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Golden West Resources to update on Wiluna West environmental application

Published: 15:20 18 Apr 2013 AEST

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Golden West Resources (ASX: GWR) will soon release an announcement regarding an application for environmental approval on its Wiluna West Project in Western Australia with the company entering a trading halt today.

The company recently increased the confidence levels of the high grade DSO hematite Resource at the Wiluna West Project’s John William Doutch (JWD) deposit.

Sixty per cent of the updated Resource of 10.7 million tonnes at 63.7% iron, above a cut-off of 55% iron, is now in the high confidence Measured category.

The deposit is high grade and has low contaminants, with SiO2 at 2.8% and Al2O3 at 1.5%.

Golden West has previously received Western Australian Government approval of its mining proposal for a 1 million tonne per annum operation over three years.

Metallurgical testwork has confirmed that the lump ore at the JWD deposit is comparable with premium lump ores produced in the Pilbara.

Golden West is currently trading at around 50% cash backing with cash reserves of $18.6 million, or $0.096 per share, against a market cap. of $36.51 million and share price of $0.19.

The company has also launched a A$7.2 million underwritten non-renounceable rights issue to ensure that it retains sufficient cash reserves to fund the initial development of its proposed mining activities at Wiluna West.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 22 April 2013.


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