Investor Update Presentation - March 2010
March 25 2010 - 4:39AM
UK Regulatory
TIDMNGL
RNS Number : 1671J
Norseman Gold PLC
25 March 2010
Norseman Gold plc / Epic: NGL / Index: AIM & ASX / Sector: Mining & Exploration
25 March 2010
Norseman Gold Plc ('Norseman Gold' or 'the Company')
Investor Update Presentation - March 2010
Norseman Gold, the AIM-listed and ASX-listed Australian gold production company
published an Investor Update Presentation on 15 March 2010.
The presentation contained references to the Company's Resources and Reserves,
specifically in text on page 4, and again in the graphs on page 12 of the
Presentation.
The Resource and Reserve on which these references were based on the following
Resource and Reserve Summary that was previously published by the Company on 30
June 2009.
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Summary | Open Pit - 31 Mar | Underground - 31 | Total |
| for | 2009 | Mar 2009 | |
| Norseman | | | |
+ +--------------------------------+-------------------------------+--------------------------------+
| | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Reserve - | 2,000 | 2.0 | 130 | 7,400 | 8.8 | 2,100 | 9,400 | 7.3 | 2,200 |
| Proved | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Reserve - | 440,000 | 3.2 | 45,000 | 1,000,000 | 10.9 | 350,000 | 1,400,000 | 8.9 | 400,000 |
| Probable | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Total | 440,000 | 3.2 | 45,000 | 1,000,000 | 10.9 | 350,000 | 1,400,000 | 8.9 | 400,000 |
| Reserve | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 5,000,000 | 0.7 | 110,000 | 130,000 | 5.7 | 24,000 | 5,100,000 | 0.8 | 130,000 |
| - | | | | | | | | | |
| Measured | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 3,200,000 | 2.4 | 250,000 | 2,100,000 | 13.5 | 910,000 | 5,300,000 | 7.0 | 1,200,000 |
| - | | | | | | | | | |
| Indicated | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 4,200,000 | 5.7 | 770,000 | 6,200,000 | 8.0 | 1,600,000 | 10,000,000 | 7.5 | 2,400,000 |
| - | | | | | | | | | |
| Inferred | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Total | 12,000,000 | 2.8 | 1,100,000 | 8,400,000 | 9.3 | 2,500,000 | 20,000,000 | 5.5 | 3,700,000 |
| Resource | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
Notes: 1. As is required the Resources and Reserves are calculated and
reported in accordance with the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves, The JORC Code, 2004 Edition.
2. Resources are inclusive of reserves.
3. Resources and reserves are quoted to two significant figures
so inconsistencies may exist within the table.
Competent Persons Statements
The compilation of information in this report, and calculation, or review, of
Reserves in this report, along with supervision of the calculation of Resources
at the Bullen and Harlequin Mines, has been undertaken by Mr Russell McBeath
BEng (Mining), who is a Member of the Australasian Institute of Mining and
Metallurgy, and the Principal Mining Engineer of the Company. Mr McBeath has
over 19 years of mining and evaluation experience in a variety of mineral
deposit styles and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is 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". Mr McBeath, is accepting overall responsibility for
this estimate and is satisfied that the work of other contributors is
acceptable. Mr McBeath consents to the information in this report being used and
quoted by the company for reporting and other purposes in the context in which
it appears.
Resources other than those at the Bullen and Harlequin mines included in this
report were either calculated by or reviewed by Mr Jonathan Sharp BSc. MSc.
(hons), who is a Member of the Australasian Institute of Mining and Metallurgy,
and the Resource Geologist for the Company. Mr Sharp has over 15 years of
Mining experience in a variety of mineral deposit styles and has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is 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". Mr Sharp
consents to the information in this report being used and quoted by the company
for reporting and other purposes in the context in which it appears.
