Orminex Limited’s strategic partner, GBF Mining Limited has secured the right to enter into a 12-month lease with an attached option to buy 50 per cent of the Burbanks Gold Processing Mill.
Located approximately 9 kilometres south-east of Coolgardie, Western Australia, the Burbanks Gold Processing Mill holds the capacity to process 200,000 tonnes per year and has already been used to process the first campaign from Orminex’s Comet Vale project and a recent second campaign of ore.
The Mill features sufficient capacity to process all of Comet Vale’s ore once the mine reaches full production.
The binding term sheet is subject to due diligence and final documentation and updates will continue to be provided by Orminex as the transaction progresses.
Orminex Executive Chairman, Daryl Henthorn, said GBF’s acquisition of the Mill further progresses their Mineral Ventures model, which aims to control and improve the whole gold production supply chain.
Orminex has also stated that a second gold pour has just been completed after processing a further 5,000 tonnes of ore from Comet Vale.
The processed ore was a combination of remnant stoping and development ore sourced from the 3.3 and 3.6-levels and the decline development.
Mining is also progressing, with the decline development further advancing towards 4-level targeting of fresh historical high-grade ore.
The next campaign of processing is planned for February 2019.
More information on the Comet Vale Project and this announcement can be found here.