Hanking Gold (03788) announced that its indirect subsidiary, Primary Gold Pty Ltd, has obtained approval from the Northern Territory Government's Department of Lands, Planning and Environment for the Mine Management Plan concerning the Rustlers Roost and Quest 29 projects. The approval was granted under the Mining Management Act 2001 and the Environmental Protection Act 2019. Additionally, a Mine Operations Authorisation (Authorisation DML1209-01) has been issued.
The approved Mine Management Plan covers the mine site camp, processing plant, tailings storage facility, related ancillary infrastructure, and the Rustlers Roost and Quest 29 open-pit mining projects. These components are collectively known as the Mt Bundy Gold Project. Standard conditions for such mining projects apply, including oversight by an independent certified engineer and the submission of annual environmental mining reports.
According to the JORC Code (2012 Edition), the Mt Bundy Gold Project currently holds a resource of 3.47 million ounces of gold and a reserve of 1.88 million ounces of gold. All gold resources and reserves are situated within existing mining lease areas. The company had previously obtained environmental approval for the Tom’s Gully underground mine in 2020, and received environmental approval for the open-pit mine, processing plant, and associated facilities in 2023.
Regarding the approval of the Mine Management Plan and the granting of Authorisation DML1209-01, Dr. Qiu Yumin, the company's Executive Director, Chief Executive Officer, and President, stated, "Achieving this significant regulatory milestone enables us to proceed with developing the Mt Bundy Gold Project into a producing gold mine according to plan. We extend our sincere gratitude to our technical team and the Northern Territory government departments, particularly the Department of Lands, Planning and Environment, for their tremendous efforts. With this approval, we are more confident in the project's implementation and in creating value for all stakeholders."
The company expressed full confidence and commitment to meeting all relevant conditions prior to and during the operation of the Mt Bundy Gold Project. Based on the progress of other workstreams and subject to Board approval, the company plans to commence on-site construction of the camp in early May 2026, begin construction of the processing plant in the third quarter of 2026, and targets the start of gold production in the first quarter of 2028.
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