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WILUNA PROJECT

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About:

The Wiluna Project in Western Australia, that has been struggling to survive under the ownership of Apex Minerals NL, was in the process of being acquired by Chinese investment company, Everprosperity Investment, that is closely connected to Jiangsu Taihua Venture Capital, when the sale was dramatically called off in May 2013. The Chinese investor has already paid out a half million dollar non-refundable deposit for the mine but Apex called off the sale process after Everprosperity applied pressure to have the sale price reduced. Apex Minerals have now appointed Perth corporate advisor, PCF Capital Group, to assist in the search for a new buyer.


Apex Minerals Failed Sale of the Wiluna Project may be its Blessing
Apex Minerals had been struggling financially to keep the mine afloat but since the sale to Everprosperity has fallen through it has enjoyed substantial production improvement. Its sales position has strengthened considerably from where it found itself previously as gold production has increased to 4,000 ounces a month along with site cash costs falling to $4.5 million. The company is now in a viable position as long as current gold prices remain stable. This means Apex Minerals can measure any new offers against its improved performance. If the deal with Everprosperity had have gone through the Chinese buyer would have been paying $16 an ounce for the Wiluna gold reserve whereas the industry average is about $50 an ounce.
Apex Minerals is continuing to talk with potential partners regarding a restructure of the Wiluna Project, which includes a change of ownership, as proposed in its strategic review which it undertook earlier in the year.
The Wiluna Project has had seven different owners over the last 15 years. Prior to Apex Minerals acquiring the mine in 2007 it had also been owned by; Oxiana, Agincourt Resources, Newmont Mining, Normandy Mining, Great Central Gold Mines and Wiluna Mines.


The Wiluna ore is Pre-treated in a BIOX Bacterial Oxidation Facility
The Wuluna Project is situated within a world class gold bearing area where around four million ounces of gold has been previously recovered. It is located just under 1,000 kilometres from Perth with the Wiluna Project holding around 50 square kilometres of of mining leases. It also has the Goldfield Gas Pipeline passing nearby. Its has a gold resource of more than two million ounces and a one million tonnes a year processing plant that incorporates a 850,000 tonnes a year BIOX bacterial oxidation facility as well as a modern camp and up to date facilities for fly-in-fly-out workers.


Current production comes from the Wiluna multiple underground ore source with the ore processed at the BIOX treatment plant. The BIOX process has been developed so refractory ores can be pre-treated in concentrate form before being subjected to conventional cyanide leach gold recovery techniques. The gold in the ore exists in sulphide minerals such as pyrrhotite, arsenopyrite and pyrite. This prevents it being able to be leached in the normal way through cyanide leaching methods. BIOX technology destroys the sulphide minerals and facilitates cyanidation. This process considerably increases the total gold recovery that would otherwise be unachievable. The BIOX method was introduced commercially in 1988 and installed at the Wiluna plant in 1993.

Apex Minerals NL

Apex Minerals NL is located in the Wiluna in Western Australia. Our company foused on developing a sustainable operation at Wiluna, and with the production target of 15,000 to 17,000 ounces. In 2007 Apex Minerals assembled a portfolio of gold projects capable of elevating the company to produce a...........read more

ADDRESS

Apex Minerals NL
Level1-10 Ord St
West Perth, WA 6005

Po Box 682
West Perth, WA 6872

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Phone0863115555
fax0863115556

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WILUNA PROJECT

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