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Highlights
- Resource evaluation, pit optimisation studies and evaluation of both operating and capital costs have led to a decision to reduce the scale of the initial proposed mining operation at Watershed to 1,000 tpa of WO3 in concentrates with much lower up-front costs, with planned expansion at a later date;
- New resource estimate for the Watershed scheelite deposit by Coffey Mining confirms a 50 percent increase in resource tonnage with a 16.5 per cent increase in contained WO3 using Ordinary Kriging (OK);
- A second new resource estimate for the Watershed scheelite deposit by Hellman & Schofield provides sound basis for future conversion to reserves. This resource was estimated using Multiple Indicator Kriging (MIK);
- Final Ore Sorting Trials on eleven metallurgical "variability samples" from diamond drill cores from the Watershed scheelite project have confirmed the favourable results obtained with previous bulk sample tests; and
- Encouraging results were received from the first round of drill samples from the Reverse Circulation (RC) drilling program completed in ary 2008 at the Mt Mulgine Project.