Legend Mining Limited · ASX:LEG
Legend Mining — Apex Minerals — Investor Presentation (October 2007)
30 slides from Legend Mining's investor presentation, Oct 25, 2007
Slide 1: Building a significant gold business in Australia
Apex Minerals’ Presentation For Legend Mining’s EGM, 25th October 2007: Building a significant gold business in Australia 1
Slide 2: Disclaimer
Disclaimer Certain statements contained in this presentation, including information as to the future financial or operating performance of Apex Minerals and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions
Slide 3: Apex Minerals' Capital Structure (ASX: AXM)
Apex Minerals’ Capital Structure (ASX: AXM) Fully paid shares 316.6 million Partly paid shares 19.7 million (payable @ 20c) Unlisted Options 19.5 million (between 14c and $1.30) Market capitalisation A$410 million (at $1.30 cps) Cash (at end Sept Qtr)* A$41 million Exploration budget 12 months A$20
Slide 4: Apex Minerals' Gold Strategy
Apex Minerals’ Gold Strategy April 2006 – new direction & management team (ex-LionOre) Numerous high grade deposits with fragmented ownership (each lacking the critical mass for efficient operation) Concept: consolidation of high grade refractory deposits and treatment via a central processing facil
Slide 5: Apex Minerals' Stage 1 Objectives
Apex Minerals’ Stage 1 Objectives Targeting initial production of >200,000oz per annum from Wiluna plant, commencing early 2009 Operate Wiluna mill at capacity of 1mtpa, with majority of feed coming from Wiluna underground operations & supplemented by high grade feed trucked from Wilsons (Gidgee) an
Slide 6: Strength in Personnel
Strength in Personnel Mark Ashley - CEO and Managing Director Former CEO – LionOre Australia and Director – LionOre Mining International Kim Robinson - Non-Executive Chairman Founding Executive Chairman of Kagara Zinc. Former Executive Chairman – Forrestania Gold for 10 years. Mark Bennett - Explora
Slide 7: Track record of delivering value
Track record of delivering value The board and senior management of Apex have been directly involved in the discovery, development, construction and/or operation of: – Bounty gold mine, WA – Maggie Hays & Emily Anne nickel mines, WA – Lake Johnston processing plant, WA – Black Swan nickel mine, WA –
Slide 8: Major drilling & resource program underway
Major drilling & resource program underway Exploration and Resource Drilling Schedule W Yo s ils ua N ow on 12 nm i& P W hi ilu 10 & na A lp W ha ilu Lawlers na 8 Aphrodite Rigs Youanmi 6 Gidgee Wiluna surface 4 Wiluna u/g 2 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun M onth 8
Slide 9: Projects
PROJECTS • Five gold projects centred on the Wiluna Gold Mine Wiluna • Four of these have 2.5m oz gold resources Gidgee • One nickel exploration project Law lers Youanm i Apollo Hill Aphrodite 9
Slide 10: Wiluna, Gidgee & Youanmi
WILUNA, GIDGEE & YOUANMI m • Five gold projects centred on the 0k Wiluna Gold Mine 12 Wiluna • Four of these have 2.5m oz gold resources Gidgee • One nickel exploration project • Wiluna to be the flagship mine and central processing hub in the first Law lers stage of an integrated refractory m gold
Slide 11: Wiluna Background
Wiluna Background 4 million ounces produced to-date +700,000 ounce Resource (Measured, Indicated & Inferred) Suprisingly little exploration due to production pressure Unique opportunity to stop mining and focus on establishing a sustainable resource base Primary aim is to establish a critical mass o
Slide 12: Wiluna - location
Wiluna Central Processing Strategy Wiluna - location Wiluna Moonlight Bulletin Adelaid e Henr y 5 Gidgee Happ y Jack Calais W est Lode East Lode Law lers Youanm i Apollo Hill Aphrodite 12
Slide 13: Wiluna – Pits, Resources & initial targets
Wiluna Central Processing Strategy Wiluna – Pits, Resources & initial targets Moonlight Bulletin Adelaid e Moonlight Henr y 5 Bulletin Happ y Jack Calais W est Lode Adelaid e East Lode Henr y 5 North Initial Exploration focus Moon lig ht Crispin Targe t Brothers Reef Target Henr y 5 Scroop Target Br
Slide 14: Wiluna – Initial Exploration focus & targets
