Mr. Mark McCauley reports
MELIOR ANNOUNCES RESTART OF THE GOONDICUM MINE
Melior Resources Inc. has restarted the Goondicum mine following the closing of its $5.0-million (U.S.) loan agreement with Hainan Wensheng High Tech Materials Co. Ltd. and its subsequent receipt of the first $2.5-million (U.S.) drawdown pursuant thereof, in addition to the closing of the previously announced $7.25-million (U.S.) debt facility with Pala Investments Ltd.
Melior has commenced construction at Goondicum and is targeting to start commissioning of the operation in November, 2018, with production ramping up thereafter.
Goondicum mine restart decision
The Goondicum mine does not have mineral reserves under National Instrument 43-101. While the restart of production at the Goondicum mine in the absence of at least a prefeasibility study demonstrating economic and technical viability presents increased uncertainty and economic and technical risks, the company believes that these risks are mitigated by, among other things, the work conducted in the company's November, 2016, PEA (preliminary economic assessment), as well as the mine's past history of production in 2007-2008 and 2012-2015.
Melior is the owner and operator of the Goondicum ilmenite mine, a past-producing ilmenite and apatite mine strategically located in Queensland, Australia.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Toronto, Ont. Melior is classified as a Tier 1 mining issuer under the policies of the TSX Venture Exchange.
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