TIDMNGL
RNS Number : 4570R
Norseman Gold PLC
24 August 2010
Norseman Gold Plc. / Epic: NGL / Index: AIM / Sector: Mining & Exploration
24 August 2010
NORSEMAN GOLD PLC
('Norseman Gold' or 'the Company')
2010 Resource Statement
Norseman Gold, the AIM-listed and ASX-listed Australian gold production and
exploration company is pleased to announce its updated Resource Statement as at
31 March 2010 for its Norseman Gold Project, located in the Eastern Goldfields
of Western Australia.
Highlights
· Reserves increased by 5% to 0.42 million ounces of gold (1.7 million
tonnes at a grade of 7.7 g/t gold)
· Resources increased by 3% to 3.80 million ounces of gold (21.0 million
tonnes at a grade of 5.3 g/t gold)
· New Reserve statement does not contain any Reserve ounces attributable to
the proposed fourth mine, the North Royal Open Pit.
The annual review of the Company's Resources and Reserves at its Norseman Gold
Project has produced positive upgrades for both Resource and Reserve. Total
Resource increased by 3% from the 31 March 2009 Resource, to 3.8 million ounces
of gold from 21 million tonnes at 5.3 g/t gold. This includes the upgrading of
160,000 ounces from the Indicated and Inferred into the Measured Resource
category.
Reserves, which are included in the Resource, also increased and now stand at
0.42 million ounces from 1.7 million tonnes at 7.7 g/t gold, representing an 5%
increase over the previous Reserve. In addition to this overall increase,
87,000 ounces were upgraded from the Probable into the Proven Reserve category.
Of the total Reserves, 330,000 ounces of gold or 80% are located within the
Bullen, Harlequin and OK Declines. The ounces located at the currently
operating mines are split 35%, 45% and 20% for Bullen, Harlequin and OK Declines
respectively. A gold price of A$1,200 per ounce has been utilised in assessing
the economic viability of the Company's Resource and Reserve.
The new Resource Statement is the third consecutive year that the Company has
increased its Resource and the second consecutive year that the Company has
increased its Reserve at its Norseman Gold Project, including the replacement of
the yearly depletion due to mine production.
The Company expects that the Resource and Reserve will continue to expand over
the coming 12 months. Firstly, due to the inclusion of ounces from the North
Royal Open Pit optimisation, the Company's fourth mine and secondly, as the
results from the drilling conducted by its four owned and operated underground
diamond drill rigs are received, interpreted and included.
TABLE 1: March 2010 Open Pit & Underground Resource and Reserve Summary
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Summary | Open Pit - 31 Mar | Underground - 31 | Total |
| for | 2010 | Mar 2010 | |
| Norseman | | | |
+ +--------------------------------+-------------------------------+--------------------------------+
| | Tonnes |Grade | Ounces | Tonnes |Grade | Ounces | Tonnes |Grade | Ounces |
| | | g/t | gold | | g/t | gold | | | gold |
| | | gold | | | gold | | | g/t | |
| | | | | | | | | gold | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Reserve - | 0 | 0.0 | 0 | 230,000 | 12.0 | 89,000 | 230,000 | 12.0 | 89,000 |
| Proved | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Reserve - | 440,000 | 3.2 | 45,000 | 1,100,000 | 7.9 | 280,000 | 1,500,000 | 6.8 | 330,000 |
| Probable | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Total | 440,000 | 3.2 | 45,000 | 1,300,000 | 8.9 | 370,000 | 1,700,000 | 7.7 | 420,000 |
| Reserve | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 5,000,000 | 0.7 | 110,000 | 410,000 | 14.4 | 190,000 | 5,400,000 | 1.7 | 300,000 |
| - | | | | | | | | | |
| Measured | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 3,600,000 | 2.6 | 300,000 | 2,200,000 | 10.9 | 770,000 | 5,800,000 | 5.9 | 1,100,000 |
| - | | | | | | | | | |
| Indicated | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Resource | 4,100,000 | 5.8 | 760,000 | 6,200,000 | 8.0 | 1,600,000 | 10,000,000 | 7.5 | 2,400,000 |
| - | | | | | | | | | |
| Inferred | | | | | | | | | |
+-----------+------------+-------+-----------+-----------+-------+-----------+------------+-------+-----------+
| Total | 13,000,000 | 2.9 | 1,200,000 | 8,800,000 | 8.9 | 2,600,000 | 21,000,000 | 5.3 | 3,800,000 |
| 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 of 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.
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
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