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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Norseman | LSE:NGL | London | Ordinary Share | GB00B2N7FW85 | ORD 1.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.575 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMNGL
RNS Number : 8478R
Norseman Gold PLC
31 August 2010
Norseman Gold Plc. / Epic: NGL / Index: AIM / Sector: Mining & Exploration
31 August 2010
NORSEMAN GOLD PLC
('Norseman Gold' or 'the Company')
Appendix 4E ASX Listing Rule 4.3A
Results for Announcement to the Market
+-------------------------------------+----------+----------+--------+
| | 30 June | 30 June | Change |
| | 10 | 09 | |
+-------------------------------------+----------+----------+--------+
| | $'000 | $'000 | % |
+-------------------------------------+----------+----------+--------+
| Group revenue from continuing | | | |
| operations | 74,383 | 96,685 | 23.1%? |
| | | | |
+-------------------------------------+----------+----------+--------+
| Profit / (loss) before tax from | 1,094 | 22,210 | 95.1%? |
| continuing operations | | | |
| | | | |
+-------------------------------------+----------+----------+--------+
| Profit / (loss) after tax | 3,113 | 20,359 | 84.7%? |
| attributable to members of Norseman | | | |
| Gold plc | | | |
+-------------------------------------+----------+----------+--------+
CHAIRMAN AND MANAGING DIRECTOR'S STATEMENT
Dear Shareholders
During the past financial year the Company took the decision to concentrate on
the development of the third and fourth mining operations that would ultimately
lead to the full utilisation of our existing processing plant that had been
underutilised for many years prior to our involvement.
This decision was undertaken to commit to the development work today so as to
secure the long term future tomorrow, the tomorrow being upon us in this
financial year.
During this difficult but rewarding year we have moved positively forward with
those plans by developing the OK Decline at a cost of $11.3 million and spending
$1.4 million on the pre-development of the future North Royal open pit.
In addition, we have spent $3.5 million this year on exploration outside our
normal underground exploration at Harlequin and Bullen, that is designed to
place the future operations on a more diversified and sustainable basis.
The results of that exploration activity have enabled us to increase our
reserves and resources but more importantly upgraded the status of those
resources to a higher confidence level and allows us to more accurately plan and
schedule our future production.
In addition to all this development and exploration activity we still produced
60,464 ounces of gold at a net direct cash cost of AUD$933 per ounce and a
profit after tax of $3,112,347.
Although we did still manage to remain profitable we are acutely aware that in
the current gold price regime any additional ounces that we could have produced
are invaluable in terms of cash/cash operating cost per ounce and the effect
that has on expansion plans and other opportunities we have around Norseman.
It is with a sad note that subsequent to the end of the financial year we have
suffered a fatality at our operations, which our team tries so hard to avoid. We
have offered our support to the family of our employee and to his workmates who
have been traumatised by this tragedy.
Although the development we have undertaken has depleted our available cash, we
believe that bringing into production the OK Decline in the first half and the
North Royal open pit in the third quarter of the 2010/11 financial year will
lead to the replenishment of our cash. Our ultimate goal of 140,000 ounces per
annum is within sight.
The Company has also drilled a number of holes on the potential iron ore deposit
and tests have begun which may lead to discussions with parties interested in
participating in this aspect of our lease and with the close proximity of rail
and the port of Esperance may offer an attractive return.
May we on behalf of the Board and shareholders thank our management and staff
for their dedication in what has been a transitional year for the Company.
Vincent Pendal
Barry Cahill
Chairman
Managing Director
31 August 2010
Dividends
No Dividends have been declared or paid.
Net Tangible Assets Per Security
+---------------------------------------+-----------+----------+
| | 30 June | 30 June |
| | 2010 | 2009 |
+---------------------------------------+-----------+----------+
| | Cents / | Cents / |
| | Share | Share |
+---------------------------------------+-----------+----------+
| Net tangible assets per security | 41.5 | 39.6 |
+---------------------------------------+-----------+----------+
1. Details of entities over which control has been gained or lost during the
period.
None
2. Details of individual and total dividends or distributions and dividend or
distribution payments. The details must include the date on which each dividend
or distribution is payable, and (if known) the amount per security of foreign
sourced dividend or distribution.
