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Walkabout Resources continues fast-track strategy at Lindi Jumbo Graphite

Proactive Investors Wednesday, 8 March 2017
Walkabout Resources (ASX:WKT) remains focused on its fast-track project management strategy associated with its Lindi Jumbo Graphite Project in Tanzania. A key delivery criteria is that as many as possible development activities are advanced in parallel and not sequentially. This can be seen with recent developments including a management restructure, multiple contractor appointments and the despatch of a 2 tonne ore sample. Trevor Benson, executive chairman, commented: ““The Lindi Jumbo graphite deposit is a remarkable find for Walkabout. “The high grade ore and jumbo flake distribution insulates the project against future risk while the real upside is the potential to expand production into this resource and explore for additional and similar sites across the properties.” Recent definitive feasibility study results Walkabout recently finalised its definitive feasibility study (DFS), which demonstrated: - Highest grade mineable resource in Tanzania leading to mill feed grade of >17% total graphitic carbon (TGC); - Lowest unit operating cost of US$292 per tonne in concentrate at mine gate; - Lowest start-up capital at US$38.7 million; - Highest ratio of Large, Jumbo and Super Jumbo (+180µm) flakes in concentrate; - High weighted average basket price ($1,687) due to flake size distribution; and - The manageable and realistic start up production rate reduces technical and market risk. The finalisation of the DFS is a milestone that redirects management focus from project technical design to project development and enabling fund raising. Corporate reorganisation In order to facilitate the fast track strategy, board and management changes have been made to enable simultaneous, efficient management of the two key areas of development being technical progress and project funding activities. Managing director Allan Mulligan has voluntarily stood down and while remaining an executive director, will focus on project development activities in South Africa and Tanzania. Non-executive chairman, Trevor Benson has been appointed as executive chairman and will focus on project fund raising, product marketing and corporate activities. Contracts and partners Walkabout has appointed an African based contractor to commence front end engineering and design (FEED) works to advance project timeline. The company has also appointed a Tanzanian mining contractor partner and commenced contract negotiations. Finally, Walkabout has also appointed a Tanzanian camp accommodation partner to facilitate early start preparedness. Other preferred partner suppliers are being assessed in minor supply roles, including product logistics and shipping Graphite product marketing The company has been requested to provide a second set of product samples to an Asian based multinational company. Final product material received from the pilot scale test work in China will provide substantial quantities of representative product for marketing testing by end users and potential clients. Upon request, the company has provided samples to 13 potential customers in China, Japan and Europe. Milestones on the horizon Walkabout has been informed that the environmental impact assessment (EIA) has passed through all assessment levels and is currently with the minister for endorsement and signature. Following approval of the EIA, the mining licence application can be submitted for approval.

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