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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Van Dieman | LSE:VDM | London | Ordinary Share | GB00B03HFG82 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8050J Van Dieman Mines plc 13 December 2007 VAN DIEMAN MINES PLC (AIM: VDM) Scotia Mine - Construction Progressing on Schedule Endurance Mine - Government Approvals Programme on Schedule Van Dieman Mines plc (AIM: VDM), the AIM listed mining company which is developing its 100% owned tin - sapphire mines in Tasmania, Australia, is pleased to announce that: *Construction at the Scotia mine is progressing on schedule with mining and stock piling of ore commencing in mid December 2007, construction of the treatment plant is progressing with commissioning expected in February 2008 and full production expected during March 2008. *A proactive programme for securing the necessary approvals and permits to commence mining at the Endurance mine during the second half of 2008 is also running to schedule. Scotia Mine Considerable progress is being made on the construction and commissioning of the Scotia mine where installation of power lines from the supply authorities main line to the transformer site at the treatment plant site is now complete. The treatment plant site has been levelled, compacted and gravelled. The 16 containers of materials have been delivered to site and erection of the treatment plant is underway with an anticipated completion ready for electrical wiring prior to Christmas 2007. The main freshwater dam wall zone has been cleared and dam wall construction is scheduled to commence next week. Three containers have been fitted out as stores, workshop and maintenance offices and the mess and mine office and are awaiting delivery to site. The GIS (Geographic Information Systems) crew is currently in the process of marking out the first section of the ore body to be stripped. From mid December 2007, on an ongoing basis, ore will be stockpiled adjacent to the treatment plant site to provide feedstock for commissioning of the treatment plant in February 2008, with full production expected to be achieved during March 2008. Sapphire Sorting Room and Concentrate Clean-up Approximately 3 tonnes of gem concentrate has been dried ready for treatment and that material will be processed and sorted prior to Christmas 2007. The sapphire sorting room has been assembled and is in use and, following security upgrades currently being installed by the Company's security consultants, will be complete by Christmas 2007. Preliminary commissioning of the magnetic separator for gem concentrate clean-up has commenced and, following fine tuning adjustments by the manufacturer as part of its supply contract, the magnetic separator is expected to reach design throughput by early January 2008. Commissioning of the rotary furnace has been delayed awaiting the delivery of burners that comply with Australian Standards requirements. These are expected to be installed and operational by early January 2008 allowing the processing, drying and shipment of tin concentrate from stockpiled material to proceed. Endurance Mine The Company is taking a highly proactive approach with Government agencies to minimize the potential for unnecessary delays in the approvals process for the Endurance mine. This has included, in recent weeks, initiating meetings with all Government regulators at the commencement of the process to clearly establish; *The approvals process to be followed for the project *The range of specific approvals needed *The key staff contacts in each agency *The key environmental issues to be addressed *The indicative approvals time line proposed by Van Dieman The key environmental issues identified by the regulators have been actioned by the Company through its consultants. These include ecological surveys, traffic impacts assessment, noise assessment and geotechnical investigations. The Company has developed a comprehensive Government agency consultation plan including regular project status updates and meetings. In parallel to the above programmes the preparation of the Development Proposal and Environmental Management Plan (DPEMP) documentation is well advanced with the first draft of the Development Proposal scheduled for delivery prior to Christmas and the first draft of the Environmental Management Plan scheduled for delivery prior to the end of January. Clive Trist, Managing Director, Van Dieman Mines, commented: "The Board is happy to report that the Scotia mine construction and commissioning phase is progressing to schedule. This will allow us to achieve our primary objective of bringing the Scotia mine into full production during March 2008 and to commence generating material cash flow from our operations for the first time." "In parallel, we are proactively pursuing the necessary approvals at our second mine at nearby Endurance with the objective of commencing production during the second half of 2008." "We are on track to achieve these two objectives and with them to complete the initial overall development plan for our abundant tin and sapphire reserves in north east Tasmania by end of 2008." 13 December 2007 ENQUIRIES: VAN DIEMAN MINES plc Tel: +61 (0) 2 8908 5103 Clive Trist, Managing Director Email: clive.trist@vandiemanmines.com GRANT THORNTON CORPORATE FINANCE Tel: +44 (0) 20 7383 5100 Fiona Owen FOX DAVIES CAPITAL LIMITED Tel: +44 (0) 20 7936 5230 Richard Hail, Corporate Finance BANKSIDE CONSULTANTS Tel: +44 (0) 20 7367 8888 Michael Padley / Louise Davis Background on Van Dieman (AIM: VDM) VDM is in the process of developing its alluvial tin, sapphire and accompanying mineral deposits in the northeast of Tasmania, Australia where it owns 15 exploration and retention licenses. Pre-production development VDM's Scotia tin and sapphire mine is currently well advanced and, once in full production, Scotia will produce annually an estimated 700 tonnes of tin and 1.5 million carats of mine rough, gem quality sapphire. A six-year contract is in place with tin smelter and refiner, Thaisarco, for the off-take at prevailing LME prices of the Company's entire tin concentrate output from the Scotia and Endurance mines expected to be 1,350 - 1,500 tonnes of contained tin per year. A joint venture marketing agreement is also in place for the marketing of the Company's sapphire and spinel production. Output of mine rough, gem quality sapphire from the Scotia and Endurance mines is expected to be approximately 3 million carats annually. NOTES: 1. DPEMP: the Development Plan and Environmental Management Plan is required to be lodged and approved prior to commencement of mining activities 2. The technical content of this announcement has been reviewed by a Director of Van Dieman Mines plc, Neil Kinnane, who has over 40 years experience in geology, exploration and mining and is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Chartered Practising Geologist, Member of Geological Society of America, Member of Geological Society of Australia, a recognized professional association. This information is provided by RNS The company news service from the London Stock Exchange END DRLILFFAFTLFLID
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