Gold Exploration, Exploration Company, Gold Company
History
Ground Fl, 17 Ord Street West Perth
WA 6005 Australia
PO Box 117 West Perth
WA 6872 Australia
History
Millennium Minerals Limited was originally known as Wedgetail Exploration NL.
The Company acquired the main package of tenements in Nullagine in 2001. Various companies explored the ground prior to Millennium, but the ground was not previously held by one owner. Millennium consolidated the leases and over the past 8 years, work conducted on the licences includes:
- Golden Eagle - by the end of 2005, MOY had drilled 894 RAB holes, 532 RC holes and 37 RC/diamond holes;
- Shearers - between 2001 and 2005, MOY drilled 80 RAB and 94 RC holes;
- Barton - between 2001 and 2005, MOY drilled 47 RAB and 46 RC holes, and 7 RC/diamond holes;
- All Nations - work includes 13 RAB holes, 84 RC holes and one diamond hole;
- Golden Gate - between 2001 and 2005, MOY drilled 27 RAB and 139 RC holes.
A full feasibility study was completed in 2007, but at the time the Company determined that project development risk in the prevaiing industry and market conditions was too high. Since then the following factors have significantly improved the outlook for the project:
- the mine life has been extended from five years to seven;
- additional higher grade ore has been drilled and added to the mining reserve;
- the gold price has moved considerably higher.
- Capital equipment delivery timetables have improved.
- Skilled labour supply has improved although demand for skilled and experienced personnel is beginning to lift as the resource sector recovers from the impact of the global financial crisis.
During the period July 2009 to December 2009 the feasibility study was updated to take account of the higher Ore Reserve and the improvement in economic conditions and markets. The results of the update were positive and the company is gearing up to start project development with a target date for construction of first quarter calendar 2011.