Not applicable - no dividends have been declared or paid
3. Details of any dividend or distribution reinvestment plans in operation
and the last date for the receipt of an election notice for participation in any
dividend or distribution reinvestment plan.
Not applicable
4. Details of associates and joint venture entities including the name of the
associate or joint venture entity and details of the reporting entity's
percentage holding in each of these entities and - where material to an
understanding of the report - aggregate share of profits (losses) of these
entities, details of contributions to net profit for each of these entities, and
with comparative figures for each of these disclosures for the previous
corresponding period.
Not applicable
Audit Status- The Company's financial statements for the year ended 30 June 2010
are in the process of being audited.
In relation to the preliminary announcement of the results for the year ended 30
June 2010 ("the announcement"), filed with the Alternative Investment Market of
the London Stock Exchange ("AIM") and the Australian Securities Exchange ("ASX")
on 31 August 2010, we wish to inform the shareholders as follows :
Under ASX listing regulations, we are required to file our unaudited preliminary
announcement for the year ended 30 June 2010 by 31 August 2010. According to ASX
listing regulations and the AIM Rules of the London Stock Exchange there is no
requirement for the auditors to agree to the announcement prior to its
filing. As directors of the Company, we recognise that we are responsible for
preparing and issuing the announcement. Whilst not expected, there is now an
unavoidable risk that the Company may need to revise its financial information
in the light of final audit findings or other developments occurring between the
preliminary announcement being notified to the exchanges and the formal
completion of the audit.
NORSEMAN GOLD PLC
UNAUDITED GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2010
Year ended Year ended
30 June 2010
30 June 2009
Notes
AUD$
AUD$
Continuing operations
Group revenue
74,383,095
96,685,085
Cost of sales
(60,750,919)
(61,817,764)
__________
__________
Gross profit
13,632,176
34,867,321
Other operating income
2,199,180
1,213,366
Administrative expenses before
depreciation and amortisation, exploration
expenditure write off, provision for
rehabilitation and charge for
share-based payments
(5,494,400)
(3,899,635)
Exploration expenditure write off and
provision for rehabilitation
221,119
(2,074,993)
Depreciation and amortisation
(10,165,447)
(9,733,001)
Share-based payments
(162,710)
(3,108,338)
Total administrative expenses
(15,601,438) (18,815,967)
Group operating profit
229,918
7,264,720
Gain on purchase of convertible notes
-
5,000,000
Interest receivable
863,805
520,563
Interest payable
(143) (575,418)
__________
__________
Profit before taxation
1,093,580 22,209,865
Taxation 7
2,018,767
(1,850,856)
__________
__________
Profit for the period
3,112,347
20,359,009
==========
==========
Other comprehensive income
Exchange differences on translating foreign
operations
-
54,519
__________
__________
Total comprehensive income for the period
attributable to equity holders of the Company
3,112,347 20,413,528
========== ==========
Profit per share (cents)
Basic
1.8
19.7
Diluted
1.8
19.7
========== ==========
The results shown above relate entirely to continuing operations.
