Macmin cuts costs

Junior minerals explorer Macmin NL has reduced its operating costs by as much as 50 per cent to concentrate on its Twin Hills prospect on the Texas project in Papua New Guinea.

With their strategy fully implemented, the company has estimated from a prefeasibility study on Texas that a heap leach operation based on the known mineralisation at the northern end of the Twin Hills prospect would be viable at current silver prices.

An operation, based on an initial three-year period, should yield a gross cash flow of between $12-14 million, with a capital cost estimated of about $4.5 million.