Dart Mining NL (ASX:DTM) released the results of a 15-month project definition study on its Unicorn moly-copper-silver project in Northeast Victoria, Australia.

Highlights include:

• Integrated 12 month Project Definition Study of Unicorn has achieved:
  • Enhanced project definition and business case
  • Pre-tax IRR ~20%; ~3 year payback; 20+ year mine life
  • Capital expenditure slashed by more than one-third to less than $200m
  • Investment readiness for substantial long-term commodity consumers and investors
  • A processing rate of 10 million tonnes per annum (Mtpa) of preconcentrate material, delivering 2Mtpa of higher grade feed
• This Unicorn program is underpinned by a clear pathway to complete a Definitive Feasibility Study, with significantly improved project definition and business case
• Plans for a strategic farm-out package of other Dart NE Victorian tenements – both gold and base metals – to increase exploration, and accelerate the realisation of the region as a new and significant minerals province; and
• Raising of $2.4m through an accelerated non-renounceable 1-2 rights issue at 2 cents per share.

Chairman Bruce Paterson commented:

Conclusion of the revised Project Definition Study (PDS) is a massive milestone for the Company, delivering significant potential benefits to Dart and its shareholders considerably exceeding market expectations.

The Project team’s efforts, experience and professionalism from March 2014 has not only rescued a Project assigned to abandonment by the previous Board, but brings it within striking distance of development reality. We have stuck to realistic evaluation, injected hard work and applied extensive industry and technical enterprise not only to Unicorn, but also to Dart’s broader NE Victorian tenements in the context of a new and exciting minerals province.

Click here to read the full Dart Mining NL (ASX:DTM) press release.