road to development

Mutiny has developed the timeline to commence mine development in the second half of 2012 leading to an open pit mining operation at Deflector, followed by underground mining after two years.

Deflector has a resource of 3.4 million tonnes at 4.9g/t gold for 530,000 gold ounces, 0.85% copper for 29,000 tonnes and 5.7g/t silver for 620,000 ounces.

Measured and Indicated accounts for; 2.1 million tonnes at 5.2g/t gold for 350,000 ounces, 1.1% copper for 22,000 tonnes and 7.3g/t silver for 490,000 ounces. Inferred is 1.3 million tonnes at 4.5g/t gold for 180,000 ounces, 0.5% copper for 6,000 tonnes and 6.2g/t silver for 130,000 ounces.

Mutiny has a target at Deflector 2.5 million ounces of gold (ranging from 1.65 million to 2.5 million gold ounces), and 40,000 to 80,000 tonnes copper.

On the milestone news front, a maiden gold Reserve is pencilled in for May, with the Definitive Feasibility Study in the first half of 2012, along with the completion of project financing around mid-2012.

The first gold pour to be from White Well will be in the second half of 2012, with the mine development at Deflector in late 2012.

Existing infrastructure provides key production component

Mutiny is a near term gold producer, and to further highlight the potential of Deflector, existing infrastructure includes a 300,000 tonnes per annum mill which has the capacity to be upgraded to 620,000 tonnes per annum - along with accommodation and offices, power plant, water, haul roads and tailings dam.

The additional infrastructure required includes a ball mill, crusher, floatation circuit, additional accommodation for up to 150 and an upgraded power plant.

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Mutiny Gold: Is Deflector one of the best undeveloped orebodies in Australia?

Mon, 21 May 2012 11:23:00 +1000

The distribution of the gold ounces-plus results across the entire length of Deflector highlights that Mutiny does have one of the best undeveloped orebodies in Australia. Importantly - a revised resource statement is due in the September quarter 2012.

Mutiny Gold discovers Deflector extension after high grade gold strikes

Fri, 27 Apr 2012 13:46:00 +1000

The impact of the gold discoveries is the extension of the defined high-grade mineralisation 100 metres to the north of the Measured and Indicated Resources, within the Central Lode of Deflector. On the news front, Reserves to be announced in May.

Mutiny Gold to discuss Deflector gold copper deposit at upcoming One2One Forum in Sydney

Wed, 04 Apr 2012 00:01:00 +1000

Want to ask CEO's probing questions? Proactive Investors provides the forum. Presenting next in Sydney are Mutiny Gold, Laconia Resources, YTC Resources, Hastings Rare Metals, Centrex Metals, Paramount Mining Corporation and New Guinea Energy.