ASX Code CDG
Quoted shares 129.7 million Total shares 175.8 million Unlisted options (20c) 34.8 million
Board and ManagementChairman - Donald C. Bailey
Managing Director - David Mendelawitz
Finance Director - Aaron Finlay
Non-Exec Director - Jim Williams
Non-Exec Director - Russell Scrimshaw
ContactHead Office
Cleveland Mining Company Ltd. Suite 3, Level 1, Rokeby Centre,
254 Rokeby Road
Subiaco WA 6008
T: +61 (08) 6389 6000
F: +61 (08) 6389 6099
E: info@clevelandmining.com.au
Investor & Media Enquiries
T: +61 417 18 1990
E:
investors@clevelandmining.com.au
ACN: 122711880
PERTH, AUSTRALIA, 20th September, 2012: Cleveland Mining Company Ltd. (ASX: CDG) is proud to announce that it has started mining at the Premier Gold Mine.
Ore is now being stockpiled at the plant, where live commissioning is underway.
The final external barrier to the start of mining and processing was overcome when the electrical connection to site was established after a longer-than- anticipated bureaucratic process. The Company has now received all permissions required to start round-the-clock mining and processing of ore through the Stage 1 gravity circuit.
Managing Director of Cleveland Mining, Mr David Mendelawitz, said that the
Company was delighted to have reached this milestone.
"We are debt free, about to generate cash-flow, and have built the first stage of the mine far quicker than is typical. With gold now trading at around $1750 per ounce, $200 per ounce higher than 6 months ago, it's a great time to start selling it," said Mr Mendelawitz.
"Our strategy aimed to build a reasonably small mine first so we could understand what affects budgets and schedules when building mines in Brazil, recruit and structure our teams optimally, and not expose the Company to restrictive debt burdens."
"When we expand Premier and build other larger mines, we will be well positioned to get them right. The commencement of mining, along with the lessons learned to date, put us in a very strong position to create a solid future for Cleveland Mining."
"We are now working to get Stage Two, the cyanide circuit, of the Premier mine built as quickly as possible, whilst at the same time working to increase our gold resources through exploration or acquisitions. Work also continues to schedule in Amapá state on our Iron projects, where we are currently sinking shafts for bulk samples for metallurgical testwork."
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Mining begins at the Premier Gold Mine
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Stage 1 of the Premier Gold Mine Completed
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About Cleveland Mining
Cleveland Mining is an Australian-managed, publicly-listed
minerals company, squarely focused on developing projects to
owner-operate. Cleveland has three distinct project hubs:
1) The Crixás Hub, Goiás State, central Brazil. Projects: The
Premier Gold Mine JV, O Capitão, Baú, Guarinhos, Pantera -
Gold-focused
2) The Amapá Hub, Amapá State, northern Brazil. Projects:
Ferradura, Porto Grande and Lebre -
Iron ore-focused
3) The Canela Hub, central Chile. An small portfolio of
projects between La Serena and Santiago -
Gold/Copper-focused
The Company's most advanced project is the Premier Gold
Project, where mining has now begun.
Cleveland recently formed a strategic alliance with
fellow-ASX listed company, BC Iron (ASX:BCI) aimed at
acquiring and co-developing new iron ore projects in
Brazil.
Cleveland has a different approach to project selection, with
project economics driving target selection. Geological
prospects, local costs and infrastructure are rigorously
scrutinised before entering into a project. Projects are
chosen according to their potential to generate returns at
the bottom of the economic cycle, with Cleveland only
operating in areas backed by legislation and government that
can provide stable and transparent operating environments.
Andrew Mendelawitz Corporate Relations Manager Telephone: +61 (0) 417 181 990 investors@clevelandmining.com.au
Forward-looking Statements
Forward-looking statements can be identified by the use of
terminology such as 'intend', 'aim', 'project',
'anticipate', 'estimate', 'plan', 'believe', 'expect', 'may',
'should', 'will', 'continue' or similar words. These
statements discuss future expectations concerning the results
of operations or financial condition, or provide other
forward looking statements. These forward looking statements
are not guarantees or predictions of future performance, and
involve known and unknown risks, uncertainties and other
factors, many of which are beyond our control, and which may
cause actual results to differ materially from those
expressed in the statements contained in this ASX update.
Readers are cautioned not to put undue reliance on forward
looking statements.
Com pet ent Perso n's Statem ent
The information in this report that relates to Exploration Results is based on information reviewed by David Mendelawitz, who is a Fellow of the AusIMM. Mr Mendelawitz has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mendelawitz consents to the inclusion of the matters based on his information in the form and context in which it appears. Mr Mendelawitz is emp loyed by Cleveland Mining Company Ltd.
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