NORSEMAN GOLD PLC
UNAUDITED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2010
Foreign
Share
Share Currency Equity Retained
Total
Capital
Premium Reserve Reserve Losses
Equity
AUD$
AUD$ AUD$ AUD$ AUD$
AUD$
Year ended 30 June 2010
Balance at 1 July 2009 4,889,123 86,864,874 518,742
1,109,015 (25,391,918) 67,989,836
Net profit for 2010 -
- - - 3,112,347
3,112,347
__________ __________
__________ __________ __________ __________
Total comprehensive
income for the period - -
- - 3,112,347
3,112,347
Share issues 16,527 427,184
- - -
443,711
Share based payments -
- - 162,710 -
162,710
Transfer of capitalised
share based payment on
exercise of options -
- - (128,177) 128,177
-
Transfer of capitalised
share based payment on
expiry of options -
- - (1,143,548) 1,143,548
-
Transfer of foreign currency
reserve on change of
functional currency - -
(518,742) - 518,742
-
__________ __________
__________ __________ __________ __________
Balance at 30 June 2010 4,905,650 87,292,058
- - (20,489,104) 71,708,604
========== ==========
========== ========== ========== ==========
Year ended 30 June 2009
Balance at 1 July 2008 2,446,963 67,848,356 454,019
4,379,376 (49,714,697) 25,414,017
Net profit for 2009 -
- - - 20,359,009
20,359,009
Other comprehensive
income for the period
Foreign currency -
- 64,723 (10,204) -
54,519
__________ __________
__________ __________ __________ __________
Total comprehensive
income for the period - -
64,723 (10,204) - 20,413,528
Share issues 2,292,160 17,126,518
- - - 19,418,678
Excess of share based
payment charge over
market value of
Management Shares -
- - (3,963,770) 3,963,770
-
Conversion of Management
equity into Capital 150,000 1,890,000
- (2,040,000) - -
Share based payments - -
- 3,108,338 - 3,108,338
Unwinding equity component
of convertible notes -
- - (364,725) -
(364,725)
__________ __________
__________ __________ __________ __________
Balance at 30 June 2009 4,889,123 86,864,874 518,742
1,109,015 (25,391,918) 67,989,836
========== ==========
========== ========== ========== ==========
NORSEMAN GOLD PLC
UNAUDITED GROUP BALANCE SHEET
AS AT 30 JUNE 2010
As atAs at
Notes 30 June 2010
30 June 2009
AUD$ AUD$
ASSETS
Non-Current Assets
Property, plant and equipment
26,346,491 16,950,490
Mine properties in production phase
27,631,850 15,184,249
Exploration and evaluation expenditure
12,704,347 9,190,868
Goodwill
3 15,000,000
15,000,000
Deferred tax asset
8,387,094
5,863,444
__________
__________
90,069,782
62,189,051
__________
__________
Current Assets
Trade and other receivables
3,509,350
1,343,743
Inventories
7,332,810
6,101,395
Cash at bank and in hand
13,637,420
32,617,947
__________
__________
24,479,580
40,063,085
__________
__________
Total Assets
114,549,362
102,252,136
__________
__________
LIABILITIES
Current Liabilities
Trade and other payables
13,502,050
13,839,830
Provisions
3,001,009
2,256,613
Interest-bearing loans and borrowings
6,320,015 3,712,343
__________
__________
22,823,074
19,808,786
__________
__________
Non-Current Liabilities
Provisions
6,450,114
6,418,409
Interest-bearing loans and borrowings
6,637,700 3,225,499
Deferred tax liability
6,929,870
4,809,606
__________
__________
20,017,684
14,453,514
__________
__________
Total Liabilities
42,840,758
34,262,300
__________
__________
Net Assets
71,708,604
67,989,836
==========
==========
EQUITY
Capital and Reserves
Share capital 4
4,905,650
4,889,123
Share premium account 4
87,292,058
86,864,874
Foreign currency reserve 5
-
518,742
Equity reserve 5
-
1,109,015
Retained losses
(20,489,104)
(25,391,918)
__________
__________
Shareholders' Equity
71,708,604
67,989,836
==========
==========
NORSEMAN GOLD PLC
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2010
Year ended
Year ended
30 June 2010
30 June 2009
AUD$
AUD$
Net cash inflow from operating activities
8,399,667 32,301,705
__________
__________
Investing activities
Funds used in mine properties & production
(12,313,065) (7,088,108)
Funds used in exploration
(7,515,708)
(5,032,457)
Payments to purchase plant and equipment
(14,732,333) (4,988,046)
Proceeds from sale of financial assets available for sale
- 38,400
Interest received
717,471
520,563
Interest paid
(143)
(575,418)
__________ __________
Net cash used in investing activities
(33,843,778) (17,125,066)
__________
__________
Financing activities
Cash proceeds from issue of shares
443,711 19,937,500
Hire purchase financing
6,019,873
901,538
Share issue costs
-
(1,018,822)
Loans from directors
-
1,500,000
Repayment of loans from directors
-
(1,000,000)
Purchase and cancellation of convertible notes
- (10,000,000)
__________
__________
Net cash from financing activities
6,463,584
10,320,216
__________
__________
(Decrease)/increase in cash and cash equivalents
(18,980,527) 25,496,855
Cash and cash equivalents at beginning of year
32,617,947 7,121,092
__________
__________
Cash and cash equivalents at end of year
13,637,420 32,617,947
==========
==========
NORSEMAN GOLD PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
1.1 Accounting policies
The principal accounting policies applied in the preparation of these financial
statements are set out below. These policies have been consistently applied to
all the years presented, unless otherwise stated below.
