15:23 AEST Mar 4, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) - Bass Metals Limited
(ASX: BSM) ('Bass' or the 'Company') is delighted to be an Exhibitor at the 2011 PDAC Convention, Trade Show & Investors Exchange in Toronto, and looks forward to welcoming convention attendees at its Booth # 3114. The Company has also been invited to present at the VMS Investor Presentations on Monday 7 March.
Bass Metals is a strongly growth focused and profitable Australian base and precious metal producer with a portfolio of high-grade zinc, lead, copper and gold assets in the prolific Mount Read Volcanic mineral belt in northwest Tasmania. The Company has recently reached several major transformational milestones toward its goal of becoming a mid-tier, mining house.
Following three years of profitable production from its Que river production hub, the Company's larger transformational Hellyer Mine Project commenced ore production in late 2010 from its new high-grade polymetallic Fossey mine, with first concentrate production and shipping commencing in February 2011.
With an initial through-put rate of 450,000 tonnes per annum (tpa), the recently refurbished 1.5 million tpa capacity Hellyer flotation concentrator plant will produce 55,000 tpa of zinc concentrate, 27,000 tpa of lead concentrate and 5,000 tpa of copper-silver-gold concentrates from the Fossey mine initially, followed by the Hellyer and Que River deposits. Additionally, the recently discovered Fossey East deposit presents an opportunity to further add to mine-life.
In January 2010, Bass signed a committed off-take contract with leading global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.
The Company is forecasting earnings before interest and tax of $A35 million from concentrate sales, with C1 production costs of 12 cents/pound of payable zinc (after credits) placing it well down the world cost curve for zinc production.
Bass has significant gold and polymetallic resources and is expected to complete a gold recovery feasibility study in late 2011, following on from positive scoping study outcomes indicating the potential to become a long-term (7-10yrs) 100,000 ounce per year gold (eq) producer, based around recovering gold from its estimated 2Moz gold (equivalent) resources within the Hellyer Tails and Mount Charter Deposit. Initial results from this study are expected in late April, which will include updates on the potential to also increase lead and zinc production from the tails.
The Company also has an active and successful exploration programme which has yielded new discoveries such as Fossey and Fossey East and new exploration targets through the use of new exploration techniques not applied in the district before.
Bass has differentiated itself through successfully finding high-grade polymetallic resources, strategically and incrementally building up its assets and production profile to now become an emerging mid-tier diversified mining business.
For more information on PDAC International Convention, please visit: www.pdac.ca
About Bass Metals Limited:
Bass Metals Limited is focused on Gold and Base metal production and exploration with operations currently in Tasmania, Australia.
Bass Metals Limited