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Leyshon Resources Limited (ASX:LRL) Announce Crushers Ordered For Zheng Guang Gold Zinc Project
Author:ABN Newswire Post Date:2008-2-7
Sydney, Feb 7, 2008 (ABN Newswire) - Leyshon Resources Limited ("Leyshon") (AIM & ASX: LRL) is pleased to announce that it has placed orders for the manufacture and delivery of crushers at a total cost of US$1.68 million for its Zheng Guang gold zinc project in Heilongjiang, northeast China.
The order has been placed for a Nordberg C125 Primary jaw crusher and two Nordberg HP4f Cone crushers. Metso describes the Nordberg as "indisputably the world's favourite jaw crusher."
The crushers are scheduled to be delivered and installed by September 2008. The total cost of RMB12.13 million will be paid 30% up front and 70% upon delivery with a 24 month guarantee subject to a 10% performance bond.
In the event of a delay a penalty of 0.5% of the total value of the contract will be deducted for each week delivery of the crusher extends beyond the delivery date.
With a total installed power of 790 kw and a design throughput of 275 tonnes per hour the selected configuration will have a low utilization of around 60% of the total crushing time available which will allow for a higher throughput if required in the future.
The circuit will also have sufficient capacity to achieve target desired product size on both oxide and sulphide ores without limiting throughput.
Orders are expected to be placed shortly for further major items of equipment and services for supply and installation later this year.
Managing Director Paul Atherley commented: "The cost, lead time and quality of the crushers compare favourably with international standards and gives us confidence that the budget and engineering aspects of the project remain on track."
Leyshon is fully engaged in China with its main operating office in Beijing its Chairman, Managing Director and Chief Operating Officer all based in China. Over 80% of employees are either native Chinese or Mandarin speaking.
The company is rapidly progressing the Zheng Guang gold zinc project to production status and is aiming to jointly develop it as the first ever Sino Foreign owned mine in the mineral rich province of Heilongjiang in 2008.
The project benefits from exceptional infrastructure as it is located within a well established coal and copper mining community with rail, power, water and mining contractor services immediately available.
Hellman and Schofield Pty Ltd of Australia has reported a JORC compliant resource estimate of 1.21 million ounces of gold, 3.72 million ounces of silver and 94,000 tonnes of zinc. Full details of the resource estimate are included in an AIM/ASX release dated 19 March 2007.
The discovery cost to date has been less than US$5 per ounce reflecting the lack of modern exploration in a major gold belt which has produced over 20 million ounces from mainly surface and alluvial methods.
Leyshon's partner, the Qiqiha'er Brigade of the Heilongjiang Bureau of Geology and Mineral Resources, one of the largest organizations of its kind in China, is providing a range of services to the joint venture from its complement of 4,000 technical staff, drill rigs, laboratory and other technical facilities. This valuable support is enabling the project to rapidly move ahead on an extremely cost-effective basis.
About LEYSHON RESOURCES LIMITED
Leyshon Resources Limited is an Australia-based gold exploration company. The Company is focused on gold, the high value base metals and coal. During the fiscal year ended June 30, 2007 (fiscal 2007), the Company focused the majority of its resources on the exploration and project development of the Zheng Guang gold project.