PRESS RELEASE: The company has a strategic alliance with underground mining contractor GBF Mining, which oversees all operational management of the project.
This strategic alliance facilitates the Mineral Ventures model that provides capital and mining service solutions to suitable near-term production gold projects.
Mining development has advanced significantly at the Comet Vale project and a total of 1,000m has been developed to a depth of 100m from the surface. A low-profile production fleet is now established on site and operational.
The company stated that the priority remains on advancing the decline to the historically higher grade and largely unmined resource below the fourth level. Decline advance continues in improving ground conditions with the current face now at the third level. Evaluation of remnant mining opportunities above the third level continues with the aim of identifying short term production opportunities.
Mining development is on schedule and ore continues to be stockpiled on the ROM pad ready for transport to the Burbank's Mill for processing.
Daryl Henthorn, executive chairman of Orminex, said: "With mine development already advanced to the third level and on target with the mine plan, it demonstrates the Mineral Venture model's capacity to bring stranded assets back into production. GBF are highly experienced underground mining contractors and the Mineral Venture model fast tracks the pathway to production, bringing us closer to achieving our targets at Comet Vale. We are also reviewing a number of suitable new projects that, if successfully concluded will demonstrate that the Mineral Ventures model is scalable and repeatable."