Heron 'Breaks Ground' at Woodlawn Project
Sydney, Australia, Aug.29, 2017(GLOBE NEWSWIRE) -- Heron Resources Limited (ASX:HRR TSX:HER, "Heron" or the "Company") is pleased to advise that to mark the official commencement of construction at its wholly owned Woodlawn Zinc-Copper Project, a ground-breaking ceremony was held and attended by federal and local government representatives.
- First ground breaking at the construction site for the Woodlawn Project
- Construction and earthworks contractors are currently mobilising
- Project to support 250 jobs during the construction phase and more than 150 employees once operational
Construction of the 1.5Mtpa processing plant and associated infrastructure is expected to take approximately 15 months with commissioning in late 2018 ahead of first production in early 2019. Both the lead construction contractor, Sedgman, and the earthworks contractor, Ertech, have commenced mobilisation to site.
The Woodlawn Project will provide for approximately 250 jobs during the construction phase with more than 150 permanent employees required to support the ongoing operations. Where possible, the Company is committed to sourcing its workforce from the region as well as utilising local suppliers throughout its construction and operations.
Commenting on the ground breaking, Heron's Managing Director, Mr Wayne Taylor said:
"Today's ground breaking at Woodlawn marks a major milestone in Heron's journey from a developer toward becoming a long term, low cost and profitable base metals producer. The commencement of construction is the culmination of many years hard work by our team and would not be possible without the support of our shareholders, financiers and the local community. As the zinc price reaches near 10-year highs, and with market fundamentals underpinning a robust price outlook, it's a strong reinforcement of the project's excellent timing and the need to ensure we meet our construction schedule and bring Woodlawn into production by early 2019."
Heron was pleased to welcome the Assistant Minister for Cities and Digital Transformation and Federal Member for Hume, the Hon. Angus Taylor MP as well as Mayor Bob Kirk from Goulburn Mulwaree Council to turn the first soil on the construction site.
After securing shareholder approval of the $240 million finance package earlier this month, Heron is now fully funded through construction of the Woodlawn Project, with approximately $156 million budgeted in pre-production capital expenditure.
Once commissioned and running at nameplate capacity, the Woodlawn Processing Plant will produce 40,000tpa of zinc, 10,000tpa of copper and 12,000tpa of lead in concentrates which are planned to be exported from Port Kembla and / or Port Botany.
Based on the total resource and exploration upside both at Woodlawn and regionally, there is significant potential to extend the mine life beyond its initial mineable Reserves of 9.3 years.
About Heron Resources Limited:
Heron's primary focus is the development of its 100% owned, high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales, Australia.In addition, the Company holds significant high quality, gold and base metal tenements located within the region of the Woodlawn Project, which are being actively explored.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This report contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this report. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this report is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this report.
For further information, please visit www.heronresources.com.au or contact: Australia: Mr Wayne Taylor Managing Director and Chief Executive Officer Tel: +61 2 9119 8111 or +61 8 6500 9200 Email: heron@heronresources.com.au Canada: Tel: +1 647-862-1157 (Toronto)