Northern Minerals (ASX: NTU) continued to maintain project momentum for the Browns Range Project during the December quarter. With an EPC contract executed with Sinosteel MECC and approval of the Mining Proposal by the WA Government, the Company is well placed ahead of a Final Investment Decision in Q1 2017.
HIGHLIGHTS
- Engineering, Procurement and Construction (EPC) executed with Sinosteel Equipment & Engineering Co., Ltd (Sinosteel MECC).
- WA Department of Mines & Petroleum approves Mining Proposal with a Closure Plan for Browns Range Pilot Project.
- Extension granted to Huatai Mining, with $9 million paid during the December quarter and a further $7.5 million received by the end of January 2017.
- 2,000m Reverse Circulation (RC) drilling program completed at Browns Range, including infill, groundwater monitoring and reconnaissance exploration holes.
- Tenement sale agreement concluded post quarter end with Northern Star Resources (ASX: NST) to sell exploration licences in the Tanami Region of the Northern Territory for $1.25 million in cash.
- Mr Nan Yang, an experienced mining engineer, was appointed as a nominee of Huatai Mining to the Northern Minerals board.
- Debt free – following closure of R&D Loan facility with Innovative Funding during the December quarter and the closure of the Lind facility in January 2017.
