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Market: ASX
Sector: Gold Mining
Epic: ASX:RMS
News: Latest news
Web Site: Ramelius Resources
Other Articles: 06-01-201030-11-200912-08-2009

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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.

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