The Ravenswood Mine in North Queensland is the first gold mine developed by Carpentaria Gold Pty Ltd, a wholly owned subsidiary of MIM Holdings Ltd. Carpentaria Exploration Pty Ltd began exploration at Ravenswood in 1978. However initial exploration of the main gold producing area (Buck Reef East) commenced in March 1987 when exploration rights to four key leases were secured. A rapid, co-ordinated exploration and development program produced gold from a heap leach operation nine months after the first costeans were dug at Buck Reef East. To treat higher grade ore found at depth in the Buck Reef East pit and the metallurgically more difficult Buck Reef West ore, a carbon in pulp plant was commissioned in May 1988. The mine is currently producing at a rate of approximately 40 000 ounces of gold per year. Ore at Ravenswood is hosted by hydrothermally altered diorites and tonalites of the Ravenswood Granodiorite complex._x000D_
Alteration is controlled by planes of permeability formed by joints, shear zones and dilational breccias. The complex orebody geometry resulting from these controls required very detailed surface and drill exploration for adequate definition. Carpentaria's need for early cash flow meant that economic, mining and metallurgical considerations governed choices of exploration techniques, program timing, material and data collected. The initial reserve of 1.1 mt @ 2.87 g/t Au was defined by sectional polygonal methods. Grade control is based on geologic mapping and blast hole or channel sample assays._x000D_
Ore is batched through the crusher and sampled to monitor grade control and mining performance._x000D_
Minimal dilution has occurred. Gold content is greater than predicted by the reserve. Sprinkling of heaps commenced in November 1987. Changes have been made to the pad design and to the method of heap construction. Heap leach ore is treated at a rate of 400 000 tpa.