Beacon Minerals Ltd.

Published : April 19th, 2016

Quarterly Activities and Cashflow...

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Keywords :   Australia | Cash | Georgia | Gold | Market | Recovery | Standard |

Quarterly Activities and Cashflow...

Microsoft Word - 31 Mar 2016 BCN Quarterly Activities and Cashflow Report


ASX ANNOUNCEMENT


19 April 2016


MARCH 2016 QUARTERLY ACTIVITIES AND CASH FLOW REPORT


Beacon Minerals Limited (ASX:BCN) (Beacon or Company) is pleased to present its Quarterly Activities Report for the period ended 31 March 2016.


Highlights

  • Halleys East rehabilitation and ore cartage is completed

  • Beacon Executes Letter of Intent with Northern Star Resources

  • High Grade Refractory Ore has been crushed, sampled and delivered to Kanowna Belle


Progress at Halleys East project

Rehabilitation work at the Halleys East project is complete and the tenement position reduced to the minimum size while maintaining the monitoring commitment to the DMP.


All infrastructure and equipment has been removed from the Halleys East mining site.


Figure 1 - Halleys East Pit - June 2015


LETTER OF INTENT EXECUTED


On 4 February 2016 the Company announced that it had entered into a letter of intent (LoI) with Northern Star Resources Limited (Northern Star) to process the Company's high grade refractory ore under an ore purchase agreement.


Northern Star operates the Kanowna Belle processing facilities (KB Facility) in the Eastern Goldfields region of Western Australia approximately 18km north of Kalgoorlie. The KB Facility has a successful history and has the capability to treat both refractory and free milling ores.


The LoI includes typical specifications for the ore being supplied, details pertaining to the delivery of the ore and other standard purchase terms. The transaction is conditional upon, amongst other things, Northern Star completing confirmatory testwork for gold recovery on the delivered ore.


Crushing and sampling of this ore commenced on 3 February 2016 and was completed on 18 February 2016. 12,199 DMT was crushed and delivered to the KB Facility.


Figure 2 - Commencement of Crushing and Sampling ‐ February 2016


SANDSTONE


Subsequent to the quarter end Exploration Licence 57/961 was purchased from Black Oak Minerals Limited. Previous exploration on this tenement by other parties will be reviewed during the June 2016 quarter.


CASH RESERVES


As at 31 March 2016 the Company had approximately $0.465 million in cash reserves.


CAPITAL STRUCTURE


As at the date of this report the Company has the following capital structure:


Fully Paid Ordinary Shares (BCN) 1,495,470,963


OTHER OPPORTUNITIES


The Company confirms its commitment to continue to pursue other opportunities in the minerals sector in Australia.


Should shareholders have any questions regarding Beacon, please feel free to contact Executive Chairman Geoff Greenhill or Managing Director Graham McGarry.


Geoff Greenhill Executive Chairman Beacon Minerals Ltd M: 0419 991 713

Graham McGarry Managing Director Beacon Minerals Ltd M: 0409 589 584


SCHEDULE OF MINERAL TENEMENT INTERESTS


Beacon Minerals Limited provides the following schedule of mineral tenement interests held by the Company for the quarter ended 31 March 2016 as required by ASX Listing Rule 5.3.


Beacon Minerals Limited Mineral Tenement interest as at 31 March 2016;

TENEMENT

PROJECT/LOCATION

INTEREST AT THE BEGINNING OF THE QUARTER

INTEREST AT THE END OF THE QUARTER

Halleys East Project

L30/0057

Evanston / Menzies

100%

100%

L77/0243

Lake Barlee

100%

100%

M77/1254

Halleys East Lake Barlee

100%

100%

E77/0273

Barlee

100%

100%

E77/2156

Halleys East Lake Barlee (1)

100%

100%

Sandstone West Project

E57/0921

Henning (2)

0%

0%


Summary of Terms:

  1. Option to acquire E77/2156 for $1,000 on or before 31 December 2015.

  2. Initial option period expiring 27.1.2016 with further option period of 12 months for a payment of $50,000 to 27.1.2017. $1.5m to exercise option.


