text: Bowdens 
  The Bowdens Project continued to advance 
  during the year with field programs supporting 
  the ongoing feasibility and environmental 
  studies. Sterilisation drilling and additional 
  metallurgical sampling were undertaken with 
  the resource evaluation drilling completed in 
  October 2012. 
  
  During 2013, the process design and engineering 
  work for the Definitive Feasibility Study (“DFS”) 
  progressed to a point where the draft study was 
  close to completion as at 30 June 2013. The study 
  encompassed detailed process design based on 
  using the most recent metallurgical test results, 
  capital and operating cost estimates, project 
  water and power supply, infrastructure require- 
  ments and mine optimisation. 
  
  As a consequence, feasibility work has tran- 
  sitioned to assess a lower capital cost and lower 
  power requirement options, namely the poten- 
  tial for heap leach processing. Metallurgical 
  testwork recently completed demonstrated 
  that processing of mineralisation from all three 
  deposits by heap leaching has the potential to 
  be technically and economically feasible and as 
  a consequence may become the preferred 
  alternative for development. 
  
  Environmental approval for the original Arqueros 
  Project was granted in July 2013. 