New Energy Minerals Ltd (NXE) (formerly Mustang Resources Ltd) – ASX Release

Caula Vanadium-Graphite Project Scoping Study Shows Exceptional Economics

Highlights

  • The Study demonstrates the viability of an open pit vanadium and graphite mining operation with outstanding economics

  • Mine life of 26 years based entirely on the JORC Measured Resources for both vanadium and graphite

  • 1,877 metres of diamond drilling over 16 drillholes and 99 metres of RC drilling (1 drillhole) were completed by the Company for the Scoping Study

  • Approximately 4,000 metres of additional drilling, sampling, assaying and further testwork underway (drilling and sampling completed) to support Reserve definition and pre-feasibility studies

  • New Energy Minerals is now focused on delivering pre-feasibility level studies by Q1-2019 as well as the fast-tracked implementation of Phase 1 of the project targeting 1st cashflows in H2-2018


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