Leyshon Resources
Leyshon Resources has a proud history as one of Australia’s most financially successful gold mining companies having produced over 2.7 million ounces from its Mt Leyshon Gold Mine in Queensland and distributed over A$300 million dollars to its shareholders over its 15 year life. Today Leyshon has divested its Australian mining and exploration interests and is focused on the Zheng Guang project in Heilongjiang, northeast China. Zheng Guang has estimated the resource of 1.21 million ounces of gold, 94,000 tonnes of zinc and 3.72 million ounces of silver. The company forecasts annual revenues of 90 mln usd from the project at current metal prices, and EBITDA of 54 mln usd on cash operating costs of some 155 usd per ounce
Leyshon Resources maintains momentum
Leyshon Resources Limited ( AIM / ASX: LRL ) announced it had placed orders for the manufacture and delivery of two ball mills at a total cost of US$2 million for its Zheng Guang gold zinc project in China.
The first ball mill is scheduled for delivery in August 2008 for the oxide circuit while the second ball mill will be delivered in September 2009 for the sulphide circuit. The combined capacity of the mills is 1.5 million tonnes per annum. The Company added that the price and delivery times compared 'very favourably' with overseas manufactured and supplied mills.
Nenjiang Power Bureau, the local power authority had also been contracted to connect the mine to the local power grid and engineering designs for the mine were expected to complete by the first quarter of 2008.
Managing Director Paul Atherley commented:
“Our strategy is to rapidly bring Zheng Guang into production combining the benefits of low Chinese capital and operating costs with smart Australian metallurgical design.
The cost and lead time of the ball mills compare very favourably with international standards and when combined with the remarkable infrastructure levels in Heilongjiang its hard to imagine a better location in the world to be developing a gold project right now.”
Other Leyshon Resources articles
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27/11/08 Leyshon Resources - battening down the hatches
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24/07/08 Leyshon Resources is an ultra low-cost gold producer in the making
Other Leyshon Resources news
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30/10/08 Leyshon Resources confident of securing finance for Zheng Guang
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11/06/08 Leyshon Resources confirms construction of main access road
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28/04/08 Leyshon Resources upgrades Zheng Guang Project resource