Thunderbird BFS delivers outstanding results

Written on the 30 March 2017

Thunderbird BFS delivers outstanding results

Sheffield  Resources  Limited  ("Sheffield",  "the  Company")  (ASX:SFX)  is  pleased  to  report  results  of  the Bankable Feasibility Study (BFS) on its 100% owned Thunderbird Mineral Sands Project  (the Project or
Thunderbird), near Derby in northern Western Australia.

The  BFS  has  demonstrated  a  financially  robust  and  technically  strong  project,  forecast  to  generate EBITDA of A$5.1 billion over a 42 year mine life.

Sheffield's  Managing Director  Bruce McFadzean  described the  outcome of BFS  as  an  outstanding  result which highlights Thunderbird's status as a world class mineral sands project.

"The  study  findings  show  Thunderbird  is  a  technically  low  risk  project  and  is  anticipated  to  generate significant and consistent financial returns over an exceptionally long mine life of 42 years," he said.

"Thunderbird is located in one of the most attractive mining investment jurisdictions and is well placed to deliver a long term, secure supply of high quality products to a range of potential customers.

"Completion of  the BFS  clears the way for  delivery of the next major milestones; offtake, permitting and project finance ahead of a targeted construction start in the second half of 2017.

"Offtake discussions are progressing  with leading global ilmenite and zircon consumers.  There has been strong interest in our high quality suite of products.

"In  conjunction  with  our  corporate  advisors  Azure  Capital,  we  are  engaging  with  both  project  finance providers and potential strategic partners to arrive at an optimal funding solution."

Sheffield's Thunderbird BFS Technical Report will be available in full HERE.

Read the full release HERE.


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