Catalpa Resources Limited

Published : November 24th, 2008

Finds 17% More Gold at Edna May - Boosts Reserves to 738 000 Ounces

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25 November 2008

catalpa finds 17% more gold at edna may - boosts reserves to 738 000 ounces

 

 

Catalpa Resources (ASX:CAH), Perth-based emerging gold producer, today reported a step increase in its gold Reserves by 109,000 ounces from 629,000 ounces to 738,000 ounces at its wholly-owned Edna May Gold Project in Western Australia. 

 

Bruce McFadzean, Catalpa Resources Managing Director noted that the Edna May Reserves have increased by 194,000 ounces or 36% over the past four weeks through two increases resulting from the finalisation the Feasibility Study pit designs and schedules.

 

The Reserves have been based on a gold price in Australian Dollars of A$1,025 per ounce at a processing rate of 2.8-3.2Mtpa. A$1,025 is significantly below the current Australian Dollar gold price which is over $1,250 per ounce at the time of writing.

 

"A further increase in project Reserves from the Greenfinch deposit is anticipated in December 2008 pending assay results from three recently completed Diamond drill holes," Mr McFadzean said.

 

"The low grade nature of the open pit Reserve is complemented by the broad orebody geometry and consequent low strip ratio; combined with a large process plant capacity of 2.8Mtpa that is planned to be increased to 3.2Mtpa from year three onward. Our mine schedule demonstrates annual gold production around 100,000 ounces recovered," Mr McFadzean said.

 

The reserves have been compiled by Coffey Mining as part of their key role in providing the bulk of the mine engineering and design in the Edna May Gold Project Feasibility Study for Catalpa Resources Limited.

 

Mr McFadzean also commented that the Reserve comprises 64% Proved Reserve category which further demonstrates the quantum of drilling and confidence in the Edna May deposit.

 

"This high percentage of Proved Reserve category is not typical of many gold deposits today," Mr McFadzean said.

                      

"The additional ounces provide a significant further boost to project revenues and mine life. In the context of recent market uncertainty, gold prices have remained buoyant in Australian Dollar (A$) terms, and have remained above or around A$1,100 per ounce over the past couple of months. These gold price levels underpin the opportunity we have to develop the Edna May Gold Project," Mr McFadzean said.

 

ENDS

 

 

Competent Person Statement

 

The reported Ore Reserves have been compiled by Mr Harry Warries. Mr Warries is a Member of the Australian Institute of Mining and Metallurgy and an employee of Coffey Mining Pty Ltd.  He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of December 2004 ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia.  Mr Warries gives Catalpa Resources Limited consent to use this estimate in reports.

 

 

 

ABOUT CATALPA RESOURCES

 

Perth-based Catalpa Resources Limited (ASX: CAH) aims to become Australia's next mid tier producer by developing its open pit assets, located on its extensive and wholly-owned mining tenements in Western Australia.

 

Catalpa is on the cusp of a new phase of development towards production at its Edna May (gold) Project, conveniently positioned a few kilometres from the infrastructure of Westonia, an established town with a long mining history. The project is just three hours or 300km by road from Perth; half way between Perth and Kalgoorlie and ideally situated to be serviced by both centres.

 

Notably, there have been three previous successful mining programs which have occurred both above and below the planned open pit at Edna May, which significantly reduces the risk of Catalpa's current project. 

 

Catalpa has an experienced and innovative Board and management team that is committed  to realising a timely production and cash flow profile from the development of the Edna May open pit resources.

 

This is the company's immediate strategy; and an update to the Company's 2006 Edna May Gold Project Feasibility Study is on schedule to be tabled to the Board in the December quarter 2008.  In preparation for planned production at Edna May, the Company relocated its 2.8mtpa Big Bell mill to site in 2007.  The mill is being maintained 'ready for construction' adjacent to the proposed plant construction site.

 

Catalpa is pursuing parallel growth with a renewed exploration programme underway of its 880km? of under-explored Westonia Greenstone Belt, and is reviewing other regional opportunities for acquisition and/or joint venture. In particular, Catalpa seeks to identify and develop new projects and/or acquisitions on its extensive land holding or within the region, which is prospective for gold, nickel and base metals.

 

Catalpa has a sound Resource base at Edna May with significant upside to grow resources and reserves and move towards production. With a buoyant outlook on the gold price, the Company's Board believes that Catalpa Resources presents a sound investment opportunity with significant upside potential.

 

Catalpa Resources has adopted best practice standards across all its operating activities, including its social, health and safety, environmental management and corporate governance functions.

 

For further enquiries contact:

 

Bruce McFadzean                                           Warrick Hazeldine / Annette Ellis

Managing Director                                           Media and Investor Relations

Catalpa Resources Limited                            Purple Communications

Tel (08) 9321 3088                                          Tel: (08) 9485 1254

 

 

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Catalpa Resources Limited

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CODE : CAH.AX
ISIN : AU000000CAH4
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Catalpa is a gold and silver producing company based in .

Catalpa holds various exploration projects in Australia.

Its main asset in production is CRACOW in Australia and its main asset in development is EDNA MAY AUSTRALIA in Australia.

Catalpa is listed in Australia and in United States of America. Its market capitalisation is AU$ 304.3 millions as of today (US$ 310.8 millions, € 226.0 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at AU$ 0.02, and its highest recent level on April 17, 2009 at AU$ 9.67.

