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513 HAY STREET SUBIACO WA , 6008
P: 08 6142 0986 F: 08 9388 8824
carbine@carbineresources.com.au
www.carbineresources.com.au

MOUNT MORGAN

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About: The Mount Morgan Mine is located on the Central Queensland Coast, 38 kilometres from Rockhampton. It has a history going back almost 100 years during which time it has produced 50 million tonnes of ore containing 1.2 million ounces of silver, 400,000 tonnes of copper and 8.4 million ounces of gold. During this time it also produced a considerable amount of tailings that were retained on the mining leases.

Mount Morgan was at one Time the Largest Gold Mine in the World

The Mount Morgan mine, that was at one time the world's largest gold mine, was in full production from 1883 to 1991, however from 1981 the operation focussed on the re-treatment of 28 million tonnes of tailings but this was suspended due to high cyanide costs and low gold prices in 1991. No further mining has taken place at the Mount Morgan mine since that time. The state government Department of Natural Resources and Mining (DNRM) has been administering the Mount Morgan site since it stopped production in 1991. An agreement has been renewed with DNRM regarding eventual rehabilitation of the Mount Morgan.

Mount Morgan Mine Acquired by Carbine Resources Limited

The Mount Morgan tenements consist of thirty mining leases covering 677 hectares that are now wholly controlled by Carbine Resources Limited, an Australian Securities Exchange (ASX) listed company based in Subiaco, Western Australia. Carbine Resources Limited acquired the Mount Morgan project, including the one million tonnes a year Kundana processing plant, in April, 2014, with the acquisition of Raging Bull Metals Limited and an agreement reached with Norton Gold Fields Limited. The Kundana carbon-in-pulp plant gives Carbine Resources the opportunity to re-open the mining of the Mount Morgan tailings resource at considerably reduced capital costs that would otherwise have to be spent constructing its own processing facilities.

Mount Morgan JORC Resource Increased

On March 16, 2015, Carbine Resources announced it had identified an improvement of the grade and size of the Mount Morgan JORC resource which it considered would give them an opportunity to initially begin production from a high grade tailings resource that is returning an average overall grade of 2.12 grams of gold a tonne.

A Scoping Study commissioned by Carbine Resources Limited has found that the Mount Morgan tailings could be once again mined at one million tonnes a year producing around 230,000 tonnes of pyrite, 850 tonnes of copper and 36,000 ounces of gold over a period of eight years. These forecasts are based on tailings dam storage and does not include additional tailing storage areas that have not yet been drilled but are expected to increase the resource several fold.

Mount Morgan Tailings to be Mined Using Innovative Technology

Carbine Resources Limited plan to use an innovative metallurgical technique to recover 78 percent of gold, 91 percent of pyrite and 56 opercent of copper from its Mount Morgan tailings. It aims to do this by separating the cyanide soluble copper at the start of the process by means of acid leaching. By doing this it will be able to reduce cyanide consumption in the gold recovery circuit by 80 percent. Pyrite recovery will be achieved by means of flotation at the back end, this will become an additional by-product of the whole process that would otherwise go to waste as acid mine drainage.

Carbine Resources

Carbine Resources is an international mining company that was established in 2006 in order to develop projects.The company recently acquired the Mount Morgan Project located in Rockhampton, Queensland and also have assets in South Africa.

ADDRESS

Carbine Resources
513 Hay Street
Subiaco, WA 6008

OTHER INFO

Phone0861420986
fax0893888824

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MOUNT MORGAN

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