viewTheta Gold Mines Ltd

Theta Gold Mines progresses project development with arrival of ball mill on site

The company is currently focussing on the construction of a new gold processing plant for processing the Theta Open Pit oxide gold ore.

Theta Gold Mines Ltd - Theta Gold Mines continues Theta Project development with arrival of ball mill on site
Staff welcome the ball mill drum arriving at Pilgrim’s Rest

Theta Gold Mines Ltd (ASX:TGM) has continued development at its Starter Theta Project in South Africa with the arrival of the 2.5 megawatt ball mill purchased in October 2019.

The mill was transported from Rustenburg and has now completed its six-day journey to the Theta Project site at Pilgrim’s Rest, Mpumalanga.

Chairman Bill Guy said the small Pilgrim’s Rest community welcomed the arrival of the mill with much excitement, eager to see the progress towards an official start of construction and mining which will bring back much needed jobs and income for the town.

He said: “The company has achieved another milestone in the development of the Theta Project.

“The mill arrival and a welcome march from the local community was very heartening.

“The mill was placed on the permitted mine site, ready for future installation.”

Incorporated into plant design

The new mill has been incorporated into the revised and optimised plant design and offers the project flexibility to easily expand production up to 1.2 million tonnes per annum should the project grow.

The company has started the tender process based on a Lump Sum Turnkey (LSTK) contract for the first stage 600,000 tonnes per annum gold plant construction.

Guy said: “During this quarter, the team has issued tenders for the plant construction, completed submission of the Environmental Impact Assessment (EIA) for ‘Starter Theta Open-pit Project’ (which includes the amendment of MR83 from an underground to open-pit mining method), completed a draft mining contract and now has transported this 60- tonnes mill to the mine site.“

Theta Gold Mines expects to complete the plant build tenders by late in the second quarter of 2020.

Quick facts: Theta Gold Mines Ltd

Price: 0.22 AUD

Market: ASX
Market Cap: $97.16 m

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Theta Gold Mines advancing development of its flagship gold project in South...

Theta Gold Mines Ltd's (ASX:TGM) Bill Guy updates Proactive's Andrew Scott on development work at its flagship project in South Africa. A 2.5 megawatt ball mill purchased in October 2019 has recently arrived on site. Guy says the official start of construction and mining will be a big...

on 16/4/20

2 min read