Proactive Investors reported that Sultan Corporation will proceed with mine development of the Copper and Zinc Peelwood project in central New South Wales.

The Peelwood project is 100% owned by Sultan Corporation. Peelwood has the potential for the discovery of multiple economic VHMS style base metal deposits of submarine volcanic origin similar to the Captains Flat and Woodlawn deposits.

A recent feasibility study into the viability of Peelwood indicated robust project economics:
1. Initial Mine Life 5 years
2. Conventional Open Cut Mining
3. Mill throughput 80 Kilo tonne per annum to 100 Kilo tonne per annum
4 Copper Produced 4427 tonnes
5. Zinc Produced 21357 tonnes
6. Lead Produced 2708 tonnes
7. Silver Produced 193,023 ounces

Mr Derek Lenartowicz MD of Sultan said that the company had decided to greenlight development of Peelwood because of its location, high grade close proximity of ore to surface, friendly metallurgy, low capital outlay and quick payback.

(Sourced from Proactiveinvestors.com)