1.2 Basis of preparation
The financial statements are prepared on a going concern basis, under the
historical cost convention and in accordance with International Financial
Reporting Standards, as adopted by the European Union ("IFRS"), including IFRS6
'Exploration for and Evaluation of Mineral Resources' and in accordance with the
Companies Act 2006. The Parent Company's financial statements have also been
prepared in accordance with IFRS and the Companies Act 2006.
2.Profit per share
The basic profit per ordinary share has been calculated using the profit for the
financial year of AUD$3,112,347 (2009: Profit AUD$20,359,009) and the weighted
average number of ordinary shares in issue of 172,344,767 (2009: 103,603,178).
The diluted profit per share has been calculated using a weighted average number
of shares in issue and to be issued of 173,504,767 (2009: 103,603,178). The
weighted average number of shares has been diluted by the unexercised portion of
the Company's 50p share options; the Company's remaining options were
exercisable at a price greater than the average market price of the Company's
Ordinary Shares, thus being anti-dilutive.
For 2009 the diluted profit per share has been kept the same as the basic profit
per share as the Company's outstanding share options are exercisable at a price
greater than the average market price of the Company's Ordinary Shares in the
year, thus being anti-dilutive.
3. Goodwill
Group
Goodwill
AUD$
Cost
At 1 July 2009 and 30 June 2010
44,983,622
__________
Amortisation and impairment
At 1 July 2009 and 30 June 2010
(29,983,622)
__________
Net book value
At 30 June 2009 and 30 June 2010
15,000,000
==========
Goodwill arose on the acquisition of the Company's subsidiary undertakings. The
Group tests goodwill for impairment at least annually.
4. Share capital
Year
ended Year ended
30 June 2010 30 June 2009
GBPGBP
Allotted, called up and fully paid
Ordinary shares of 1.25p each2,157,625 2,148,250
========== ==========
AUD$ AUD$
Allotted, called up and fully paid
Ordinary shares of 1.25p each
4,905,650
4,889,123
========== ==========
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | Issued | Share | Issued | Share |
| Movement in issued and fully | | and | premium | and | premium |
| paid capital and share | | fully | reserve | fully | reserve |
| premium reserve | Number | paid | GBP | paid | AUD$ |
| | | capital | | capital | |
| | | GBP | | AUD$ | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| As at 1 July 2008 | 80,690,000 | 1,008,625 | 28,146,405 | 2,446,963 | 67,848,356 |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | | | | |
| Issued on 3 March 2009 - Debt | 2,850,000 | 35,625 | 192,375 | 78,126 | 421,874 |
| to equity | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| Issued on 3 March 2009 - | 62,500,000 | 781,250 | 4,218,750 | 1,708,984 | 9,236,391 |
| Placement | 5,820,000 | 72,750 | 916,650 | 150,000 | 1,890,000 |
| Issued on 28 April 2009 - | | | | | |
| Management shares | 20,000,000 | 250,000 | 3,982,250 | 505,050 | 8,487,075 |
| Issued on 19 June 2009 - | | | | | |
| Placement ASX dual listing | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| Costs of the issues | | | | | (1,018,822) |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | | | | |
| Total as at 30 June 2009 | 171,860,000 | 2,148,250 | 37,456,430 | 4,889,123 | 86,864,874 |
| | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| Issued on 9 October 2009 - | 660,000 | 8,250 | 198,000 | 14,612 | 352,516 |
| Conversion of options | 90,000 | 1,125 | 43,875 | 1,915 | 74,668 |
| Issued on 31 May 2010 - | | | | | |
| Conversion of options | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | | | | |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
| | | | | | |
| Total as at 30 June 2010 | 172,610,000 | 2,157,265 | 37,698,305 | 4,905,650 | 87,292,058 |
+-------------------------------+-------------+-----------+------------+-----------+-------------+
On 9 October 2009, the number of Ordinary shares issued and fully paid was
increased from 171,860,000 Ordinary Shares of GBP0.0125 each to 172,520,000
Ordinary shares of GBP0.0125. This related to the conversion of share options
at 31.25p.
