An agreement with China National Automation Control System Corp (CACS) will allow Golden Cross Resources to conduct a bankable feasibility study at its Copper Hill Project in Central New South Wales.
The Sinomach Group company signed a Memoradum of Understanding in Beijing with Golden Cross officials.
Golden Cross will now invite its shareholders to participate in the financing of this strategic development.
Beijing-based investment company CUMIC, which supports Golden Cross through HQ Mining, has agreed to provide financial support for the study, holding firm to the view that Copper Hill represents a solid mining investment given China’s future copper requirements.
A positive feasibility study will allow the sourcing of capital from China and, once the decision-to-mine is taken, CACS will source all necessary plant and equipment from China and within Australia. The SX-EW copper metal will be sold to CACS’ associated companies in China.
Golden Cross’ managing director Kim Stanton-Cook says, “Golden Cross is well placed to join the ranks of producers.
“Copper Hill has excellent infrastructure, ease of mining, low strip ratio, and good metallurgical characteristics.
“Copper Hill project economics continue to improve with the now sustained increase in global copper and gold prices. Using best case assumptions from the conceptual model I predict that, on average, more than 20,000 tonnes of copper and 75,000 ounces of gold could be produced annually over a mine life of 20 years.
“The plan to rail copper-gold sulphide concentrates to a roaster complex to be constructed by Golden Cross and CACS in South Australia has considerable merit and strong local support. Sulphide roasting, acid recovery, and metal recoveries using SX-EW and CIL are all well-proven, global technologies.”
Golden Cross is set to resume drilling at Copper Hill.
www.goldencross.com.au