Overview

Dampier has two major projects, namely the K2 Mine under the K2 Farm-in Joint Venture where Dampier has the right to earn 50% for the expenditure of up to $3M and 100% of the Ruby Plains Placer Gold Project (PDGP).

The K2 Mine lies on ML52/183 and is part of the tenement package originally secured by Dampier from Barrick Gold in 2010, referred to as the Plutonic Dome Gold Project (PGDP).

In 2013, Dampier entered into a Farm-in Joint Venture with Vango Mining Limited (then Ord River Resources Limited) whereby it agreed to sell down its interest in the PDGP.

After a change in management in 2014, the current board determined that Dampier was faced with considerable risk with its share of rents, expenditure and environmental provisions under the unfavourable (for Dampier) terms of the JV and it was unable to secure funding for its residual 40% share in the Project. Therefore, the Board with shareholder support elected to sell its 40% of the project to Vango for $8.2M.

Following the sale of PDGP, Dampier and Vango agreed to a Farm-in Joint Venture executed on 12th May 2017 whereby Dampier was granted the right to earn 50% of the K2 Project M52/183 for the capped expenditure of up to $3M. The CAPEX to bring the first 50,000 in the mine into production is estimated to be $6M given the existing 1.4km decline to the ore blocks and related project infrastructure. Under the JV, Dampier is the nominated Exploration Manager.

Exploration to enhance reserves and resources and complete geotechnical metallurgical studies are underway at the K2 Mine

In 2018, Dampier purchased the Ruby Plains Gold Project from private vendors.

The project is located in the Kimberley region of Western Australia, 70km SSE of the township and historical goldfield at Halls Creek.

The 4 tenements acquired by the Company cover paleo-placer deposits which have characteristics similar in terms of age and genesis to the paleo-sedimentary deposits in the rich Californian Goldfields which had multi-million ounce gold deposits.

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