TIDMNGL
RNS Number : 1661L
Norseman Gold PLC
28 July 2011
Norseman Gold Plc. / Epic: NGL / Index: AIM / Sector: Mining
& Exploration
28 July 2011
NORSEMAN GOLD PLC
('Norseman Gold' or 'the Company')
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 2011 for its Norseman
Gold Project, located in the Eastern Goldfields of Western
Australia.
Highlights
-- Reserves remain stable at 420,000 ounces of gold. Total
Reserve tonnes increase to 2.3 million tonnes at a grade of 5.7g/t
gold.
-- Resources increase in the measured category by 13% but
decrease overall by 9% to 3,400,000 ounces of gold. Total Resources
are 22 million tonnes at a grade of 4.7g/t gold.
The annual review of the Company's Resources and Reserves at its
Norseman Gold Project has produced a stable reserve and a 9%
reduction in resource, mainly due to the re-assessment of the North
Royal resource external to the current pit design and of deeper
resources previously quoted as surface resources that are now
quoted as underground resources.
Reserve ounces, as a total, remained unchanged except there was
a significant increase (122%) in the open pit reserve due to the
inclusion of the ounces from the North Royal open pit. Underground
reserve ounces decreased by 14%, while the tonnage remained
unchanged.
Resource ounces reduced by 9% overall with the major impact
being the 62% reduction in inferred open pit resource due to the
re-assessment of the North Royal resource outside the current pit
design. The ounces reviewed were either removed from the inventory
or re-allocated to underground which resulted in a 6% increase in
the equivalent underground resource. Underground measured resource
and the surface indicated resource both increased in ounces.
A gold price of A$1,300 per ounce has been utilised in assessing
the economic viability of the Company's Resource and Reserve.
The Company had a number of projects that had been drilled
during the year that it expected would be further explored and add
to the resource base in the next few years namely Butterfly Deeps,
Cobbler North, Crown reef, Harlequin South reef and Royal Coachman
reef. These projects have had initial drilling conducted and the
Company is expected to return to them once the current four mines
are operating at acceptable production profiles. Planned drilling
programmes at the mines commissioned in the last financial year are
expected to both increase existing resources and reserves, and
extend the current mine plans.
The Company drilled in excess of 77,000 metres in this financial
year of which approximately 60,000 metres comprised resource and
exploration drilling.
TABLE 1: March 2011 Open Pit & Underground Resource and
Reserve Summary
Summary
for Open Pit - 31 Mar Underground - 31
Norseman 2011 Mar 2011 Total
----------- ----------------------------- ------------------------------- -------------------------------
Grade Grade Grade
g/t Ounces g/t Ounces g/t Ounces
Tonnes gold gold Tonnes gold gold Tonnes gold gold
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Reserve -
Proved 13,000 1.8 760 320,000 8.3 85,000 330,000 8.5 90,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Reserve -
Probable 1,000,000 3.1 99,000 990,000 7.2 230,000 2,000,000 5.1 330,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Total
Reserve 1,000,000 3.1 100,000 1,300,000 7.7 320,000 2,300,000 5.7 420,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Resource -
Measured 5,000,000 0.7 110,000 580,000 12.3 230,000 5,600,000 1.9 340,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Resource -
Indicated 4,100,000 2.7 360,000 2,600,000 9.0 750,000 6,700,000 5.1 1,100,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Resource -
Inferred 3,200,000 2.8 290,000 6,900,000 7.7 1,700,000 10,000,000 6.2 2,000,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
Total
Resource 12,000,000 1.9 760,000 10,000,000 8.3 2,700,000 22,000,000 4.7 3,400,000
----------- ----------- ------ -------- ----------- ------ ---------- ----------- ------ ----------
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 M(c) Beath BEng (Mining), who is a
Member of the Australasian Institute of Mining and Metallurgy, and
the Principal Mining Engineer of the Company. Mr M(c) Beath 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 M(c) Beath is accepting overall
responsibility for this estimate and is satisfied that the work of
other contributors is acceptable. Mr M(c) Beath 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: +44 (0)20 7786
4370
------------------ -------------------------- --------------------
Nandita Sahgal Seymour Pierce Ltd Tel: +44 (0)20 7107
8000
------------------ -------------------------- --------------------
Jeremy Stephenson Seymour Pierce Ltd Tel: +44 (0)20 7107
8000
------------------ -------------------------- --------------------
Hugo de Salis St Brides Media & Finance Tel: +44 (0)20 7236
Ltd 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 ounces of gold. The
mine is currently producing from three high-grade narrow-vein
underground mines - the Bullen, the Harlequin and the OK Declines
and developing the North Royal Open Pit. Currently, it has a total
resource inventory of 3.4 million ounces of gold at an average
grade of 4.7 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 additional 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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