Business News (WA)
Thursday 21/03/2013
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9
General News
Perth, AU
10927
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386.86 sq.cms.
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Bulletin banks on golden Kimberley days
Shanna Crispin
A LITTLE more than 127 years ago, Charles project, with Bulletin's share price falling from
Hall received perhaps one of the best around 20 cents each at listing to hovering
Christmas presents in Western Australian his- around five cents.
It has, however, managed to bring on strategic
tory - uncovering a 28-ounce nugget of gold
in the East Kimberley on Christmas Day investors, with one paying 22 per cent above
market value at the time for a $600,000 place1885.
The find would prompt an influx of prospec- ment earlier this year.
tors to the Kimberley region in what's now
accepted as the state's first gold rush.
A feasibility study of Lamboo found a 30,000 -
ounce /year production could be achieved for
It was short-lived, however, as insignifi- cash costs of $1,000/oz with $13.6 million start
cant discoveries and difficult working condi- up costs.
tions resulted in prospectors heading to the
Goldfields region.
There's been little focus on Kimberley gold
since, but that won't stop fledgling company
Bulletin Resources from bringing what managing director Martin Phillips describes as a
"renaissance" to the region.
Bulletin was listed on the ASX in 2010 with
a portfolio of tenements not far from Mr Hall's
first discovery, near the town named after the
prospector - Halls Creek.
A chemical engineer, Mr Phillips told WA
Business News it was the prospecting history
of the Halls Creek region that drew him to join
Bulletin Resources.
In many ways the lack of gold mining in the
Kimberley is a consequence of its popularity
with small prospectors, but not many bigger
players with more advanced techniques.
"They were just using excavators and digging up all this low grade stuff as well - just
free-dig material," Mr Phillips said.
"There hasn't been a lot of production so
there's no excitement about the potential for
big finds like there is in other areas, so that
has really been the big turn off."
Mr Phillips claims it would take just one
company to get into production to spark a
return of gold mining interest in the Kimberley.
Of course he's pitching Bulletin Resources
as that first producer, from its Lamboo Project
about 30 kilometres south-west of Halls Creek,
which it bought from administrators in 2010 for
$270,000.
Tough market conditions haven't helped the
together a full processing plant and mill (later put
into care and maintenance when the company,
Rewah Mining, fell into administration).
Precious Metals Australia also had a go at get-
ting the project going but stopped in 1997 after
mining producing about 20,000oz.
The significant improvement in the gold
price increases the viability of Bulletin's initial
30,000oz/year operation, but Mr Phillips said it
would need to further improve for the company
to approve start-up.
"In the meantime we are trying to make the
project a lot more robust and attractive to debt
and equity finance by just adding some more
ounces to the targets that we have," he said.
Mr Phillips said the company was the only
one in the Kimberley with the potential to get
into production, and it was dedicated to seeing
that through.
"We're a group of people that wants to build
a company - we're not about building a fat
resource and looking for the highest bidder. We
want to build a company and see it be a successful producer."
"In the meantime we
are trying to make the
project a lot more robust
and attractive to debt
and equity finance.
119
- Martin Phillips
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Private investors have mostly owned the ten-
ements, including a group that previously put
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Business News (WA)
Thursday 21/03/2013
Page:
Section:
Region:
Circulation:
Type:
Size:
9
General News
Perth, AU
10927
Suburban
386.86 sq.cms.
press clip
PRODUCTION PLAN: Martin Phillips is building Bulletin Resources in a bid to
become the only gold producer in the Kimberley region.
Photo: Bohdan Warchomij
Page 2 of 2
Copyright Agency Limited (CAL) licenced copy
AUS: 1300 1 SLICE NZ: 0800 1 SLICE
[email protected]
Ref: 186345431