Final Approval Received for Development of Boonanarring Project
As a central pillar of the process of fast-tracking the development of its high-grade, high-zircon Boonanarring project, Image has been focused on the receipt of all necessary approvals required for development, mining, processing and transport and sale of heavy mineral concentrate. On 30 October 2017, the Department of Water and Environmental Regulation (DWER) granted approval of the application for a 'Works Approval' under the Environmental Protection Act 1986.
In addition, as reported in the Company's 30 September 2017 Quarterly Activities Statement, three other approvals required for the development of the Boonanarring project were received in August 2017.
1. The 'Project Management Plan' was approved by the Department of Mines, Industry Regulation and Safety (DMIRS) on 1 August;
2. The 'Radiation Management Plan' was approved by DMIRS on 23 August; and
3. The 'Mining Proposal with Mine Closure Plan' was approved by DMIRS on 31 August.
Receipt of the Works Approval was the final approval required for Boonanarring and will serve to fulfil the project approval requirements to allow Image to proceed to a Decision to Mine. Remaining elements for a Decision to Mine are completion of project capital financing and finalisation (to the point of execution), of all key project services contracts. Both project financing and major contracts finalisation are expected to be completed in December 2017.
If the Board of Directors approves a Decision to Mine before the end of December 2017 as planned, project construction can begin in early January, with a project development of six (6) months to first production.
About Image Resources NL
Image Resources NL (ASX:IMA) is an emerging Mineral Sands producer focused on the development of its high-grade Boonanarring Project in the North Perth Basin while continuing to expand its resources and reserves base.
Image Resources NL