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Pantoro sets plan for Norseman processing infrastructure after engineering review

Results have been received from a processing plant options review and scoping estimate for the Norseman Gold Project.

Pantoro Ltd - Pantoro sets plan for Norseman processing infrastructure after engineering review
Three options were reviewed ranging from refurbishment to a new build of the processing infrastructure

Pantoro Ltd (ASX:PNR) has received positive results regarding restarting processing operations using the existing infrastructure at the Norseman Gold Project in Western Australia.

The contracted engineers produced three options regarding the processing infrastructure and also produced a scoping study with cost estimates.

The option that was selected for cost estimates was the reconstruction of the processing facility with the same configuration at a new location using a combination of refurbished existing major equipment and new structures, piping, electrical and services in a new location.

The cost estimate for the scope of work identified is $25.55 million ±30%.

The next step in the planning for reconstruction of the processing plant is to complete detailed design and cost estimation to an accuracy of ±10%.

Planning for this work is underway.

Work provides a clear path forward at Norseman

Pantoro’s managing director Paul Cmrlec said: “The outcome of this study provides Pantoro with a clear way forward for reconstruction of the Norseman processing facility.

“The large amount of existing infrastructure at the site provides a major reduction in capital costs for the project, and the review confirms our pre-acquisition cost assumptions.

“We look forward to commencing the definitive plant design and cost calculation in the new year.

“The project is advancing as expected as we progress towards re-commencement of production.”

Norseman acquisition to grow on Halls Creek operations

While Pantoro continues to profitably produce gold from its Halls Creek Project, it completed the acquisition of 50% of the Norseman Project in early July 2019.

Norseman contains JORC-compliance resources measuring 2.1 million ounces grading 15.3 g/t gold underground and 2.3 million ounces grading 2.34 g/t near the surface.

Pantoro has a two-pronged approach at Norseman, developing existing resources to a mine-ready status, and, exploring for new resources through drilling.

The mining centres to be targeted first for near-term development include:

  • Gladstone/Everlasting (open pit);
  • Maybelle (open pit);
  • Scotia (open pit/underground);
  • Princess Royal/Slippers (open pit);
  • Cobbler (open pit); and
  • OK (underground).

Quick facts: Pantoro Ltd

Price: 0.255 AUD

Market: ASX
Market Cap: $300.13 m

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on 3/7/18

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