Conquest Mining Limited (ASX:CQT) Quarterly Activities Report For June 2009
Perth, July 30, 2009 AEST (ABN Newswire) - Conquest Mining Limited (ASX:CQT)(PINK:CQMLF) remains focused on the expedited development of its 100% owned low cost, high value Silver Hill Project in North Queensland.
In April 2009, the Company completed the Pre Feasibility Study (PFS) at the Silver Hill Project in North Queensland.
The findings of the PFS identified an internal rate of return of over 70% and a net present value (NPV) in excess of A$300 million.
Following the robust results of the PFS, the company's board commissioned a Definitive Feasibility Study (DFS) for Silver Hill in June 2009.
Arccon Mining Services (Arccon) were appointed to progress the Silver Hill Project to completion of the DFS with parallel completion of engineering, development and procurement of long lead items for the project.
Drilling re-commenced late May 2009 at Silver Hill with 3,043m RC and 1,183.6m diamond drilling completed for the quarter. This drilling is planned to target deeper mineralisation within a possible porphyry host and/or second occurrence of the host rock which encapsulates the current resource.
Programmes this quarter also include targeting grade control, sterilization and geotechnical drilling as part of the DFS.
Two RC rigs and two diamond drill rig are onsite working with assay results to be released to the market as they become available in the coming weeks.
Exploration Highlights
Conquest Mining Limited has appointed Arccon Mining Services (Arccon) to progress the 100% owned Silver Hill Project to a Definitive Feasibility Study (DFS) stage and, in parallel, to complete the Engineering, Development and Procurement of long lead items for the project.
A deep drilling programme commenced late May 2009 exploring for additional mineralisation beneath the current resources at the Silver Hill Project.
Conquest Mining Limited has appointed an experienced team and, together with Arccon, is confident of producing a high grade gold concentrate with substantial silver and copper credits from Silver Hill beginning in 2011.
Metallurgical testwork has entered a more detailed phase to confirm the findings that bio leach assists in recovering a high percentage of the gold and copper from concentrates.
For the complete Conquest Mining Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61154-ASX-CQT-454709.pdf
Contact
John Terpu
Managing Director
Conquest Mining Limited
Tel: +61-8-9240-4111
Email: john@chellingtons.com.au
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