KIN – KIN MINING DELIVERS POSITIVE NUMBERS ON PRE-FEASIBILITY STUDY FOR CARDINIA PROJECT

Kin Mining, have completed a pre-feasibility on their Cardinia Gold Project projecting a positive outcome for shareholders. The Project is located in the North Eastern Goldfields of Western Australia. “The jurisdiction for mining in these areas is the best in Australia”.(Goldtalk).

The PFS is based on the Company operating two mining pit centres at Cardinia and Mertonvale a 1.5mtpa conventional CIP processing cyanide plant to be relocated. The process plant was previously located at Lawlors and being transported to Cardinia. The PFS is based on an Ore Reserve of 7.9 million tonnes grading 1.1g/t Au for 238,000 ounces and a production estimate of 11.4mt @ 1.09g/t Au for 398,000 ounces of recovered Gold. The Company’s forecast of pre-production cost of $76.9m, includes the removal and re-establishment of the major components, Crushing Circuit, Ball Mill, 2.5Mw Power Station from the Lawlors project to Cardinia project. CIP tanks and the remainder of the processing facility including CIP gravity circuits cyclones, thickeners, carbon and elution equipment etc, to be purchased elsewhere.

The PFS is also based on a C1 cash cost of $A1,284 an ounce and an all in sustaining cost of $A1,442 an ounce. Forecasts for Pre Tax Profits are based on the Gold price of: $66.8m for an IRR of 17% based on a Gold price of $A2,000 ounce and an IRR of $118m based on a Gold price of $A2,200 an ounce.

Goldman

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