AIC Mines Limited (ASX: A1M) ('AIC Mines' or the 'Company') is pleased to report that resource definition drilling in the Eloise Deeps has returned excellent results.
Assay results have confirmed the down plunge continuity of the high-grade mineralisation up to 50m below the base of the Indicated Resource.
HIGHLIGHTS
Resource extension drilling at Deeps has returned excellent results: A surface drill rig is due to arrive on site this week to commence an 8,500m surface drilling program focussing on resource conversion and exploration.
The surface rig will commence drilling in late March and complements the two underground rigs currently drilling the 14,800m resource definition programs.
A resource definition drilling program in the Deeps, consisting of 27 holes for a total of 5,318m is in progress, with all holes being collared at the base of the decline (-315m RL or 1,505mBSL). The aim of the program is to increase the resource confidence of the Deeps mineralisation from inferred to indicated category, up to 100 vertical metres below the lower most mining level at the -305mRL. The program will be drilled in two phases, with Phase 1 drilled on 50m x 50m spacing and Phase 2 infilling to a 25m x 25m spacing.
About the Eloise Copper Mine
Eloise is a high-grade operating underground mine located 60 kilometres southeast of Cloncurry in North Queensland. It commenced production in 1996 and has since produced approximately 350,000t of copper and 170,000oz of gold. AIC is targeting annual production of approximately 12,500t of copper and 6,500oz of gold in concentrate. Current operations consist of an underground mine accessed via decline. The upper levels of the mine (above 1,190m below surface) are extracted by longhole open stoping and the lower levels are extracted by sublevel caving. Eloise is an owner-miner operation with a mining contractor used only for underground development. Processing is via conventional crushing, grinding and sulphide flotation with capacity to treat up to 750,000tpa. Metallurgically the ore is very consistent as the ore mineralogy at Eloise is almost exclusively chalcopyrite. Processing achieves high copper recoveries (generally 94% - 95%) and produces a clean concentrate. The concentrate has significant by-product credits from gold and silver
Forward-Looking Statements
This Announcement includes 'forward-looking statements' as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond AIC Mines' control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this announcement, including, without limitation, those regarding AIC Mines' future expectations. Readers can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'risk,' 'should,' 'will' or 'would' and other similar expressions. Risks, uncertainties and other factors may cause AIC Mines' actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past 7 results, performance or achievements). These factors include, but are not limited to, the failure to complete the project in the time frame and within estimated costs currently planned; the failure of AIC Mines' suppliers, service providers and partners to fulfil their obligations under supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. Although AIC Mines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
Contact:
Tel: +61 (8) 6269 0110
Fax: +61 (8) 6230 5176
Email: info@aicmines.com.au
AIC MINES LIMITED 
