07/05/2012 - 14:12

Panoramic in $5.25m-plus platinum buy

07/05/2012 - 14:12

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Panoramic in $5.25m-plus platinum buy

Panoramic Resources has acquired the Panton platinum project in the east Kimberley from Platinum Australia, for $5.25 million plus a 0.5 per cent royalty.

The Panton is a significant resource, Panoramic said, containing 1 million ounces of platinum at 2.2 grams per tonne and 1.1 million ounces at 2.4g/t.

A review of a 2003 bankable feasibility study put cash costs of $US830/ounce at Panton, with average annual production of 83,000 ounces.

The review recommended a combination of underground and open pit mining at Panton.

Panoramic said the project had potential synergies with the Savannah nickel mine, 60 kilometres north, which could result in improved economics for power, processing, logistics and personnel.

“Panoramic considers the Panton project to be a quality PGM development asset which fits with our commodity diversification and growth strategy.

At 2:00PM, WST, Panoramic stocks had dipped by 3 per cent, trading at 98.5 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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