Sydney, Australia — MININGREVIEW.COM — 05 May 2008 – AIM Resources Limited – an Australian-based resources company with an exciting portfolio of African assets – is fast-tracking its Perkoa zinc project – located in the Sanguie Province of Burkina Faso, 120km west of the capital, Ouagadougou – in order to mine first ore later this year.
Releasing its quarterly activities review for the three months ended 31 March 2008, the company indicated that this would involve achieving certain milestones: commencement of the decline by May 2008; delivery of major plant components by July 2008; completion of workshops and supporting infrastructure by September 2008; and raising of first ore from the mine by November 2008.
Construction of the processing plant is expected to commence during Q3 of 2008, and it is proposed to produce first concentrates by Q2 of 2009.
AIM confirmed that SRK Mining Consultants had been commissioned to prepare an independent technical review of the Perkoa project, including financial analysis, and that this report was now complete.
The report revealed that the Perkoa project had a life of mine ore production of 5.847Mt ROM at a grade of 13.2% Zn. The newly calculated production rate was being increased to 60 000t/month at a zinc to concentrate recovery of 91% % and a concentrate grade 53.8% Zn. Life of mine, according to the SRK report, would be 8 years
Future capital cost to commence production would amount to US$136 million (over R1 billion), and the company was currently reviewing the financing options necessary to complete the project, using the SRK report as supporting documentation.
During the quarter, the company engaged Airborne Geotech to conduct a Versatile Time-domain Electro Magnetic survey over the Perkoa lease and surrounding exploration permits. The survey, which flew more than 3 500 line km, is currently being interpreted, and final results are expected by the end of May 2008.
A deep drilling exploration programme (more than 550m below surface) has also just been completed, with six holes drilled for a total of more than 2 200m, and the results are also expected soon.