On 31 May 2010, the number of Ordinary shares issued and fully paid was
increased from 172,520,000 Ordinary shares of GBP0.0125 each to 172,610,000
Ordinary shares of GBP0.0125. This related to the conversion of share options
at 50p.
The Ordinary shares rank pari passu in all respects including the right to
receive all dividends and other distributions declared, made or paid.
The Company's Memorandum and Articles of Association were amended pursuant to a
special resolution adopted at the Company's Annual General Meeting in December
2009, to delete Article 3.1 of the Articles of Association which sets out the
Company's share capital. As a result the Company no longer has a defined
Authorised Capital.
5. Reserves
+-----------------------------+----------------+--------+--+-----------+
| Foreign currency reserve, | | | | AUD$ |
| movements | | | | |
+-----------------------------+----------------+--------+--+-----------+
| At 1 July 2009 | | | | 518,740 |
+-----------------------------+----------------+--------+--+-----------+
| Transfer of foreign | | | | (518,740) |
| currency reserve on | | | | |
| change of functional | | | | |
| currency | | | | |
+-----------------------------+----------------+--------+--+-----------+
| | | | | - |
| At 30 June 2010 | | | | |
+-----------------------------+----------------+--------+--+-----------+
+-----------------------------------------------+------------+--------------+
| Equity reserve, movements: | | AUD$ |
+-----------------------------------------------+------------+--------------+
| At 1 July 2009 | | 1,109,015 |
+-----------------------------------------------+------------+--------------+
| Share based payments | | 162,710 |
+-----------------------------------------------+------------+--------------+
| Transfer to Retained Earning on conversion of | | |
| share options into Ordinary share capital | | (128,177) |
+-----------------------------------------------+------------+--------------+
| Transfer to Retained Earning on conversion of | | |
| share options into Ordinary share capital | | (1,143,548) |
+-----------------------------------------------+------------+--------------+
| | | |
+-----------------------------------------------+------------+--------------+
| At 30 June 2010 | | - |
+-----------------------------------------------+------------+--------------+
6.Share-based payments
Year ended Year ended
30 June
2010 30 June 2009
AUD$ AUD$
The Group and Company recognised the following charge in
the income statement in respect of its share based payment plans:
Share option charge
162,710
257,194
Management share charge
-
2,851,144
__________ __________
162,7103,108,338
========== ==========
Share options
The details of share options outstanding at 30 June 2010 are as follows:
Number of
Share options
At 1 July 2009
5,110,000
Options exercised in the year
(750,000)
Options expired and lapsed in the year
(3,200,000)
__________
At 30 June 2010
1,160,000
==========
Share option charge
Valuation methodology:
The option values are calculated with reference to the Black-Scholes option
pricing model taking into account the following assumptions:
Share price
50p
25p
Exercise price
62.5p
31.25p
Expected volatility
50%
50%
Option life
3 years
3 years
Expected dividends
Nil
Nil
Risk free interest rate
6.385%
6.385%
The volatility percentage was an estimation of the expected volatility in the
share price for a production, exploration and development Company which is
quoted on AIM having regard to comparative companies, quantum of cash raised,
targeted investment group and risk profile.
Options issued and vested:
660,000 share options exercisable at 31.25 pence were granted under option
agreements dated 16 October 2006 to each of Ascent Capital Holdings Pty Ltd
(330,000) and Astaire Securities plc (formerly Blue Oar Securities plc)
(330,000) and were exercisable at any time up to 23 October 2009. These options
were exercised on 9 October 2009.
1,000,000 share options exercisable at 62.5 pence were granted under an option
agreement dated 29 March 2007 to Ocean Equities Ltd and were exercisable at any
time up to 24 March 2010. These options were not exercised and lapsed on 24
March 2010.
2,200,000 share options exercisable at 62.5 pence were granted under an option
agreement on 28 March 2007. The options were exercisable up to 24 March 2010
but have certain terms and conditions whereby they terminate upon cessation of
employment or consulting arrangements. These options were not exercised and
lapsed on 24 March 2010.
