Integra Mining yesterday announced it was close to developing its Randalls Gold Project after finalising a native title agreement and subsequent mining lease for the Project’s Salt Creek deposit.
The agreement with the Central East Goldfields People (CE) involved an extensive consultation process and was critical to securing the mining lease for Salt Creek, the company said.
“The agreement incorporates details for support and contribution towards economic development programs and provides for ongoing consultation between Integra and the CE people,” Integra said.
“Integra believes it has developed an excellent working relationship with the CE people and looks forward to strengthening this relationship.”
The company has also been granted a mining lease by the Western Australian Department of Mines that encompasses the Salt Creek gold deposit and proposed site for the processing facility.
The Project remains on track to commence production in mid-2010.
The recently completed feasibility study found the Phase One Randalls Gold Project development would be financially and technically robust with an internal rate of return of 71%.
It also found the project would have a capital cost of $64 million and would produce 75,000 ounces a year at a cash cost of $574 per ounce.