Catalpa has 177 954 355 shares outstanding.

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Corporate Presentations of Catalpa Resources Limited
12/2/2008 Independent Report by Strachan Corporate
Nominations of Catalpa Resources Limited
1/7/2009APPOINTS GENERAL MANAGER OPERATIONS
9/12/2008 Appoints CFO
Project news of Catalpa Resources Limited
6/15/2011Announcements: Merger and Asset Acquisition Transaction - Pr...
6/15/2011announces 'Merger & Asset Acquisition ASX Announcement '.
6/2/2011Announcements: Drilling Intersects outside Edna May Resouce
5/18/2011Announcements: Upgrade of Inferred Resources at Edna May Und...
5/16/2011(Cracow)Announcements: Cracow Exploration Update
4/13/2011(Edna May Australia)Announcements: Edna May Drilling Update April 2011
3/17/2011(Edna May Australia)Announcements: Edna May Drilling Update
2/15/2011(Edna May Australia) High Grade Zones Extended at Edna May
1/5/2010(Edna May Australia)Edna May Gold Project Construction Continues on Schedule and...
10/27/2009(Edna May Australia)Steams Ahead at Edna May
10/15/2009(Edna May Australia)Continued Drilling Success at Edna May Gold Project
10/7/2009(Edna May Australia)Edna May Gold Project Progressing on Schedule, Within Budget
9/10/2009(Edna May Australia)Edna May Gold Project on Schedule
7/7/2009(Edna May Australia)Commences Construction at Edna May
7/3/2009(Edna May Australia)Exploration Results Encouraging
5/26/2009(Edna May Australia)Environmental Mining Approval Notification for Edna May Oper...
3/11/2009(Edna May Australia)Gets Set to Rebuild Edna May Gold Plant
3/10/2009(Edna May Australia)Another New Gold Mineralised Zone at Catalpa's Greenfinch Re...
3/5/2009(Edna May Australia)More New Gold Mineralised Zones at Catalpa's Greenfinch Reso...
3/4/2009(Edna May Australia)Catalpa's Edna May Gold Project - Approval of Finance Facili...
2/18/2009(Edna May Australia)Drill Programme Finds New Gold Mineralised Zones
1/22/2009(Edna May Australia)Media Release: Catalpa Resources' 'Milestone Quarter'
1/14/2009(Edna May Australia) Catalpa Feasibility Study Finalised
12/1/2008(Edna May Australia)Growing Positive Outlook for Catalpa's Edna May Gold Pr
11/24/2008(Edna May Australia) Finds 17% More Gold at Edna May - Boosts Reserves to 738 00...
11/14/2008Drilling Results Continue to Glitter
9/5/2008"VISIBLE GOLD" IN CATALPA'S FIRST DRILL HOLE
Corporate news of Catalpa Resources Limited
10/14/2011Announcements: Results of EGM
10/14/2011Announcements: Shareholders approve the creation of Evolutio...
10/14/2011Announcements: EGM Address
10/13/2011Reports: Quarterly Activities Report September 2011
10/11/2011Broker Reports: RBC Capital Markets - Evolution Site Visit P...
9/15/2011Presentations: Investor roadshow presentation
9/13/2011Announcements: Catalpa and Conquest announce new name - Evol...
9/13/2011AND CONQUEST ANNOUNCE NEW NAME - EVOLUTION MINING LTD
9/13/2011Announcements: Explanatory Memorandum Release Announcement
8/26/2011Broker Reports: RBC Capital Markets Research Report
7/28/2011Reports: Quarterly Activites and Cashflow Report June 2011
7/19/2011Announcements: Key Institutional Investors Support Merger an...
6/16/2011on Merger Proposal with Catalpa
6/15/2011Announcements: Update on St Barbara Proposal
5/16/2011Announcements: Letter to Shareholders_Takeover Proposal by S...
5/13/2011Presentation on Merger Proposal with Catalpa
4/28/2011Announcements:  Quarterly Activities and Cashflow Report Mar...
3/14/2011Presentations: UK and European Investor Presentation
3/9/2011Reports: December 2010 Half Year Report / Accounts
1/20/2010Notice of General Meeting to Cancel 50M Shares
1/8/2010Cancellation of Listed Options
12/23/2009Tradable Shares on Issue - Clarification
12/10/2009New Board to Drive Growth Strategy
12/10/2009Post Merger - Catalpa Focussed on Further Growth
12/10/2009Merger Complete
12/2/2009Updated Mineral Resource and Ore Reserve Statement - Edna Ma...
11/27/2009Supreme Court Approves Scheme
11/17/2009Catalpa Shareholders Approve Merger to Form Mid Tier Gold Co...
10/12/2009Lion Selection Merger Update: Court Timetable Set
8/31/2009Proposed Merger - Update on Timetable
8/5/2009Proposed Merger - Update on Timetable
6/24/2009Merger to create a mid tier australian gold
12/12/2008Final Director’s Interest Notice
12/12/2008BOARD CHANGE
12/8/2008 Successfully Raised $3.5M in Rights Issue
12/9/2008 Drill Results All Gold
12/2/2008(Audio) Broadcast
9/25/2008(Audio) CAH - Exploration Highlights and Prospects
9/24/2008Drilling and Assay Results Promising
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