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Middle Island Resources Limited (MDI) is committed to a commodity focus on gold. The directors of Middle Island firmly believe that the gold price will continue to strengthen over the medium and longer term, on the basis of longer-term supply-demand fundamentals and also any number of nearer-term, geo-political uncertainties. Gold also represents a commodity that can be produced on site, transported by air and sold over the counter, thereby obviating the requirement for expensive rail and port infrastructure, offtake agreements and the like, thereby permitting successful operations in jurisdictions where infrastructure is only poorly developed.
Middle Island’s primary ambition is to recommission the Company’s wholly-owned, 600ktpa Sandstone gold processing facility in order to generate a cash flow to self-fund exploration and provide dividends to shareholders. The current open pit resource inventory is of modest grade, requiring a further 10,000-20,000oz of higher grade, open pit resources to trigger a mill recommissioning decision. However, the underground resource inventory is being progressively expanded to underpin the longer term future of the Sandstone operation, with the Two Mile Hill tonalite deeps deposit emerging as a major mineralised system.
Beyond the Sandstone gold project, Middle Island’s ambition is to identify gold resources above a minimum stand-alone threshold of 1.1 to 1.2Moz, which would likely translate into a gold reserve of approximately 700,000oz at a nominal open pit conversion ratio of 65%, representing a minimum of 7 years production at approximately 100,000oz per annum. Middle Island considers that this ambition represents a minimum viable, stand-alone threshold, unless the resources are located proximal to an existing processing facility.
MDI has a small, yet highly experienced board with high calibre technical, management, capital market and financial skills. The strong level of investor interest and support is a testament to the reputations and collective experience of the board and management team.
MDI maintains its corporate headquarters in Perth, Western Australia.