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Intermin study finds Teal will be a profitable gold project

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Intermin study finds Teal will be a profitable gold project

InterminResources Ltd. has released the results of a feasibility study forthe Teal stage one gold project, part of the Binduli North project in Western Australia, thatindicate the open pit mine will deliver about A$10.1 million in free cash flowover its nine-month life.

The stage one mine, which will comprise the processing ofoxide and transitional ore, will recover 15,567 ounces, from a maiden reserve of17,723 ounces, at all-in costs of A$953 per ounce, Intermin said July 6.

The feasibility study, which assumed a gold price of A$1,600per ounce, placed the initial capital outlay at A$4.5 million, includingpre-strip costs.

"The results of the feasibility study for Tealdemonstrate strong potential to generate significant cash flow for the businessto underpin accelerated exploration and development of the company's assets inthe WA goldfields," Managing Director Jon Price said.

A decision on the mine development will be delivered in theSeptember quarter, but the board is confident it will be able to finance theTeal project via a combination of debt and equity, strategic partnerships ormonetization of assets.

Mine development is set to begin in the December quarter,with first gold production expected five months later.