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Project Overview

Centennial Mining Limited is an emerging junior Victorian gold producer that is developing and producing from the A1 Gold Mine near Woods Point, Victoria and the Union Hill Mine near Maldon. Ore mined from the A1 Gold Mine and Union Hill is trucked to the Company’s fully permitted processing facility at Porcupine Flat, near Maldon. In FY17, Centennial produced 15,500 ounces of gold generating over $26m in revenue.

The Company also owns the Nuggetty Underground Mines at Maldon and the Pearl Croydon, Black Reef and Specimen Reef deposits in the surrounding Maldon District. The Company has entered into an agreement to acquire licence MIN5487, which contains the Eureka and Tubal Cain deposits near Walhalla, from Orion Gold NL and is subject to the grant of consents required under the Mineral Resources (Sustainable Development) Act and the terms of the Agreement.

Mineral Resources

The following statement of Mineral Resources and Ore Reserves conforms to the Australasian Code for Reporting Exploration, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition (other than the Eureka Mineral Resources, which are reported under the JORC Code 2004 Edition – refer to Note 5 below). All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

Mineral Resources Estimate at 30 June 2017.

Note 1. The information in this report that relates to A1 Gold Mine Mineral Resources is extracted from the summary report entitled ‘A1 Consolidated Gold, Mineral Resource Estimate’ prepared by CSA Global Pty Ltd included in the Company’s ASX announcement dated 12 May 2014 and is available to view on the Company’s website. Centennial Mining have depleted this resource using the surveyed void shapes as mined over the previous 12 month period. The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.

 

The information in this report that relates to depletion of the A1 Gold Mine Mineral Resources is extracted from the Company’s 2017 Annual Report dated 31 October 2017. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.

Note 2. The information in this report that relates to Pearl Croydon Mineral Resources is extracted from Octagonal Resources Limited’s (ASX: ORS) ASX announcement dated 20 January 2014 and is available to view on that company’s website.  The Company confirms that it  is  not  aware  of  any  new  information  or  data  that  materially affects the information included in the original market  announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

 

Note 3. Refer to Orion Gold NL (ASX: ORN) ASX Announcements dated 11 August 2015 and 30 December 2015. The acquisition by the Company of the tenement on which these resources are located is subject to the grant of consents required under the Mineral Resources (Sustainable Development) Act and the terms of the acquisition agreementwith Orion Gold NL.

Note 4. The information in this report that relates to Tubal Cain and Eureka Mineral Resources is extracted from Orion Gold Limited’s (ASX: ORN) ASX announcement dated 31 January 2014 and is available to view on that Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Note 5. The Eureka Mineral Resource was prepared and first disclosed under the JORC Code 2004 Edition. It has not been updated since to comply with the JORC Code 2012 on the basis that the Walhalla project is not a material mining project of the Company and the information has not materially changed since itwas last reported. 

Note 6. The Phase 1 Target Area Measured and Indicated Mineral Resources published in the Company’s ASX announcement dated 8 July 2016 are a sub-set of the total A1 Gold Mine Mineral Resources. The Phase 1 Target Area Mineral Resource has been depleted by mining.

During the 2017 financial year, a total of 84Kt of ore was mined via a combination of air leg and long hole stoping methods within the A1 Gold Mine.  28kt of this mined material was contained within the stated  JORC  resource  however  56Kt  was  located  and  mined  outside  of  the  resource  area. The additional material was defined as underground development and stoping activities progressed.

Investment Highlights

Advanced project on granted mining lease – fully operational mine site including underground development & infrastructure.

Mineral Resources in accordance with the JORC Code (2012) Indicated – 250,000 t @ 5.1 g/t for 41,200 oz Au Inferred – 1,170,000t @ 6.4 g/t for 240,000 oz Au.

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