ALTONA HITS MULTIPLE MILESTONES
The Company was firing on all cylinders during the June quarter. The highlights for the quarter listed below illustrate the progress during the period. Altona is in the middle of a tremendous period of growth and is determined to stay focused and deliver additional value for our shareholders throughout the rest of the year.
· Offtake - A five-year copper-gold concentrate off-take contract has been agreed with local Finnish copper smelter, New Boliden.
· Financing - Completion of US$20M debt facility from Credit Suisse to provide the financial flexibility to aggressively advance both Outokumpu and Roseby.
· Mine Development - Kylylahti mine decline is approaching the 1,000 metres of advance mark and is scheduled to hit first ore in October.
· Mill Refurbishment - The Luikonlahti mill refurbishment programme is approximately 40% complete and on track for an early 2012 start up.
· Resource Upgrade - The first resource update at Roseby delivers a new global resource exceeding 1 million tonnes of contained copper and almost 300,000 ounces of gold, based upon a new and larger Resource at Little Eva.
· Spectacular Drilling Results - Drilling at the Little Eva Deposit at Roseby has delivered spectacular drill intersections, drilling continues and highlights potential for further increases in the resource.
· Improved Capital Structure - Converting Notes matured on 30 June with 46.5 million new shares issued. This simplifies the capital structure of the Company. Half of the shares issued were on-sold to Australian institutional investors.
The key milestones for the second half of 2011 are:
· First ore production – Intersecting first ore in the Kylylahti mine in October.
· Resource upgrades - Targeting a resource of between 200 and 300Mt at Roseby.