MELBOURNE, Australia, Oct. 12, 2012 /CNW/ - Newcrest Mining Limited ("Newcrest") (ASX: NCM) (TSX: NM) today released the Technical Report on the Wafi-Golpu Property in Morobe Province, Papua New Guinea (PNG), prepared in accordance with the requirements of Canadian National Instrument 43-101. Release of the Report follows completion of the Golpu technical Pre-Feasibility Study and the announcement to the market of a significant upgrade to the Golpu Ore Reserve estimate on 29 August 2012.
The Golpu deposit forms part of the Wafi-Golpu Project (the Project) located approximately 65 kilometres west of Lae, in the Morobe Province of PNG. Newcrest and Harmony Gold Mining Company Limited (Harmony) each have a 50% interest in the Project. The Wafi-Golpu Project remains a highly prospective exploration area, and exploration drilling on multiple targets continues.
The Golpu Pre-Feasibility Study confirmed Golpu as a world-class deposit with an expected mine life in excess of 25 years and projected unit cash costs at the bottom of the industry cost curve. The Pre-Feasibility Study also identified several factors with the potential to improve production, grade and metal recoveries for a Golpu development beyond that assumed and already modelled, including the potential for higher grade and recovery in Lift 1, improved overall gold recoveries, accelerated production ramp up and higher mining and processing rates, and the potential for an additional mining lift based on high grade drill intercepts recorded below the existing Ore Reserve.
The joint venture participants are currently engaging with key stakeholders, including government and landowner representatives, to ensure alignment on the planned project development and key elements of the next phase of work, and anticipate commencing the Feasibility Study in the first half of 2013.
The Technical Report on the Wafi-Golpu Property has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") and the provisions of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards - for Mineral Resources and Ore Reserves 2010 ("CIM Definition Standards").
Newcrest reports its resource and reserve estimates in compliance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves 2004 edition ("The JORC Code"), along with reconciliation of any material differences between the JORC Code and the applicable definitions adopted by CIM.
There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources or Proved and Probable Ore Reserves under the JORC Code and the equivalent or corresponding definitions in the CIM Definition Standards.
SOURCE: Newcrest Mining Limited
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