Unicorn Project Update

UNICORN UPDATE

A detailed status report of all work leading up to the 27 May ASX announcement concerning the Unicorn Project has been completed, documenting all of the key findings and assumptions around the project definition study. The report pulls together the findings and extensive test work conducted as part of the ongoing study since May 2014. The study was commissioned by the Board to clarify the level of accuracy for each aspect of the various studies undertaken as input into the 27 May ASX release. Further study around the immediate viability of the Mt Unicorn Mo-Cu-Ag project was also completed.
The conclusions drawn from the Mt Unicorn project study indicate that for the time being, economic risks around further work and development are too great to proceed with any substantial expenditure and development at this time.
The board continues to seek potential joint venture partners for the Mt Unicorn project which may materialise over time as and when a recovery in the Mo price is seen as sustainable.