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Last Updated: 01/02/2012
March 2010 Quarterly Report
Highlights for the period ending March 2010
Tasmania Mine Operations
- On 12 March 2010 the Company announced to the ASX that a series of unrelated short term operational issues had significantly impacted gold production. Consequently gold production for the quarter of 9,961 ounces was abnormally low. These operational issues have subsequently been resolved
- Production rates and costs are forecast to return to normal levels in the June quarter
- The enhanced mining method commenced, which will provide significant cost and productivity benefits when fully implemented
- A scoping study of previously unmined Western Stockwork Zone resources is underway to establish a near-term, low cost, reliable and flexible source of bulk tonnes
Tasmania Mine Exploration
- Latest high grade drill results continue to extend ore reserve boundary westwards beyond the currently planned development
- J23 intersects 7.5m at 14.4 g/t gold (including 3.5m at 19.1 g/t)
- J17 intersects 12.8m at 8.8 g/t gold (including 4.3m at 16.0 g/t)
- These are best two drill intersections in the Tasmania Reef since 2004
- The Western Stockwork Zone (including an intersection of 22m at 7.7 g/t gold ending in mineralisation) is open both above and below the current resource and further drilling is commencing in the June quarter
- Geologically significant drill result at Pease Creek, 5km north of Tasmania Mine
Victorian Copper
- Ararat RC holes confirm shallow mineralisation including 5m at 2.9% copper from 8m
- Opportunities to joint venture or float the Victorian copper project continue to be assessed
CEO’S COMMENTARY ON THE QUARTER
BCD Resources CEO, Bill Colvin said “Following six successive quarters of consistent, cash positive production in excess of 15,000 ounces it is disappointing to report this abnormal production quarter, caused by several short-term mining issues which have now been rectified. A return to strong production is anticipated in the June quarter.
Encouraging high grade drill results have extended the Tasmania Reef along strike and will add to gold reserves. The results are significant, not just because of the good grades and widths, but also because of their close proximity to existing planned mining areas, meaning reduced development costs and an enhanced mining sequence.
The Western Stockwork Zone is being targeted as a high priority to increase gold production, develop more flexible operations and further reduce unit costs.”