11/05/2010 - 13:09

Fox doubles Radio Hill mine life

11/05/2010 - 13:09

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Fox Resources has potentially doubled the mine-life for its Radio Hill copper and nickel operation in the Pilbara following an evaluation of the Sholl B2 deposit.

Fox Resources has potentially doubled the mine-life for its Radio Hill copper and nickel operation in the Pilbara following an evaluation of the Sholl B2 deposit.

The evaluation, compiled by Snowden Mining Consultants, determined the life of the mine could be extended to 10 years based on an increased 400,000 tonne per annum operation.

The operation would mine nickel and copper from the Sholl B2 and Radio Hill deposits. Snowden determined that an underground mine was the best option, based on earlier access to mineralisation and lower development costs.

Fox's managing director Bruno Seneque said more work and analysis was required at
Sholl B2 to gain more confidence, but the initial evaluation was very encouraging.

"This evaluation in combination with our previous experience and history at the Sholl deposit, means that Radio Hill now has the basis for developing a longer-term production outlook for the first time in a number of years," said Mr Seneque.

The company is also exploring alternative financing options to develop the heap leaching operation with the guidance of Southern Cross Equities' corporate finance team.

Shares in Fox were unchanged at 12.5 cents at 14:48 AEST.

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