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Perth, Sep 28, 2017 AEST (ABN Newswire) - Prospect Resources Ltd (ASX:PSC) has had an extremely busy 12 months and has achieved several significant milestones at its flagship Arcadia Lithium Project.

Containing over 1.85Mt Lithium Carbonate Equivalent (LCE), Arcadia is the largest code compliant hard rock lithium deposit in Africa and in the top 10 world-wide.

Our next target will be finalising off-take agreements and sourcing funding for Arcadia, and we intend to commence production within 12-18 months of finalising these aspects. Our fast tracked and detailed evaluation leading to completion of a Pre-Feasibility Study (PFS) in July this year has delivered a quality, low cost asset that will provide high quality spodumene and petalite concentrates for many years to come. Technical risks at Arcadia have been mitigated to a large extent by the shallow dipping nature of the orebodies, simple processing and metallurgical methodologies and importantly the project's proximity to power, water, a skilled labour force resident in Zimbabwe, along with relatively simple logistics to the closest port.

Progress at Prospect's Gwanda East gold projects has continued, albeit at a slower rate due to the focus on Arcadia. In the last year, the team has been successful in completing shaft sinking, footwall development as well as underground drilling at Sally and surface and underground drilling at Prestwood mines, including the production revenues of approximately US$120,000 as part of the cleaning out of Sally underground stopes and drives. This revenue has been netted off against the exploration and evaluation expenditure.

To view the Annual Report, please visit:
http://abnnewswire.net/lnk/84J75EI8


About Prospect Resources Ltd

Prospect Resources Ltd ASX PSCProspect Resources Limited (ASX:PSC) is based in Australasia with operations in Zimbabwe and is a publicly listed company. We are committed to creating value for Prospect's shareholders and the communities in which our company operates. Our vision is to build a Southern African based mining company of international scale.

 


Contact

Hugh Warner
Prospect Resources Ltd
Executive Chairman
T: +61-413-621-652

Harry Greaves
Prospect Resources Ltd
Executive Director
T: +263-772-144-669
WWW: www.prospectresources.com.au



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