Unity Mining Limited
ABN 61 005 674 073
Corporate Details:ASX Code: UML
Issued capital:
1140M ord. shares
9.58M unlisted Perf. Rights
Substantial Shareholders: Diversified Minerals Pty Ltd
81.6M (7.16%)
Directors:
Non-Executive Chairman: Clive Jones
Managing Director: Andrew McIlwain
Non-Executive Directors: Ronnie Beevor
Gary Davison
Frank Terranova
Contact Details:Unity Mining Limited
Level 10
350 Collins St Melbourne Victoria 3000
Australia
Tel: +61 (0)3 8622 2300
Fax: +61 (0)3 8622 2399
Email:
info@unitymining.com.au
Website:
www.unitymining.com.au
ASX Release Unity Mining Commences Henty Drilling Program Drilling program commenced.
$5 million comprehensive three stage drilling program.
Results anticipated September quarter.
Unity Mining Limited (ASX:UML) is pleased to announce the commencement of exploration drilling at Henty under the terms of the Farm-In Agreement with Diversified Minerals Pty Ltd - part of the PYBAR Group of companies.
Under the Agreement - as announced to ASX on 27 April 2015 - the PYBAR Group will fund a $5 million comprehensive three stage drilling program focussed on identification of resources with a view to recommencing sustainable production.
Commenced in 1996 with a four year life, the Henty Mine has now produced in excess of 1.3 million ounces.
Production this financial year will exceed 50,000 ounces and a further
10,000 ounces are forecast to be poured as production winds down toward the end of 2015.
The first stage of the drilling program, which will see $1 million of drilling undertaken by the PYBAR Group, and is designed to test targets that could both deliver more easily accessible resources, as well as areas that are more conceptual and present ore style alteration and favourable structural settings.
Commenting today, Andrew McIlwain, Managing Director & CEO said: "We are excited by the opportunity this Agreement provides Unity and the Henty Mine. The PYBAR Group have committed to a significant drilling program with the objective of returning Henty to profitable and
sustainable production.
The targets selected are a mix of early stage, conceptual targets as well as those that have potential to quickly grow the resources.
With the future direction of Henty secured under this landmark Farm-In Agreement, we will focus on delivering value realisation from our other assets and will provide further detail to the market in the near future" said Mr McIlwain.
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Results from the first stage exploration program are anticipated to be released during the
September quarter.
The PYBAR Group's new drill rig set up to drill the Darwin South Down-Dip target
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