Quarterly Report December 2016

The Board of Blackham Resources Limited  is pleased to provide an update on its activities for the quarter ended 31 December 2016 and thereafter.

HIGHLIGHTS INCLUDE:
Matilda/Wiluna Operations

  • First gold poured in October 2016
  • Quarterly gold production totalled 8,773oz
  • Commercial production has been achieved and operations are now cash flow positive
  • 2017 FY production forecast 60,000-70,000oz
  • New tertiary crusher successful installed during December
  • New gas power station commissioned in December to provide energy savings to the operation

Resources

  • Resources increase 25% since last quarterly
  • Large gold resource updated to 63Mt @ 3.2g/t for 6.4Moz Au
    o Maiden Wiluna open pit resources of 12.5Mt @ 2.6g/t for 1.1Moz Au – 69% indicated
    o High grade Golden Age resource grows by 21%
  • Maiden Wiluna open pit resources to underpin the expansion plan

Expansion Study

  • Stage 2 expansion studies focused on increasing gold production beyond 200,000ozpa progressing well
  • Expansion targeting mill throughput of 3.2Mtpa due to the success in the open pit resources

Exploration

  • Successful 25,000m drill programme completed on the Wiluna open pits
  • Further 30,000m drill program planned for this quarter

Corporate

  • $10.7M in cash at the end of the quarter
  • Hedging 11,079oz @ A$1,709/oz

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