According to CEO Trevor Moss, by the second quarter of 2012, they will have finished the proposed mine's bulk ore sampling
and resources upgrades, on the other hand the metallurgical pilot test work would be complete by the third quarter.
After we conduct scheduled ore sampling
and further project analysis we intend to decide whether to acquire the property outright or extend the lease through 2013, with an option to extend through 2023.
VHGI intends to release updates concerning their gold development plan including financial feasibility studies for this and other projects under consideration after scheduled ore sampling
, laboratory testing and continued project analysis.
Work will commence on the upgrade to the intersection of the mine access road with the Great Northern Highway from early November, and CSI Pty Ltd is gearing up for the required modifications to the existing crushing and screening plant to facilitate iron ore sampling
and final product stacking.
Under current plans, based on continued ore sampling
this summer, the mine now sports more than 100 million tons of proven and probable reserves, at last enough gold to keep the mine open for 15 years.