Recent drilling results at Sylvania Resources’ Everest North...

Recent drilling results at Sylvania Resources’ Everest North deposit indicate an in situ resource valued at almost AUD$1.5bn. This despite Sylvania Resources’ Market Cap at less than AUD$400m. It is also worth noting that Everest North is a stand alone mine, separate to Sylvania’s many other ongoing projects which include Cr plants, PGE plants and a CTRP (Chrome Tailings re-treatment Project), with further acquisitions in the pipeline.

Costs to mine at Everest North will be low, as the metals are close to the surface; latest cost estimate of around £18M (AUD$42M) to build the mine, a further £18M (AUD$42M) will be paid by joint venture partner East Plats, however the full resource belongs to Sylvania Resources. CEO Terry McConnachie’s success in convincing others to join the party is easily matched by his ambition; following an announcement of £18M (AUD$42M) raised in an oversubscribed placement: “We need to raise our profile, we need new projects….Where possible we will look at assets that can generate cash quickly”.