Proactiveinvestors Australia

Millennium Minerals Limited's core purpose is to create a profitable mid-tier gold producing company generating value for shareholders whilst continually seeking additional opportunities to increase shareholder value through further development of organic growth opportunities.

GOLD OPERATIONS

Results from the recently completed feasibility study indicate the following operational and financial metrics.
- Stage 1 Mining Ore Reserve of 10.45 Mt at 1.7g/t containing 567,000 ounces, using a cut-off grade of 0.5g/t.
- Initial mine life of 7 years, producing 504,000 ounces from CIL process plant.
- Process Plant and Infrastructure development capital cost $63 million.
- Owners cost $6.3 million, rehabilitation and closure $8 million (deferred).
- Native Title completed, final permitting largely complete.
- Inferred resource areas and depth extensions provide upside.
- Stage 2 scoping study to evaluate heap leach production from year 3.

OPERATIONAL STRATEGY
Mine design and scheduling is driven by a desire to maximise gold production in the first four years of the project life. The base case plan shows milling throughput rates of 1.50Mt per annum generating 72,000 ounces of gold.

The production plan recognises that upside exists in bringing other Inferred Mineral resources into the Measured and Indicated categories, allowing the capacity for Reserve status assessment and the additional potential to exploit mineralised waste and other material through a lower cost heap leach operation.

In addition, depth and strike extension potential exists that will require further exploration to define. These upside factors require assessment, and if their potential is realised, brought into the project well before Year 4 with the potential of producing an increase in gold output.

MINE OPERATIONS AND PROCESS FLOW SHEET DESCRIPTION
The General layout of the planned process plant is shown in Figure 1.



FIND OUT MORE ABOUT CURRENT OPERATION

PETER ROWE (CHAIRMAN)

Mr Rowe has broad international mining industry experience gained over a 35 year career based mainly in Australia and South Africa. Following 20 years with Anglo American and De Beers, he moved to Australia in the early 1990s.  Mr Rowe was project director of the Fimiston Expansion (Kalgoorlie Superpit), general manager of the Boddington Gold Mine and of the Boddington Expansion Project and managing director and CEO of Bulong Nickel.  He headed up AngloGold Ashanti Australia and then moved to Johannesburg where he recently retired from his position there as executive vice president - business effectiveness.  He is currently a non-executive director with three ASX listed companies.

Mr Rowe holds a chemical engineering degree and is a Fellow of the AusIMM and of the Australian Institute of Company Directors.


RICHARD PROCTER (NON EXECUTIVE DIRECTOR)

Mr Procter is a mining engineer with over 30 years broad international experience encompassing roles in the corporate, operations, contracting and mine development areas. Mr Procter has held senior industry positions that have demonstrated leadership and management of base and precious metal mining companies (including both underground and open pit operations); the assessment and development of projects including definitive/bankable feasibility studies and converting studies into mining operations; managed teams undertaking mining asset evaluations and valuations (for mergers and/or acquisitions). He also has been involved in many mining operation start ups (both small and large scale) - as well as the re-engineering of organisations. Mr Procter continues to provide technical and strategic planning advice to both mining and industrial companies.


ROSS GILLON (NON EXECUTIVE DIRECTOR)

Mr Gillon is a solicitor in Perth and has previously been a director of a number of exploration companies.


SIMON DURACK (NON EXECUTIVE DIRECTOR)

Mr Durack is an experienced Chartered Accountant, practicing Company Secretary and Director, and brings to the Company over 29 years commercial experience gained working in Australia, South East Asia and Europe. Mr. Durack has held many senior Financial, Secretarial and Director positions with both large public and private entities in a diverse range of industries and the Board welcomes his input to the Company.


BRIAN REAR (CHIEF EXECUTIVE OFFICER)

Mr Rear is a graduate of the Western Australian School of Mines (AWASM Metallurgy), The Royal School of Mines (MSc London, Mineral Process Design, DIC) and holds a Masters Degree in Business Leadership from the Business School of the University of South Africa. He is a member of the Australian Institute of Company Directors. He has extensive experience in process engineering, project development and company management having successfully developed three green-field projects and the turnaround of a fourth covering base metals and thermal coal.  His career includes stints with Rio Tinto, Anglo Vaal Limited, Straits Resources and CopperCo Limited.

Top 10 shareholders as at 21 July 2011