Mungana Goldmines listed on the Australian Securities Exchange in June 2010 following a $57 million IPO to house the North Queensland gold assets of the mid-tier base metal producer Kagara Limited (ASX: KZL). Kagara Ltd retains a 62% shareholding.
Mungana’s key assets are the Mungana and Red Dome gold deposits, located in the Chillagoe region of North Queensland, which have combined Measured, Indicated and Inferred Resources totalling 2.5 million ounces of gold, 255,000 tonnes of copper and 32 million ounces of silver.
Mungana is undertaking mining studies and a definition drilling program at the Mungana and Red Dome gold deposits culminating in a Bankable Feasibility Study (BFS) to assess the optimal development strategy for these deposits.
The Company is targeting production of 120,000 ounces of gold and 20,000 tonnes of copper and 1.5 million ounces of silver annually.
