Before its closure, the Twin Hills Mine was an operating and producing mine, which as per the prior operators aspirations, sought to produce 1.1 Moz of Silver for an all in C3 cash cost of $15.00. Whilst this was a very aggressive target price, the operations continued to reduce costs and had in place a significant capital advancement program to assist to achieve these anticipated costs. MRV Metals is currently reviewing all options as to a Mining Licence Application, and subsequent Environmental Authority, which would allow mining to recommence. This would in turn, allow MRV Metals to seek to produce silver, in a yet to be determine configuration of Grade, Operating parameters and as a consequence ultimate C3 Cash cost.
The unique advantage of this project is that the potential of the tenement advancement has already been explored, with the prior operations becoming prior learning for MRV Metals on which we can build our foundations, should this asset be advanced.
The Company will update the market as and when decisions are made; however, below is the Status report on the Reportable Mineral Resources against June 2013 EOM at 26.5g/t Ag cut-off for TWIN HILLS MINE AREA (Table 1) and MT GUNYAN (Table 2) as announced by Alcyone on 28 October 2013 (ASX:AYN) and supported by DATAGEO Geological Consultants (14 September 2016).