TORONTO, Nov. 09, 2018 (GLOBE NEWSWIRE) — Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today updated the market about the progress being made at its Goondicum Ilmenite Project towards the commencement of production.
Progress as at 9th November
The on-site components of the Goondicum construction project have now been completed on schedule and within the total budget. Work will continue with respect to various off-site infrastructure upgrades over the next few months.
Wet commissioning on water has been successfully completed and the project has now commenced mineral commissioning, as per schedule, with first production of ilmenite and apatite successfully occurring in the last few days. The newly installed equipment and overall facility have performed as expected and the focus is now moving to recruitment of additional operators and operator training as production ramps up. The project will operate on day shift only for the next month before moving to a 24-hour, 7 days per week roster thereafter.
Commissioning and ramp-up of the project is anticipated to extend through Q2 CY2019 as production and sales gradually increase to full capacity. Ilmenite haulage to the port is planned to begin in January and the first ilmenite shipment remains scheduled for Q1 CY2019.
A graph accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/520f1e8b-1b0f-4702-985f-0e80771fc922
- The FY 2019 Budget was prepared and approved in April 2018
Melior is the owner and operator of the Goondicum ilmenite and apatite mine located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Vancouver, British Columbia. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX Venture Exchange.
Forward Looking Statements Disclaimer
This press release contains forward-looking information within the meaning of applicable securities laws that reflects the current expectations of management of Melior regarding the Arrangement and its consummation, including whether conditions to the consummation of the Arrangement will be satisfied, and the timing for completing the Arrangement. The words “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “aim”, “endeavor”, “project”, “continue”,“predict”, “potential”, or the negative of these terms or other similar expressions have been used to identify these forward-looking statements. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond management’s control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The following factors could cause actual results to differ materially from those discussed in the forward-looking information: failure to satisfy the conditions to completion of the Arrangement, including approval by Melior Shareholders and Metallica’s shareholders and regulatory and court approval and the occurrence of any event, change or other circumstance that could give rise to the termination of the Arrangement Agreement. Additional risks and uncertainties regarding Melior are described in its publicly available disclosure documents, as filed by Melior on SEDAR (www.sedar.com) except as updated herein. This forward-looking information represents management’s views as of the date of this press release. While subsequent events and developments may cause such views to change, Melior does not intend to update this forward- looking information, except as required by applicable securities laws.
For further information please contact:
MELIOR RESOURCES INC.
Chief Executive Officer
+61 7 3233 6300
Andreas Curkovic Proconsul Capital
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.