IN BRIEF: Landore to conduct strategic review of Canadian assets

Landore Resources Ltd - BAM gold project at Junior Lake in Ontario, Canada - Says it has commenced a review of the strategic options available in relation to its Canadian subsidiary and assets and that Cube Consulting Pty Ltd has completed preliminary economic assessment on the BAM gold project. PEA considers the economics of exploiting resources inside optimised pit shells of 22.4 million tonnes of ore grading 1.16 grams per tonne gold and containing 833,000 ounces gold. The project assumes the construction of a 2.2 million tonnes per year processing plant, followed by a production period of 10.5 years. Says that in light of the significance of the BAM gold and battery metals deposits located on the Junior Lake property, it will now review the strategic options available in relation to the Canadian subsidiary and assets. These include the sale of all or a part of its wholly-owned subsidiary, Landore Resources Canada Inc or the Junior Lake project, potential joint venture arrangements or strategic partnerships, or a combination of these options, it adds.

Chief Executive Officer Bill Humphries says: ‘Over half of the gold resources delineated to date are extractable by cost-effective open pit mining. This coupled with the 98% recovery achieved by conventional milling demonstrates the BAM Gold Deposit's potential for low capex costs and economical mining operation. Other advantages include the project's road accessibility and proximity to national rail thus ensuring secure market access.

‘It is the company's belief that the highly prospective Junior Lake Property has the potential to host multi-million ounce gold resources and is now exploring various strategic options to ensure the development of this rapidly-growing asset to the benefit of shareholders.’

Current stock price: 23.50 pence

Year-to-date change: down 32%

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