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    MGT   AU000000MGT5

MAGNETITE MINES LIMITED

(MGT)
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Magnetite Mines Limited Announces Ore Reserve for the Razorback Iron Project

06/29/2021 | 07:36pm EDT

Magnetite Mines Limited announced a maiden Ore Reserve estimate for its 100% owned South Australian Razorback Iron Project (the Project). The maiden Ore Reserve estimate for the Project has been derived from the recently updated Mineral Resources by generating schedules with an estimated tonnage and grade which, in the opinion of the Competent Person, form the basis of a technically and economically viable project, after taking account of material relevant Modifying Factors. The term `economically mineable' as used in the JORC 2012 guidelines implies that, in the judgement of the Competent Person, extraction of the Ore Reserves has been demonstrated to be both economic and viable using reasonable technical and financial assumptions. These assumptions have been provided by the Company, by various consulting and advisory groups commissioned by the company, and by Orelogy Mine Consulting and have been reviewed by the Competent Person. Studies have confirmed a mine plan and production schedule that are technically achievable and economically viable and from which the Ore Reserves are derived. Ore Reserves represent a high level of confidence in the economic extraction of Mineral Resources and are reported in preparation for the Pre-Feasibility Study results, which is presently being finalised and due imminently.


ę S&P Capital IQ 2021
All news about MAGNETITE MINES LIMITED
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06/29Magnetite Mines Limited Announces Ore Reserve for the Razorback Iron Project
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03/15Magnetite Mines Limited Names Mark Eames as Technical Director
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Financials
Sales 2020 - - -
Net income 2020 -0,37 M -0,27 M -0,27 M
Net Debt 2020 1,25 M 0,91 M 0,91 M
P/E ratio 2020 -9,20x
Yield 2020 -
Capitalization 78,6 M 57,4 M 57,4 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 91,2%
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Managers and Directors
Peter Schubert Executive Chairman & Chief Executive Officer
Frank DeMarte Chief Financial Officer & Secretary
Mark Richard Eames Technical Director
Malcolm Roger Joseph Randall Independent Non-Executive Director
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