Millennium Minerals Limited (ASX Code: “MOY”) is an emerging gold company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia.
In late 2009 the company updated the feasibility study prepared in 2007 that assessed the viability of developing a gold production operation centred on multiple ore bodies contained within its East Pilbara tenement holdings. Although the 2007 study demonstrated a viable project at the time the Board of Directors deferred the development given the tough external business environment that existed, having regard to gold prices, skills shortages and the extended delivery periods for supply of capital equipment.
The 2009 update brought to account additional resources and reserves, a higher gold price and an absence of the constraints to sourcing skilled people and capital equipment experienced in 2007.
Millennium Minerals has now completed it’s debt financing and through three captial raisings through 2011 and 2012 has raised sufficient equity to fund the development of the gold mine forecast to produce 504,000oz gold over a seven year period. In parallel with the development of the project the company is continuing exploration with a plan to continue mineral resource and ore reserve development, tapping into the significant geological potential that the company has established.
Millennium Minerals business plan is to move to revenue generation with the development of the gold project, repay any debt promptly and re-invest surplus funds in future dividends with organic and inorganic growth to achieve mid tier status within the Australian resource industry over the next five years.