Revised Guidance & Key Appointment

13th October 2015
Millennium further increases production guidance following
more strong results at Nullagine Gold Project
Appointment of new General Manager of Operations to drive ongoing
operational turnaround strategy
Millennium
increase in
announced
A$1250/oz,
Minerals Limited (Millennium or Company) is pleased to provide a further
production guidance for the year to December 31, 2015 from its previously
80,000 oz - 83,000 oz at an all-in sustaining cost (AISC)1 of A$1200/ozto 88,000 oz - 93,000 oz at an AISC of A$1190/oz -A$1240/oz.
This revised production guidance stems primarily from forecast increases in mined ore
tonnages, and both higher milled head grade and processing plant throughput rate at the
Company’s Nullagine Gold Project in WA’s Pilbara region.
This guidance also reflects a strong first half, during which the Company produced 41,721 oz
at an AISC of $1265/oz, including all royalties.
The latest forecast cost reductions are a result of both improved mill throughput and a
number of savings measures implemented since the start of the year. These measures, as
previously reported, have so far delivered annualised savings of more than $12 million.
Based on the revised guidance, Millennium expects to reduce its senior debt by a further $2.4
million in this December quarter, reducing senior debt to just $3.7 million by December 31,
2015. This will ensure the Company remains on track to retire this senior debt within the first
half of calendar 2016.
As part of strengthening its management capability, Millennium has appointed highly
experienced industry professional Peter Manton as General Manager, Nullagine Gold
Operations. Mr Manton will continue the focus on operational improvements and overall cost
reductions.
Mr Manton has recently held General Manager positions at both Newcrest Mining Limited and
Midwest Vanadium Pty Ltd.
Millennium’s Chief Executive Glenn Dovaston said the revised production and cost guidance
showed that the Company’s turnaround strategy was continuing to deliver strong results.
“We are generating excellent results on both the mining and processing fronts,” Mr Dovaston
said. “This is underpinning our production forecasts and enabling us to maximise cash flow
and reduce our senior debt rapidly.
“This success positions the Company to commence unlocking the full value of our underexplored Nullagine tenements with a clear focus on near mine Mineral Resource
opportunities.”
1
All-in Sustaining Cost represents C1 cash costs plus sustaining and development capital expenditure, royalties, exploration overheads, corporate
administration costs and reclamation & remediation accretion & amortisation.
Head Office
10 Kings Park Rd, West Perth WA
T: +61 8 9216 9011
www.millenniumminerals.com.au
Contact
Investor & Media Enquiries
[email protected]
Board
Richard Procter - Non-Executive Chairman
Greg Bittar – Executive Director
Ross Gillon – Non Executive Director
Michael Chye – Non Executive Director
Management
Glenn Dovaston – Chief Executive Officer
Richard Hill – Chief Financial Officer
Pierre Malherbe – Company Secretary
This announcement is not intended to lift the trading halt. The Company anticipates making
an announcement in relation to a material capital raising before the commencement of
trading on Wednesday, 14 October 2015.
For further information, please contact:
Glenn Dovaston – Chief Executive Officer
+61 8 9216 9011
For media inquiries, please contact:
Paul Armstrong – Read Corporate
+61 421 619 084
Background – Nullagine Gold Project
Millennium operates the Nullagine Gold Project, located in the Pilbara region in Western Australia
(Figure 1). The Project comprises 7 project areas located on granted mining leases and hosts a 1.5
Mtpa CIL gold processing facility which was commissioned in August 2012. Commercial gold production
was declared in January 2013.
Figure 1: Nullagine Deposit Location Plan over regional geology
Qualifying Statement
This release may include forward-looking statements. These forward-looking statements are based on Millennium’s
expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the control of Millennium, which could cause actual results
to differ materially from such statements. Millennium makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the circumstances or events after the date of this release.
Head Office
10 Kings Park Rd, West Perth WA
T: +61 8 9216 9011
www.millenniumminerals.com.au
Contact
Investor & Media Enquiries
[email protected]
Board
Richard Procter - Non-Executive Chairman
Greg Bittar – Executive Director
Ross Gillon – Non Executive Director
Michael Chye – Non Executive Director
Management
Glenn Dovaston – Chief Executive Officer
Richard Hill – Chief Financial Officer
Pierre Malherbe – Company Secretary

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