August 30, 2008

Terramin starts work on Angas zinc mine

Adelaide based Terramin Australia has announced that work had started on the underground development of its wholly owned Angas mining operation. The mine is the closest base metals mining operation to an Australian capital city just 60 kilometers from Adelaide. Construction of the Angas Mine’s processing plant is on schedule for completion by May 2008 leading into several weeks of dry and wet commissioning ahead of full production start up mid year.

Highlights of the developments program includes
1. AUD 500 million in revenue over seven years.
2. 400,000 tonnes of ore produced each year.
3. AUD 30 million a year value to the regional economy.
4. 100 permanent jobs created in the region once the mine is operational, including 63 at the mine site.
5. A tunnel to access the zinc deposit has already been excavated 50 meters with work continuing to the stage where driving of the first network of mine development tunnels can begin from the main decline.

Mr Kevin Moriarty executive chairman of Terramin’s said that “Today we are marking another milestone in the growth of Terramin Australia, and another for South Australian mining history, because this tunnel before us is the entry to the first significant zinc mine in this State. Although this Kanmantoo region is the first metal mining belt in Australia, no zinc has ever been mined here, and there has been only small scale mining or quarrying for zinc elsewhere in South Australia.”

Mr Moriarty said that at current prices, the mine would produce revenues of over AUD 500 million over seven years and be worth some AUD 30 million each year to the regional economy. He said development ore would begin being stockpiled from January next year, with first ore from the underground stops scheduled for mining by June 2008 and about 54,000 tonnes available for first processing.