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TheStreet Open House

Azimuth Resources Limited - Corporate Update

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

Highlights

  • Scoping/PEA study of West Omai Project completed;
  • West Omai Project to be progressed through to Pre-Feasibility Study, targeted for late in 2013;
  • Exploration drilling continues.

PERTH, Australia, Feb. 25, 2013 /CNW/ - Following the appointment of Mr Russell Clark as CEO of Azimuth Resources Limited (ASX and TSX: AZH) (the " Company" or " Azimuth") in January 2013, the Company is pleased to provide an update on its overall strategy for 2013.

During 2012 the Company continued exploration drilling at its West Omai project (Smarts and Hicks deposits) in Guyana, South America. The Company upgraded its mineral resource estimates at West Omai in February, 2013, announcing an inferred mineral resource of 16.7 million tonnes @ 3.1g/t Au for estimated contained gold of 1.65 million ounces.

In addition during 2012, the Company undertook preliminary engineering studies and metallurgical testwork at the West Omai prospects. The work included:

  • Land tenure verification;
  • Preliminary geotechnical assessment to determine rock characteristics;
  • Baseline environmental and social studies;
  • Detailed metallurgical testwork (Ammtec):
    • Comminution testwork undertaken determining that the bond work index of primary ore is 15-18 kWh per tonne, demonstrating medium hardness
    • Au recoveries (overall)  ~92% @ 75 microns
    • Gravity Au recovery: Smarts ~50%, Hicks ~30%;
  • Preliminary plant & infrastructure design (Mintrex):
    • 1.5 million tonne per annum plant designed and costed
    • Gravity and CIL circuits
    • Tailings, power supply, camp and other infrastructure designed and costed




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