PAJINGO GOLD MINE (60%)
North Queensland Metals owns 60% of the Pajingo Gold Mine in joint venture with Heemskirk Consolidated (40%) and is the operator of the mine.
Pajingo Overview
- High grade low sulphide epithermal deposit
- 300K tpa operation
- Capable of >500K tpa
- 60-70K ozpa production
- Cash cost ~$650/oz
- Total cost ~$790/oz
- 5 year mine life and growing
- 820km2 of tenements
- Operator miner in 60/40 partnership with Heemskirk Consolidated
- has funded NQM and the company is in a sound, debt free, financial position with little to no gold hedging
- is self funding for exploration and new development
- shows greater potential than when acquired – Zed, Sonia and Moonstar are significant targets of particular interest
On its way
- Lower mining costs from owner operator mining
- Continued operations improvement from increasing knowledge of orebodies
- Accelerated development toward new orebodies with new development drills
- Expansion of resource base from exploration efforts
- Improved utilization of plant capacity through acquiring local high grade ore
Pajingo Exploration
- 820km2 of tenements covering the entire epithermal field
- Extensive data base acquired from Newmont
- Near mine targets plentiful
- Many intercepts not followed up by Newmont now being investigated
- The shallow Janet and Anne lodes and deeper Zed and Sonia lodes each require testing for extensions to and additions of mineable ore
- Moonlight, is a large new target further down plunge
- First surface exploration drilling is now underway with first results due in May
Pajingo Sound Management
- Building a healthy safety culture
- Lost time injury free to end of April 2009
- Exceptional environmental track record
- Strong local community support
- Employee loyalty – contractor free zone
- Goal driven, performance driven
