Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: ASX:RMS
News: Latest news
Web Site: Ramelius Resources
Other Articles: 05-02-201006-01-201030-11-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Saturday March 13, 08:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Friday March 12, 07:58Lithium and rare earths markets poised for growth

Right now, the world relies almost completely on China for its rare-earth supply. The Chinese have made it clear that they want to keep more supply for themselves as they try to be the world leader in green technology

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Friday March 12, 07:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

FULL ARTICLE ►
Ramelius Resources

Ramelius Resources

Ramelius is a Western Australian focussed gold producer and nickel explorer with mining operations at Wattle Dam near Kambalda and milling facilities at Burbanks near Coolgardie.
Monday, November 30, 2009

Ramelius Resources new high grade underground gold mine to commission in January

by Ross Louthean, Mineweb.net company news image

The chairman of Ramelius Resources Ltd (ASX: RMS), Robert Kennedy, told the company's annual meeting in Adelaide that the move underground was occurring as the global gold price touched a new high of US$1,192 per ounce.

Kennedy said the Wattle Dam gold mine west of Kambalda was on target to proceed to full production in the New Year, after this week milling its first underground development ore.

"The underground development has progressed well and we are on track to enjoy the fruits of our labour through the extraction and milling of gold ore over the full first calendar year of underground mining," he said.

On Tuesday Ramelius had announced that it had begun milling the first parcel of underground ore from its flagship mine, and would shortly begin earning a cash flow from sales of the new ore processed through its 100%-owned Burbanks mill nearby at Coolgardie.

Over the past year, Ramelius has completed the "cut back" to the original open pit mine, paving the way for full-scale underground mining at Wattle Dam, where recent drilling has given grades of up to 819 grams/tonne of gold.

Kennedy said the pit cut back has resulted in 158,038 tonnes of ore being mined, which produced 16,972 oz gold - or three times the quantity estimated to be extracted from this phase of the mine.

The blueprint for the underground mine is to produce 68,700 ounces of gold - though this target may be exceeded.

Ramelius has been in a long running battle to gain control of regional gold miner Dioro Exploration NL (ASX: DIO) and the 32% stake now gained in that company was valued by Ramelius at $A155 million ($US139 M). This was based on Dioro's 49% stake in the Frog's Leg gold mine.

This is a two company dogfight as Avoca Resources Ltd (ASX: AVO) which mines gold at Higginsville to the south was the original contender and gained initial acceptance from Dioro directors before Ramelius stepped in.

The big is scheduled to close next Wednesday and Kennedy said more than 1,000 Dioro shareholders have accepted the offer.

 

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Other Ramelius Resources news

More news ►

Investors interested in Ramelius Resources recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.