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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31396)	1/19/2009 9:09:13 PM
From: LoneClone	Read Replies (1) \| Respond to of 196221

Redbank shifts focus to high-grade exploration miningweekly.com By: Esmarie Swanepoel Published on 19th January 2009 JOHANNESBURG (miningweekly.com) – ASX-listed copper producer Redbank Mines will be placing its copper mining and treatment operations on care-and-maintenance during 2009, and will focus on exploration. The company said on Monday that it had earmarked A$2,5-million for its initial exploration programme of its Northern Territory copper project, in Australia, which would focus on high-grade, copper sulphide targets. “Our strategy includes putting the operating plant on short-term care-and-maintenance during 2009, while we focus on a high-grade exploration and testing programme to build long-term value for shareholders,” said Redbank MD Bruce Morrin. Morrin believed that only about 15% of the tenement area had been explored using modern techniques, and the company’s focus would now be to target high-grade copper resources, and to extend the potential life-of-mine beyond the current five-year programme. “In the current price environment, it makes sense to invest our resources into reviewing current operations and aggressively exploring to extend resources and mine life,” said Morrin. During 2009, the company would also be reviewing its plant and infrastructure, with a view of improving efficiency. Although the company was operating a copper cement treatment plant on site, it would investigate the cost benefit of converting to a copper cathode style of treatment, to improve efficiency. Plant operation for the Redbank mine was scheduled to restart in early 2010, after the wet season, and would target operating cash costs of about $1,50/lb.