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Range River Gold kicks off processing of ore from Mt Morgans

Last updated: 19:55 24 Feb 2010 AEDT, First published: 20:55 24 Feb 2010 AEDT

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Gold producer Range River Gold (ASX: RNG) has advised that crushing of Mt Morgans ore commenced at Barrick’s ‘Granny Smith’ operations, with the parcel expected to be completed today.

The ore is the first parcel to be campaign processed under the ore sale agreement that the Company and Barrick executed on the 15 February 2010.

Under the terms of the agreement the Company will receive provisional payments during the period from delivery of ore until final reconciliation of recoverable gold for each batch.

The final reconciliation is expected to occur in March.

The next campaign of ore processing is expected to occur in early April 2010.

The ore mined was from the Craic deposit. In the upper areas of the Craic the Company experienced a much higher proportion of free dig than expected. Thus, drill and blast costs for this area were lower than planned.

The first cut back of the Ramornie deposit has been drilled and fired. However, digging of the waste has not commenced while operations have focused on the Craic deposit.

The Ramornie deposit provides the opportunity to maintain high utilisation of the mining fleet by having an alternate area for operations during grade control drilling and/or other activities at the Craic.

In preparation for future ore sources, in-fill and confirmatory drilling has commenced at the King Street deposit. This will be followed by infill and confirmatory drilling of an area known as Transvaal North. Modelling of Transvaal deposit indicates near surface mineralisation that could accessed by open pit mining.

The Company has progressed the development of Mt Morgans. Plans have been prepared to produce 40,000 ounces per annum of gold from existing resources.

The acquisition of the Mt Morgans Project is the platform for the implementation of RNG’s strategy to grow through developing production assets.

RNG is seeking to acquire producing assets or projects that can be brought into production through the completion of feasibility study and project financing. This strategy is enabled by the considerable financing, development and production expertise of the Board and management team.

RNG has a portfolio of exploration opportunities. These and any early stage exploration properties that RNG acquires will be farmed out to exploration focussed companies.

 

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