Independent Reviewer
The Mineral Resource inventory and Reserves statement included in this report
has been independently reviewed and audited by Dr Spero Carras of Carras Mining
Pty Ltd, an acknowledged expert with 35 years experience in the field of vein
gold evaluation and gold within banded iron formations. Dr Carras's association
with the Norseman orebodies began in 1976.
Dr Carras is a fellow of the Australasian Institute of Mining and Metallurgy and
qualifies as a Competent Person as defined in the 2004 edition of the
"Australian Code for Reporting Exploration Results, Mineral Resources and Ore
Reserves" and consents to the inclusion of the information in the form and
context in which it appears.
Furthermore, page 19 of the Presentation referred to the Resource and Reserve of
the OK Decline.
Those references were based on the following Resource and Reserve data,
previously published by the Company in its Operations Update March 2010
published on 10 March 2010.
+----------+----------+-------+--------+
| OK -Star | 01-March-2010 |
| of Erin | |
+ +---------------------------+
| | Tonnes | Grade | Ounces |
+----------+----------+-------+--------+
| Reserve | 0 | 0.0 | 0 |
| - Proved | | | |
+----------+----------+-------+--------+
| Reserve | 110,000 | 4.8 | 17,000 |
| - | | | |
| Probable | | | |
+----------+----------+-------+--------+
| Total | 110,000 | 4.8 | 17,000 |
| Reserve | | | |
+----------+----------+-------+--------+
+----------+----------+-------+--------+
| OK | 01-March-2010 |
| -Total | |
+ +---------------------------+
| | Tonnes | Grade | Ounces |
+----------+----------+-------+--------+
| Reserve | 69,000 | 7.2 | 16,000 |
| - Proved | | | |
+----------+----------+-------+--------+
| Reserve | 400,000 | 4.6 | 59,000 |
| - | | | |
| Probable | | | |
+----------+----------+-------+--------+
| Total | 470,000 | 5.0 | 75,000 |
| Reserve | | | |
+----------+----------+-------+--------+
Notes: 1. As is required the Reserves are calculated and reported in
accordance with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves, The JORC Code, 2004 Edition.
2. Resources and reserves are quoted to two significant figures
so inconsistencies may exist within the tables.
The compilation of information in this report, and calculation, or review, of
reserves in this has been undertaken by Mr. Russell McBeathB.Eng (Mining), who
is a member of the Australasian Institute of Mining and Metallurgy, and the
Principal Mining Engineer of the company.Mr McBeath has over 19 years of mining
and evaluation experience in a variety of mineral deposit styles and has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is 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".Mr McBeath is accepting overall responsibility for this estimate
and is satisfied that the work of other contributors is acceptable. Mr McBeath
consents to the information in this report being used and quoted by the company
for reporting and other purposes in the context in which it appears.
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 |
| | | 2222 |
| | | E-mail: |
| | | investors@ngold.com.au |
+--------------+------------------------+------------------------+
| Guy Wilkes | Ocean Equities Ltd | Tel: +44 (0) 20 7786 |
| | | 4370 |
+--------------+------------------------+------------------------+
| Nandita | Seymour Pierce Ltd | Tel: +44 (0) 20 7107 |
| Sahgal | | 8000 |
+--------------+------------------------+------------------------+
| Hugo de | St Brides Media & | Tel: +44 (0) 20 7236 |
| Salis / | Finance Ltd | 1177 |
| Isabel | | |
| Crossley | | |
+--------------+------------------------+------------------------+
Note to editors:
Norseman Gold plc is a dual AIM 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 gold mines - the Bullen and the
Harlequin. Currently, it has a total resource inventory of 20.0 Mt at a grade
of 5.5 g/t gold for 3.7 Moz of gold.
The tenements cover a 1,614 sq km area centred on the Norseman Township. The
landholding comprises 179 contiguous tenements consisting of 13 Exploration
Licences, 106 Mining Licences, 45 Prospecting Licences, 15 Miscellaneous
Licences and 29 Mining Lease Applications.
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 re-treatment of tailings
or acquisitions of alternative sources of ore.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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