Wiluna Central Processing Strategy Wiluna – Initial Exploration focus & targets 14
Slide 15: Calais Lens / Henry Footwall Long Projection
Wiluna Central Processing Strategy Calais Lens 50 / Henry 5 Footwall Long Projection 15
Slide 16: Wiluna – Lens – Calais, Henry5 & Henry5 North
Wiluna Central Processing Strategy Wiluna – 100 Lens – Calais, Henry5 & Henry5 North 16
Slide 17: Wiluna – Brothers Reef
Wiluna Central Processing Strategy Wiluna – Brothers Reef 17
Slide 18: Gidgee
Wiluna Central Processing Strategy – Gidgee Gidgee then: Ceased production in 2005 Mining of oxide and free milling primary ore from open pits & underground Processing via conventional 600,000tpa plant Mining terminated due to escalating costs as a result of decreasing plant throughput Three open pi
Slide 19: Gidgee - location
Wiluna Central Processing Strategy Gidgee - location 0 km 12 Omega Wiluna Gidgee Wilsons Law lers Sw an Bitter Prem ium Sw an Bitter Plant Eagle Youanm i Apollo Hill Aphrodite Main mineralised trend - numerous previously mined open pits providing underground potential 19
Slide 20: Gidgee – Wilsons 7020N Section
Wiluna Central Processing Strategy Gidgee – Wilsons 7020N Section W ilsons 3 Pit W ilsons 3 Pit 7 0 20 N Se c tion 4.3m @ 22.4g /t W ilsons 2 Pit 7.2m @ 11.5g /t W ilsons 1 Pit 20
Slide 21: Gidgee – Wilsons deposit - status
Wiluna Central Processing Strategy Gidgee – Wilsons deposit - status Current published resource (“diluted”) 734kt @ 6.9g/t for 164k oz Au 21
Slide 22: Youanmi
Wiluna Central Processing Strategy – Youanmi Youanmi then: Ceased production in November 1997, having produced 667,000oz Mining of 150,000tpa at 11.5g/t head grade with recovery of 90% from refractory ore (i.e Apex’s assumptions for this deposit). Mining and processing achieved targets – proven 600,
Slide 23: Youanmi – location
Wiluna Central Processing Strategy Youanmi – location Wiluna Main Pit – Youanmi Deeps Gidgee +600,000oz Au produced North Dome 20Mt @ 2% Zn, 3.5g/t Ag PW17 Area (HG Lens, incl. 2.5m @ 24% Zn Law lers In DDHPW17) k m 2 60 Youanm i Penny West Apollo Hill 87,000oz Au produced Incl. 121,000t @ 21.8g/t A
Slide 24: Youanmi – Underground resource
Wiluna Central Processing Strategy Youanmi – Underground resource OLD WORKINGS CIRCA 1920-30’s 4.0m @ 10.6g /t 4.0m @ 9.7g/t 5.0m @ 7.7g/t 2.0m @ 14.7g /t 2.0m @ 63.3g /t 3.0m @ 7.9g/t 3.1m @ 6.4g/t 1.2m @ 16.0g /t 5.3m @ 21.5g /t Assumed production area 4.1m @ 28.1g /t 3.2m @ 46.1g /t 2.9m @ 20.4g
Slide 25: Aphrodite
APHRODITE • Inferred Resource of 287,000 Wiluna ounces + significant non Gidgee JORC mineral inventory • Flotation testwork highlights good recovery to produce Law lers high grade concentrate – may be trucked to Wiluna Youanm i Apollo Hill • Concept – mining 0.5 - 1.0mtpa @ 5-6g/t to produce Aphrodi
Slide 26: Aphrodite – Alpha lode (partial JORC resource)
Aphrodite – Alpha lode (partial JORC resource) 2.1m @ 6.5g/t 9.5m @ 4.8g/t 1.9m @ 13.6g /t 7.5m @ 0.6g/t 11.7m @ 4.2g /t 7.7m @ 2.6g/t 3m @ 2.7g/t 3.4m @ 1.9g/t 1.5m @ 6.6g/t 25m @ 3.6g/t 9.4m @ 1.5g/t 25.7m @ 1.8g /t 5.7m @ 4.6g/t 4.0m @ 2.2g/t 1.3m @ 1.1g/t 4.2m @ 3.3g/t 2.1m @ 6.4g/t 17m @ 5.2g/t
Slide 27: Aphrodite – Phi lode (no JORC resource)
Aphrodite – Phi lode (no JORC resource) 2.8m @ 4.7g/t 1.8m @ 4.9g/t 2.1m @ 1.1g/t 0.8m @ 1.9g/t 4.8m @ 1.9g/t 0.6m @ 1.9g/t 0.7m @ 16.5g /t 1.2m @ 1.9g/t 5.4m @ 8.7g/t 3.7m @ 1.8g/t 10.1m @ 6.6g /t 6.5m @ 4.6g/t 4.9m @ 3.6g/t 5.7m @ 11.6g /t 9.4m @ 3.8g/t 1.0m @ 2.9g/t 2.7m @ 6.0g/t 2.2m @ 4.7g/t 11
Slide 28: Aphrodite – Section 720mN
Aphrodite – Section 6 659 720mN 3.9m @ 1.7g/t 20m @ 5.2g/t 28
Slide 29: Total Gold Resources
Total Gold Resources Deposit Category Tonnes Grade Gold Aphrodite Inferred 1.44 mt @ 6.2g/t 287,000oz* Gidgee Measured 0.03 mt @ 10.4g/t 9,000oz Indicated 1.70 mt @ 5.3g/t 288,000oz Inferred 0.85 mt @ 7.1g/t 192,000oz Total Resources 2.58 mt @ 5.9g/t 490,000oz Youanmi Measured 0.02 mt @ 5.5g/t 3,200
Slide 30: Thankyou for your attention
Thankyou for your attention Apex’s current EV per resource ounce is comparable to that of Navigator Resources, View Resources & Equigold Apex’s current EV per resource ounce is less than half that of Avoca Resources & Dominion Mining 30