Quarterly Activities & Cashflow Report September 2017
Quarterly Activities & Cashflow Report September 2017
Perth, Oct 27, 2017 AEST (ABN Newswire) - The Board of Blackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF) ('Blackham' or 'the Company') provides the following update on its activities for the quarter ended 30 September 2017 and thereafter.


Matilda/Wiluna Gold Operation

- Quarterly gold production totalled 15,619oz (Jun'17 Qtr 15,720oz)

- Open pit cash inflows delayed due to:

o M4 high grade ore access delayed due to geotechnical instability

o Higher investment in waste movement in Sep'17 Qtr will result in lower stripping ratios and mining costs for balance of FY18

o Open pits expected to be cash flow positive in Dec'17 quarter with more high grade ore to be mined

- Underground mine cash flow positive

o Record underground mined ore of 6,302oz (42,300t @ 4.7g/t)

o Underground long-hole stopping ceased in mid Oct'17

o Air leg mining continues to maintain lower risk mining method

Resources & Reserves

- Resources increased to 65Mt @ 3.1g/t Au for 6.5moz

o An increase of 27% in one year at a cost of A$7/oz

o Adelaide Moonlight Resources currently being revised

- Reserves increased to 15Mt @ 2.5g/t Au for 1.2moz

o An increase of 115% in one year

o Wiluna north pits Ore Reserves to be updated after 103% increase to Wiluna North Resource

PFS Expansion Study

- Expansion Preliminary Feasibility Study (Expansion PFS) confirms robust economics for +200kozpa long mine life operation

o LOM All in sustaining costs A$1,058/oz

o IRR 123% and NPV8% 360M before tax @ A$1,600/oz gold price

- Expansion Definitive Feasibility Study (Expansion DFS) well advanced


- $10m in cash and bullion at the end of the quarter

- Gold sold during the quarter: 15,850oz @ A$1,601/oz

- Hedge contracts in place at 30 September: 28,569oz @ A$1,651/oz

- Re-financing process well advanced

- Lind Partners back-up equity facility in place

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About Blackham Resources Ltd

Blackham Resources ASX:BLKBlackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF) Wiluna-Matilda Gold Operation is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. The Operation now includes resources of 96Mt @ 2.2g/t for 6.7Moz Au all within 20kms of the central processing facility. Blackham has consolidated the entire Wiluna Goldfield within a +1,100km2 tenement package which has historically produced in excess of 4.4 million ounces over a 120-year mining history.



Blackham Resources Ltd
T: +61-8-9322-6418
F: +61-8-9322-6398
E: info@blackhamresources.com.au
WWW: www.blackhamresources.com.au

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