29/04/2010 - 14:21

Jabiru approves second mine at Jaguar

29/04/2010 - 14:21

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Jabiru Metals has given the go-ahead for the $32 million development of a second operation at the Jaguar copper-zinc mine, located 300km north of Kalgoorlie.

Jabiru Metals has given the go-ahead for the $32 million development of a second operation at the Jaguar copper-zinc mine, located 300km north of Kalgoorlie.

The board of directors approved the development of the Bentley mine, which will be funded from cash-flow from the Jaguar project and cash reserves.

Jabiru has more than $30 million in cash and no bank debt.

Surface works at the planned mine will start next month and first ore is expected to be produced in the September quarter of 2011.

Based on current reserves, Bentley is expected to produce about 16,000 tonnes of copper, 120,000t of zinc, 3.8 million ounces of silver and 15,000oz of gold, contained in concentrates over four years.

Bentley was discovered in late 2008. Jabiru said it has completed all feasibility and assessment work for Bentley and all necessary regulatory approvals had been granted.

Shares in Jabiru closed down 1.5 cents to 40c today.

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