JORC 2012

Probable Ore Reserves

The estimate of Probable Ore Reserves relating to the Halleys East deposit were first announced to the market on 30 October 2013. The Company confirms it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates in those market announcements continue to apply and have not changed.


Disclaimer

This ASX announcement (Announcement) has been prepared by Beacon Minerals Limited ("Beacon" or "the Company"). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this Announcement.


This Announcement contains summary information about Beacon, its subsidiaries and their activities which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Beacon.


By its very nature exploration for minerals is a high risk business and is not suitable for certain investors. Beacon's securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Beacon and of a general nature which may affect the future operating and financial performance of Beacon and the value of an investment in

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Gold and Silver Prices for these countries : Australia | Georgia | All

Beacon Minerals Ltd.

EXPLORATION STAGE
CODE : BCN.AX
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Beacon Minerals is a nickel and copper exploration company based in Australia.

Beacon Minerals holds various exploration projects in Australia.

Its main exploration properties are BARLEE, GREENVALE PROJECT and PIONNER in Australia.

Beacon Minerals is listed in Australia and in Germany. Its market capitalisation is AU$ 34.4 millions as of today (US$ 23.4 millions, € 21.0 millions).

Its stock quote reached its lowest recent point on October 28, 2016 at AU$ 0.00, and its highest recent level on August 16, 2019 at AU$ 0.05.

Beacon Minerals has 1 495 469 952 shares outstanding.

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Financials of Beacon Minerals Ltd.
3/17/2011Half Yearly Report and Accounts.
Project news of Beacon Minerals Ltd.
2/27/2012Change of Director's Interest Notice.
5/11/2011High Grade Results From Halleys East.
3/30/2011(Barlee)Drilling Commences at Barlee.
3/18/2011Register for a Complimentary Ticket to attend Resources and ...
3/31/2008(Barlee)Intersuisse Morning Notes
Corporate news of Beacon Minerals Ltd.
7/29/2016Quarterly Activities and Cashflow...
7/13/2016Beacon Executes Ore Purchase Agreement
6/3/2016Update on Testwork Progress
4/19/2016Quarterly Activities and Cashflow...
11/30/2015Mines and Money London Conference Presentation
9/30/2015RIU Resources Melbourne Presentation
8/5/2015Completion of Fifth Milling Campaign
8/5/2015Beacon Minerals Repays Debenture Notes
7/13/2015Fifth Milling Campaign Commences
7/2/2015Beacon Minerals Repays a Further...
4/17/2015Completion of Fourth Milling Campaign
3/16/2015Barlee Project 120 Prospect Auger...
3/10/2015Fourth Milling Campaign Commences
3/2/2015Sandstone West Golden Raven High Grade...
2/15/2015BCN to acquire and farm in to highly...
1/13/2015Completion of Third Milling Campaign
1/7/2015Youanmi Deep South Tenement 57/946...
12/22/2014Third Milling Campaign Commences
3/19/2012Board Change
3/19/2012Company Update
3/8/2012Clarification of SXG Release.
2/23/2012(Barlee)Letter to Shareholders - Sale of Barlee Mining Lease.
2/17/2012Notice of General Meeting /Proxy form
2/10/2012(Barlee)Field Work Commences at Barlee.
2/8/2012(Barlee)Notice of Meeting for sale of Barlee ML.
2/3/2012Letter to Shareholders
2/2/2012(Barlee)Final Barlee Sale Agreement Signed.
12/8/2011(Barlee)Sells Barlee Mining Lease.
11/24/2011Mining Proposal submitted.
6/30/2011Regional Drilling Results
6/17/2011Presentation Gold Coast Conference June 2011
5/24/2011Extension of Mineralisation at Halleys East
4/29/2011Quarterly Activities Report.
4/14/2011(Barlee)Mining Lease Granted at Barlee Gold Project.
6/3/2008Acquisition of Four Mineral Projects in Kyrgyzstan
5/15/20082008 will be Beacon's golden year
10/9/2007Appendix 3B
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