Freehill Mining Limited Appoints Peter Hinner as Acting Ceo; Schedules to Commence an Exploration Program in the September 2018 Quarter on Its Yerbas Buenas Project in Chile
The company also announced that it is scheduled to commence an exploration program in the September 2018 quarter on its Yerbas Buenas Project in Chile. The initial exploration program is the first step towards defining the maiden JORC Resource on the project and will focus on defining the size, extent and quality of several of the project's magnetite structures. Like Yerbas Buenas, it is not uncommon for smaller mining operations within South America to initially focus on near term production as a means of establishing themselves. The company is confident that it has been collecting sufficient base line data throughout this period to initiate a scoping study for a larger and more permanent operation. As part of the current focus on exploration, the company is assessing a number of operating models relating to the existing trial mining activities. Various operating models ranging from partnering with mining services firms to outsourcing operations are being evaluated on the trial mining activities with the objective being that both capital and management focus be directed to completing the exploration objectives in the near term. The company announces that funding of the second tranche of the Yaniv convertible note has commenced and will be primarily applied on the drilling program as well as undertaking a number of corporate and strategic initiatives. In addition to these negotiations, the company is in further discussions with a number of counterparts who are interested in investing in Freehill to enable an accelerated path in progressing feasibility study work inparallel with the Resource development program.