1,250,000 share options exercisable at 50p were granted to various employees
under an Unapproved Employee Share Option Plan approved by the Board on 28 March
2007 and amended pursuant to a resolution of the Board approved on 15 August
2007 and further amended pursuant to a resolution of the Board dated 24 March
2009. The options had a 12 month vesting date from date of issue.
90,000 options were exercised on 31 May 2010, leaving 1,160,000 options
outstanding at 30 June 2010. 950,000 options are exercisable up until 30 August
2010. 110,000 options are exercisable up until 14 December 2010 and the
remaining 100,000 options are exercisable up until 4 July 2011.
7. Taxation
Year
ended Year ended
30 June 2010
30 June 2009
AUD$ AUD$
Current corporation tax (credit) / charge
(2,426,656)
2,904,694
Credit for over-accrual of tax in prior years
(1,615,381)
-
Deferred tax asset (DTA) recognition
(96,994)
(5,863,444)
Deferred tax liability (DTL) recognition
2,120,264
4,809,606
__________ __________
Total current tax (credit) / charge as reported in profit / (loss)
(2,018,767) 1,850,856
========== ==========
The current tax charge for the period can be reconciled to the profit / (loss)
per
the income statement as follows:
Group profit / (loss) before tax
1,093,580
22,209,865
========== ==========
Tax at the Australian corporation tax rate of 30%
328,074 6,662,960
Tax effects of:
Effect of timing differences:
- exploration & evaluation and mine properties
(2,452,328) (1,645,714)
- other
(375,929)
(420,639)
Share based payments
48,813
932,501
Other non-deductible expenses
24,713
(21,033)
Benefit from previously not recognised tax losses
-
(3,657,219)
Adjustment to prior year DTA & DTL recognition
2,023,271
-
Credit for over-accrual of tax in prior years
(1,615,381)
-
__________ __________
Total current tax (credit) / charge as reported in profit / (loss)
(2,018,767) 1,850,856
========== ==========
8.Dividend
The Directors do not propose the payment of a dividend.
8.Preliminary announcement
This preliminary announcement for the year ended 30 June 2010 is unaudited and
does not constitute statutory accounts as defined in section 434 of the
Companies Act 2006.
It has been prepared using accounting bases and policies consistent with those
used in the preparation of the financial statements of the Company and the Group
for the year ended 30 June 2009 and those to be used for the year ending 30 June
2010.
The financial statements for the year ended 30 June 2009 have been delivered to
the Registrar of Companies and the auditor's report on those financial
statements was unqualified and did not contain a statement made under Section
498(2) or Section 498(3) of the Companies Act 2006.
* * ENDS * *
For further information visit www.norsemangoldplc.com or contact:
Barry Cahill Norseman Gold Plc
Tel: +61 (0) 8 9473 2200
Guy Wilkes Ocean Equities Ltd
Tel: 020 7786 4370
Nandita Sahgal Seymour Pierce Ltd
Tel: 020 7107 8000
Jeremy Stephenson Seymour Pierce Ltd Tel:
020 7107 8000
Hugo de Salis St Brides Media & Finance Ltd Tel: 020
7236 1177
E-mail investors@ngold.com.au
Note to editors:
Norseman Gold plc is an AIM listed and ASX listed Australian gold production
company, which acquired the Norseman Gold Project in May 2007, Australia's
longest continually running gold operation. The Norseman Gold Project is
located in the Eastern Goldfields of Western Australia in the highly prospective
Norseman-Wiluna greenstone belt, 725km east of Perth and 186km from Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the last 65 years it
has produced over 5.5 million oz of gold. The mine is currently producing from
two high-grade narrow-vein underground mines - the Bullen and the Harlequin.
Currently, it has a total inventory of 3.8 million oz of gold at an average
grade of 5.3 g/t.
The tenements cover a 2,180 sq km area centred on the Norseman Township. The
landholding comprises 221 tenements consisting of 16 Exploration Licences, 107
Mining Licences, 64 Prospecting Licences, 15 Miscellaneous Licences, 5
Exploration Licence Applications, 13 Prospecting Licence Applications and 1
Mining Lease Application.
The Company's strategy is focused on extending the mine life through the
conversion of resources into reserves and identifying additional resources and
obtaining additional ore for the operating mill through the development of a
third and subsequent mines. The Company has fifteen advanced resource projects
under review of which three have pre-development work being undertaken on them.
It is anticipated that at least one if not all the pre-development projects will
develop into mining propositions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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