TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) — Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today updated the market about progress at its Goondicum Ilmenite Project.
Commissioning and production ramp-up at Goondicum successfully continues to advance on schedule. Ilmenite production was 5,238 tonnes in January exceeding our budget forecast. Production of our secondary product apatite, of 317 tonnes was below forecast. Apatite sales represent around 15% of forecasted revenue and provides useful margin expansion. Modifications for the apatite circuit are being implemented and management is confident that apatite production will be brought up to budgeted levels over the next few months.
Notable to highlight is that initiation of product offtake is on track. The first ilmenite shipment remains scheduled for Q1 CY2019 and ilmenite haulage to the port from the mine has now commenced.
No Lost Time Incidents were recorded during January and the project has been LTI free since the start of construction.
Mark McCauley, Melior’s CEO, said, “January saw further welcome progress with production rates of over 400 tonnes per day of ilmenite which is getting close to levels of our projected steady state of production. Management remains confident that our clear target for Goondicum to produce 14,000 tonnes of ilmenite and 3,500 tonnes of apatite per month in the second half of CY2019 will be achieved.”
Tables accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/68a8690a-00d6-431e-9423-3252700b865b
http://www.globenewswire.com/NewsRoom/AttachmentNg/187217b5-3b4b-4cd3-b0e4-baf923dad5af
Project Photos
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/5886c907-8dbe-40d7-adb4-2864d907dbf7
http://www.globenewswire.com/NewsRoom/AttachmentNg/8d7c7c48-b08d-4ddf-b44e-07bd32bac187
http://www.globenewswire.com/NewsRoom/AttachmentNg/f8bbbe83-7358-4da5-a549-75b01f18491d
About Melior
Melior is the owner and operator of the Goondicum ilmenite and apatite mine located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR. Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Vancouver, British Columbia. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX Venture Exchange.
The expectations outlined in this press release regarding the Goondicum mine represent the information contained in the PEA prepared independently by TZ Minerals International Pty Ltd. for the purposes of National Instrument 43-101 (“NI 43-101”) and relies in part on inferred resources. As a result, the PEA is subject to increased uncertainty and technical and economic risks of mine failure and there can be no assurance that the report’s expectations will be achieved.
The PEA is preliminary in nature and includes Inferred Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty the PEA will be realized. Shareholders are strongly encouraged to refer to the complete updated Technical Report prepared in accordance with NI 43-101 in respect of the Goondicum mine, which includes the results of the PEA described in this news release, which has been filed on SEDAR at www.sedar.com under the Company’s profile on August 30, 2018.
Forward Looking Statements Disclaimer
This press release contains forward-looking information within the meaning of applicable securities laws that reflects the current expectations of management of Melior regarding the production ramp up of the Goondicum mine. The words “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “aim”, “endeavour”, “project”, “continue”, “predict”, “potential”, or the negative of these terms or other similar expressions have been used to identify these forward-looking statements and include, but are not limited to statements regarding anticipated production, timing for first ilmenite shipment and haulage and target production rates. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond management’s control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Risks, assumptions and uncertainties regarding Melior and the forward looking information herein are described in its publicly available disclosure documents including the Technical Report, as filed by Melior on SEDAR (www.sedar.com) except as updated herein. This forward-looking information represents management’s views as of the date of this press release. While subsequent events and developments may cause such views to change, Melior does not intend to update this forward-looking information, except as required by applicable securities laws.
For further information please contact:
MELIOR RESOURCES INC.
Mark McCauley
Chief Executive Officer
+61 7 3233 6300
[email protected]
Investor Relations
Andreas Curkovic Proconsul Capital
+1-416-577-9927
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
