Blackham Resources Ltd ("Blackham" or "the Company") (ASX:BLK) (OTCMKTS:BKHRF) has pleasure in announcing the successful results of the Expansion Preliminary Feasibility Study (PFS) on its 100% owned Matilda & Wiluna Gold Operation ("Operation"). The PFS demonstrates robust economics and improved economies of scale supporting the Operation's expansion. Historically, over the last 20 years, the Operation has relied predominately on underground feed. Blackham's comparative advantage to previous operators is the 15Mt @ 2.3g/t Au (85% at Reserve classification) in open pit feed, which is included in the Expansion PFS Mine Plan.

Blackham's principal success to date has been identifying, consolidating and defining orebodies all within 20kms of the existing Wiluna Gold Plant. From the large existing Resource base of 61Mt @3.1g/t for 6.2Moz Au, the Expansion PFS brings into Reserves 1.2Moz (15Mt @ 2.5g/t) - an increase of 116% in 1 year.
Expansion PFS Highlights 

- Initial Gold Production       1.47Moz Au over initial 9 years 

- Open Pit Mining Inventory     15Mt @ 2.3g/t for 1.1Moz 

- Underground Mining Inventory  4Mt @ 4.7g/t for 608koz 

- Expanded processing capacity  up to 3.3Mtpa 

- Gold Production average      207,000ozpa (first 6 yrs after expansion) 

- LOM All in sustaining costs   A$1,058/oz or US$836/oz 

- Project cash flows $571M*     Initial Capex $114M 

- NPV8%*             $360M*     IRR*    123% 

* assumes A$1,600/oz gold price and before corporate and tax 
- Oxide reserves currently 3.5 years

- Opportunity to grow open pit reserves from Matilda, Lake Way, Wiluna North and Regent resources and targets

- Wiluna underground has 20Mt @ 4.8g/t for 3.0Moz of Mineral Resources outside the mine plan with the economics still to be fully evaluated which will include assessing bulk mining opportunities

- Expansion Definitive Feasibility Study (Expansion DFS) is underway with key work well advanced

- Very few operations in premium mining jurisdictions have defined resources of a scale to support 200,000ozpa of production with a strong grade profile and likely long mine life.

To view the full release with tables and figures, please visit:

About Blackham Resources Ltd

Blackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. The Matilda/Wiluna Gold Operation incorporates over 1,000 square kilometres of tenements containing total JORC 2012 resources of 63Mt @ 3.2 g/t for 6.4Moz of gold. These tenements cover around 55 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine and Coles Find Sequence has historically produced 4 million ounces of gold.

All the deposits are within 26 kilometres by existing haul roads of Blackhams recently acquired Gold Plant. With exploration prospects at Mt Poole, Monarch, Carroll Prior, Red Lady, Zenith, Island and Albion in the Lakeway area provides the company with excellent exploration areas for potential future projects.



Bryan Dixon
Managing Director
Blackham Resources Limited
Office: +61-8-9322-6418

Jim Malone
Investor Relations Manager
Blackham Resources Limited
Office: +61-419-537-714

John Gardiner
Media Enquiries
Citadel Magnus
Office: +61-8-6160-4901

Link: Expansion PFS shows robust economics for 200koz pa long life

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