Barra Resources Limited (ASX: BAR) – $0.010

19 May 2015

Barra Resources Limited (ASX: BAR) has recommenced open pit mining at its 100% owned Phillips Find Gold Project located 45km northwest of Coolgardie in Western Australia (Figure 1).


BAR Phillips Find Au

Figure 1. Location of Phillips Find Gold Project



Under the Mining Agreement, Blue Tiger Mining will deepen (‘cut back’) the current pit from 42 metres to a final pit depth of 65 metres below surface.


An additional 43,398 tonnes grading 2.83g/t gold for an estimated 3,630 ounces will be mined during the current cut back operation from the original JORC 2004 compliant Indicated and Inferred Mineral Resource of 149,228 tonnes grading 3.48g/t gold for 16,686 contained ounces.


The company will receive a fixed fee of $200,000 plus a royalty of $150 per ounce of gold payable in respect of each ounce of gold between 2,501 and 4,000 ounces produced. A royalty of $100 per ounce is payable for each ounce of gold in excess of 4,000 ounces extracted.


Mining operations are expected to take approximately 3 to 4 months to complete.



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