Long process to re-open Endeavor

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We’ve been combing through the data looking at exploration targets which need to be tested and hopefully some of those will return resources and hopefully reserves.

Polymetals has always been very cost effective at how we do things.

We just need to get it right.”

Mr Sproule said the renegotiation of the silver royalty over the mine from a 100 per cent Silver Streaming Royalty to a four per cent lead, zinc and silver Net Smelter Royalty had greatly improved mine economics.

It has removed a significant financial constraint and enhanced the potential to unlock new life for the project,” Mr Sproule said.

Exploration success, followed by relevant scoping, prefeasibility and feasibility studies have the potential to deliver a long-term economic mining operation.”

When asked if he thought the mine could ever get back to “full swing”, Mr Sproule said he couldn’t say.

It depends on the success of our exploration work, our remodeling work and, in particular, metallurgical test work, that might allow us to be able to leach a portion of gold and silver from the ore and add further revenue.”

He said the mine currently has a standard flotation plant and the company may be able to extract further value by applying hydrometallurgical or other processing techniques.

“We understand only too well what that means for the Cobar township, the region, the suppliers, the workforce and so on.

“It will be a hands-on approach, a practical approach and we’ll hasten slowly,” he said.