Heron Resources is hosting a ground breaking ceremony at Woodlawn on August 29 with aims to primarily harvest zinc from the site.

It's estimated the project will bring in about 250 construction jobs to the area with about 150 ongoing jobs for the operation of the mine.

While construction will begin this year, the mine is not estimated to commence operation until at least late 2018.

Heron Resources chief executive Wayne Taylor said they believed the mine will have a near 10-year lifespan and generate a cash surplus of $400 million.

"The longer we can stay an active mind site, the longer we can be an active member of the community," Mr Taylor said.

Goulburn Mulwaree Council mayor Bob Kirk said he was thrilled and excited about it.

"I'm looking forward it. It's terribly interesting. A very welcome addition to the stable of offerings in the Goulburn Mulwaree Local Government Area," Cr Kirk said.

"If they're coming in to live in Goulburn, we're well placed for that in terms of the infrastructure. Hopefully they're going to come with families and settle into the community and be here for the long haul."

"[It] will benefit the community. Not just Goulburn, but the surrounding community."

Cr Kirk believed it would also benefit the Canberra region if workers were already living in the bush capital.

Mr Taylor said the mine had "economic levels" of lead, copper, silver and gold. But the mine's main focus will be zinc, with prices hitting a ten-year high this week.

Woodlawn first opened as an ore mine in 1978 before it was shut almost overnight in 1998 when the owners went into administration.

Since closing, a part of the open mine has been used to house garbage with the methane from the tip burned to create electricity.

A Canadian-Australian mining company, TriAusMin, bought the mineral rights to the site in 1999 before it merged with Heron Resources in 2014.

Cr Kirk believed the reopened mine, along with a planned beer brewery from MacArthur Grange Brewery, would be a good catalyst for growth in the region.

Mr Taylor said the resources industry had not been surprised by the high zinc price.

"It's driven by basic supply-demand fundamentals in a marketplace which have been known to be coming for quite some time," Mr Taylor said.

Mr Taylor said he'd been pleased with the level of community engagement and support Heron Resources had received so far.

Cr Kirk confirmed the council had several discussions with the mining company.

Mr Taylor hoped the mine would allow the creation of apprenticeships in the community.

He also didn't rule out the potential to discover larger deposits at the site than estimated, which would increase the lifespan of the mine.

Financing for the project had only just been approved by Heron Resources shareholders on Thursday.