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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 |
TIDMNGL RNS Number : 9313S Norseman Gold PLC 20 September 2010 NORSEMAN GOLD PLC ('Norseman Gold' or 'the Company') North Royal Update Norseman Gold, the AIM-listed and ASX-listed Australian gold production and exploration company is pleased to announce an update on progress at the North Royal Open Pit, the Company's proposed fourth mine at its Norseman Gold Project, located in the Eastern Goldfields of Western Australia. Highlights · Pit optimisation has identified 85,000 ounces of resource capable of being mined in the initial Main Pit area · Dewatering has progressed to 54% complete · Sterilisation drilling continues with initial assays returning no significant results · In-pit resource drilling commences · Regulatory approvals received · Mining tendering underway · Commencement of mining anticipated in December 2010 The Company has made positive progress with its plans for developing the North Royal Open Pit in a number of areas which are outlined below. Significantly, progress has been made with regulatory approvals for the commencement of mining which had previously been identified as a time risk to the project. Further access into the open pit has also been achieved due to the dewatering progress which has allowed resource drilling to commence that will further confirm the current mining study. In-pit and sterilisation drilling coupled with final mining tenders is expected to see Board approval for the project at the end of October 2010, with mining commencement expected in December 2010. Progress to date has confirmed the Company's confidence that the North Royal Open Pit will become the fourth mine at the Norseman Gold Project and will result in the existing Phoenix Treatment Plant operating at 100% capacity (currently 50%), allowing grade optimisation through the mill and stockpiling, supporting the Company's medium term goal for production of 140,000 ounces per annum. The North Royal Open Pit lies 10km from the Phoenix Treatment Plant and has historically produced 3.5 million tonnes of ore at a grade of 16 g/t for 1.8 million ounces of gold produced from both open pit and underground mining. The Company has been working on converting the current 600,000 ounce resource to reserve, that could be mined by either open pit or underground methods. Initial focus has been on the potential of open pits and this update outlines progress on the first stage of the re-commencement of mining at North Royal. Follow up drill programmes on extensional reef targets adjacent to the open pit are expected to support a significant extension to North Royal's mine life beyond the proposed initial Main pit area. Drilling Progress Sterilisation drilling has commenced on the proposed waste dump area, with the first 30 holes now completed. Assays have been received from 16 holes with no significant results. The results of the sterilisation programme will be analysed once all assays are received. Drilling has also commenced on resource holes that are accessed from within the current pit, with 13 of these 50 holes now able to be drilled. The aim of this programme is to increase the confidence in the current resource and assay results are still pending. As the dewatering continues more of these holes will become available for drilling. Drilling of geotechnical holes is expected to commence shortly following the site visit by the Company's geotechnical consultant in early September. Regulatory Approvals The Company has submitted various documents to the relevant statutory authorities for approval, including a Project Management Plan ('PMP') with the Department of Mines & Petroleum ('DMP'), a Mining Proposal and a Permit to Clear with the DMP Environmental Division. To date the Company has received approval from the DMP to commence surface infrastructure works and has received a bond request from the DMP relating to the mining activities proposed. Full approval to commence mining is expected following submission of final pit designs, geotechnical reports and lodgement of the requested environmental bond. The Company has also received the Clearing Permit from the DMP. The Department of Environment & Conservation ('DEC') has also determined that the resumption of mining at North Royal and the proposed activities will not cause a change in the nature of the waste or emissions from the project and as such do not require a Works Approval. A presentation to the Dundas Shire Council was given in July 2010 and the council have raised no objections to the project proceeding. Dewatering Progress Dewatering of the pit continues with the pit now 54% dewatered and the performance of the in-pit pumps nearing their optimum with peak flow rates of over 550 litres per second being achieved when both pumps are operating. The water levels have dropped now to such a level that the north and south pits are separated from the Main pit area by unmined bars of material although the pits are still hydraulically linked by the deeper underground workings. Dewatering has now progressed to such a stage that it will not restrict the commencement of mining operations. Pit Optimisation, Scheduling and Mining Tender Progress Initial optimisations of an updated resource have been completed. The initial optimisation calculated at a gold price of A$1,000 per ounce of gold has indicated that there is potentially 85,000 ounces of resource that can be mined within the current pit shape, within the initial Main pit area. Further review and re-design will be required, at various gold price and mining scenarios, following the infill drilling that is to be conducted as the dewatering progresses as outlined in the drilling commentary above. Further work is required on the southern, eastern and northern sides of the pit shape to test possible extensions to the reef in those directions. These other areas are able to be mined as separate stages of the pit development, as the drilling is completed and the information analysed. Expressions of interest have been sought from mining contractors for the provision of mining equipment, manpower and drill & blast services. A site visit has been conducted for the interested parties with a second site visit to be conducted in the coming weeks. Tender documents have been dispatched to interested parties with initial submissions due late September 2010. The progress to date has confirmed the Company's confidence that the North Royal Open Pit will become the fourth mine at the Norseman Gold Project. It is anticipated that a final document for Board approval to commence the project will be submitted towards the end of October 2010, with commencement of mining anticipated for December 2010. The Company forecast for the 2010/11 financial year remains at 105,000 to 110,000 ounces recovered at a cash cost of between A$670 to A$730 per ounce of gold. The development of the North Royal Open Pit is expected to result in the existing Phoenix Treatment Plant operating at 100% capacity (currently 50%), allowing grade optimisation through the mill and stockpiling, supporting the Company's medium goal for production of 140,000 ounces per annum. Competent Persons - Consent for Release The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data generated by employees of Central Norseman Gold Corporation Limited who have the relevant experience and qualifications to qualify as competent persons. The parts of this report that relate to Exploration Results, Mineral Resources and Ore Reserves were compiled by Barry Cahill, CEO of Norseman Gold Plc, using that data. He is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". He has consented to the inclusion in the report of the matters based on this information in the form and context in which it appears. Forward-Looking Statements This regulatory news release contains certain forward looking statements, which include assumptions with respect to future plans, results and capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Please refer to the Company's Admission Document available from the Company's web site for a list of risk factors. The Company's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release. * * 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 three high-grade narrow-vein underground mines - the Bullen, the Harlequin and the OK Declines. Currently, it has a total resource 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 fourth 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 MSCVKLFFBKFXBBB
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