KAGARA LTD 
By
Kagara Limited (Administrators Appointed)* ("Kagara") today
announces the recommencement of mining operations at the Baal
Gammon Copper Mine in North Queensland which it operates for
and on behalf of Baal Gammon Copper Pty Ltd, a wholly owned
subsidiary of Monto Minerals Limited (ASX:MOO).
The initial objective for recommencing mining is to develop
Stage 1 of the open pit to a level sufficient to contain all
of the site's stormwater flows that might result from a 1 in
100 year wet season rainfall - as required under the site's
Environmental Authority. This will require the recommencement
of mining to achieve a site water storage capacity of 155
megalitres (ML) by 1 November 2012.
A decision to continue mining in Stage 1 and in to Stage 2
beyond the initial objective of
155 ML will be made on the basis of mining performance during
the 155 ML campaign, the
Administrator's ability to continue to fund the operation
beyond this initial campaign objective, and the timing and
severity of the commencement of the 2012/13 wet season.
Planning beyond this initial campaign, Kagara has undertaken
a trial of stockpiled Baal Gammon ore through a revised
process plant flowsheet at its Mt Garnet processing facility.
The results from this trial has demonstrated that Kagara's Mt
Garnet plant can successfully reduce arsenic levels in the
final copper concentrate to levels acceptable for direct sale
in to the smelting market, rather than requiring the blending
of Baal Gammon concentrate with lower arsenic copper
concentrate from other operations.
During the initial campaign ore will be stored on site prior
to any decision to haul the ore to Mt Garnet for processing.
Kagara continues to maintain the site in accordance with the
Environmental Authority conditions and other statutory
notices issued in respect of the Baal Gammon site.
Interested parties, creditors and other enquiries should
contact Taylor Woodings on (08) 9321 8533 / (07) 3041 2900 or
visit its webpage www.taylorwoodings.com.aufor further information.
* Michael Ryan, Mark Englebert, Stefan Dopking and Quentin
Olde, all of Taylor Woodings, were appointed joint and
several voluntary administrators of Kagara Ltd, Kagara Copper
Pty Ltd, Mungana Pty Ltd and Einasleigh Mining Pty Ltd on 29
April 2012.
RESTRUCTURING | CORPORATE RECOVERY | ADVISORY AND TRANSACTION SERVICES | FORENSIC ACCOUNTING
ASX ANNOUNCEMENT MEDIA RELEASE 26 SEPTEMBER 2012 -Ends- About Taylor WoodingsTaylor Woodings is a national independent accounting firm specialising in the areas of restructuring, corporate recovery, advisory and transaction services, and forensic accounting. For more information please see www.taylorwoodings.com.au.
FURTHER INFORMATION: Interested Parties/Creditors Media EnquiriesTaylor Woodings Ian Pope - (02) 8999 1008 or 0416 826 037 (08) 9321 8533 or (07) 3041 2900 MAGNUS Investor Relations www.taylorwoodings.com.auCorporate Communication +
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