Newcrest confirms that it has now reached its Stage 2 farm-in milestone at the Havieron Project.

In accordance with the terms of the farm-in agreement, Newcrest has earned a 40% interest in the project and has provided notice to Greatland Gold Plc that Newcrest is proceeding to Stage 3.

The Havieron Project is operated by Newcrest under a farm-in agreement with Greatland Gold Plc. It is centred on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province, Western Australia. The target is overlain by more than 420m of post-mineral cover. Newcrest commenced drilling during the June 2019 quarter and has increased drilling activity such that eight drill rigs are now operational.

Drilling at the Havieron Project continues to expand and demonstrate the continuity of high-grade mineralisation which extends over 450m, to vertical depths of 600m and remains open at depth to the northwest. Drilling has also identified mineralised breccias proximal to high grade mineralisation. A further 20,000m are planned to be drilled to support the objective of delivering a maiden resource estimate in the second half of calendar year 2020 Studies are also underway to investigate the potential for the following:

starting an exploration decline by the end of calendar year 2020 or early 2021;

stoping and bulk underground mining options and achieving commercial production within two to three years from the commencement of the decline.

Newcrest has implemented measures to reduce and mitigate the risks of the COVID-19 pandemic to its project workforce and key stakeholders such as the Martu people, on whose land the Havieron Project and the Telfer operation exists. Potential impacts of the COVID-19 pandemic on the drilling activity at the Havieron Project are being actively managed and considered as part of the studies underway.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas said: 'We are excited to achieve this milestone at Havieron. Today's announcement highlights the significant investment we are making into this project. The results to date have been very positive and I believe that Havieron provides a great opportunity to improve the economics and extend the operating life of Telfer'. Newcrest will provide updated drilling results in its Quarterly Exploration Report, to be released on 30 April 2020.

Havieron Project details

Newcrest can earn up to a 70% joint venture interest through expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a 6-year period. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value. During the farm-in period, Newcrest will have a first right of refusal over the remainder of Greatland Gold's Paterson projects (Black Hills, Paterson Range East and remainder of the Havieron licence). The farm-in agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program and feasibility study, the resulting joint venture ore will be processed at Telfer (subject to certain conditions and agreement of final tolling terms).

Contact:

Tel: +61 439 525 135

Forward Looking Statements

This presentation includes forward looking statements. Forward looking statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', 'outlook' and 'guidance', or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. The Company continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from statements in this presentation. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of the Company. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Except as required by applicable laws or regulations, the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

(C) 2020 Electronic News Publishing, source ENP Newswire