Exterra Resources lodges Mining Proposal with DMP

THE BOURSE WHISPERER: Exterra Resources (ASX:EXC) has submitted a Mining Proposal and Mine Closure Plan for the company’s 100 per cent-owned Second Fortune gold project at Linden in Western Australia to the Department of Mines and Petroleum.

The company’s environmental consultants, MBS, completed all of the environmental studies required for the lodgement of documentation with the DMP, claiming no obvious impediments existed to granting of a Mining Approval.

“The submission of the Mining Proposal and Mine Closure Plan is an important step in the development of the Second Fortune Gold Mine,” Exterra Resources managing director John Davis said in the company’s announcement to the Australian Securities Exchange.

“We look forward to moving into the financing stage with the project on track for development in the second half of 2013.”

Exterra said its Development Timetable for Second Fortune was on schedule having either completed or having underway the following targets:

–    Appointment of experienced project manager;

–    Mining proposal and mine closure plan lodged with DMP;

–    Detailed mine design and scheduling near completion;

–    Term sheet for off-site ore treatment received;

–    Underground mining contractor discussions advancing;

–    Water abstraction licence for on-going dewatering of the mine lodged; and

–    Debt and hybrid financing discussions underway.

Exterra is now in the final stages of completing an update of operating and capital costs for the Second Fortune mine development.

The mine schedule has been updated and revised with an emphasis on achieving ore production as soon as practicable.

The company also claim to be close to finalising an agreement with regards to the initial offsite treatment of ore from Second Fortune.