Feasibility study
on 1Mtpa plant almost completed pending resource drillouts
Options study
underway on 1.5Mtpa plant consistently producing +100,000ozpa
Good progress made
at several new step-out targets
Highlights:
�
Excellent new infill drilling
intercepts continue to confirm integrity of flagship Kunche
and Bepkong deposits (refer summary below);
�
Resource upgrade drilling
progressing well at Kunche (98% completed), Bepkong (75% completed) and Julie (25% complete);
�
Extensive new artisanal workings
highlight opportunity for a resource at Josephine prospect;
�
Several new greenfields
targets being advanced;
�
Structural specialist has completed
review of mineralisation controls at Kunche � Bepkong and
extrapolation on broader project scale;
�
IP surveys underway at key deposits
and targets;
�
Feasibility Study finalisation (1.0Mtpa base case) awaiting completion of
Kunche, Bepkong and
Julie deposit drill-outs, reserve finalisation
and pit optimisations;
�
Evaluating a 1.5Mtpa throughput
option that could produce consistently in excess of 100,000oz gold per
year;
�
Completed 182,115m of RC,
diamond and aircore drilling and 2,727 auger
holes and submitted over 63,000 samples for assay since commencement of
2010-2011 season in October 2010. 18,000 samples
in laboratories awaiting
assaying;
�
Accumulated a 15% stake in neighbouring explorer Castle Minerals Limited (CDT);
and
�
$25.3M working capital and listed
investments (as at date of this Report).
Summary Intercepts:
The latest batch of results, previously
unreported, include the following intercepts (Figure 2);
Kunche:
�
24m @ 2.88g/t Au from 66m (KRC390)
�
11m @ 5.14g/t Au from 38m (KRC396)
�
3m @ 9.17g/t Au from 138m
(KRC400)
�
37m @ 3.13g/t Au from 127m (KRC403)
�
56m @ 1.84g/t Au from 116m (KRC404#)
�
40m @ 3.12g/t Au from 56m (KRC408#) and
4m @ 34.20g/t Au from
176m (EOH)
�
32m @ 4.11g/t Au from 104m (KRCD409#)
�
32m @ 2.78g/t Au from 128m (KRC412#)
�
3m @ 5.36g/t Au from 87m (KRC415)
�
10m @ 3.41g/t Au from 123m (KRC423)
�
9m @ 2.86g/t Au from 15m (KRC427)
�
3m @ 5.65g/t Au from 35m (KRC430)
�
6m @ 3.88g/t Au from 100m (KRC431)
�
8m @ 5.75g/t Au from 94m (KRC432)
�
8m @ 9.71g/t Au from 48m (KRC445#)
�
3m @ 39.40g/t Au from 131m (KRCD450) and
18.6m @ 4.11g/t Au from 137m
�
12m @ 4.96g/t Au from 96m (KRC451#)
�
4m @ 9.52g/t Au from surface
(KRC452)
�
12m @ 3.38g/t Au from surface (KRC453)
�
4m @ 13.95g/t Au from 186.2m (KRCD455#)
�
28m @ 1.86g/t Au from 76m (KRCD456#)
�
8m @ 4.81g/t Au from 104m (KRC460#)
�
20.4m
@ 2.21g/t Au from 133m (KRCD475#)
�
20m @ 2.47g/t Au from 20m (KRC480#)
�
16m @ 2.89g/t Au from 88m (KRC489#)
�
24m @ 2.48g/t Au from 72m (KRC492#)
�
16m @ 2.68g/t Au from 108m (KRC497#) and
16m @ 2.36g/t Au from 136m
�
4m @ 11.6g/t Au from 72m (KRC499#)
�
12m @ 2.90g/t Au from 32m (KRC509)
�
8m @ 3.78g/t Au from 40m (KRC510)
Bepkong
�
20m @ 1.37g/t Au from 32m (BRC224#)
�
8m @ 5.79g/t Au from 52m (BRC230#)
�
36m @ 1.82g/t Au from 16m (BRC245#)
�
20m @ 2.35g/t Au from 4m (BRC247#)
�
56m @ 1.72g/t Au from 64m (BRC248#)
�
20m @ 3.31g/t Au from 84m (BRCD255#)
�
20m @ 3.40g/t Au from 8m(BRC261#)
�
20m @ 2.94g/t Au from 20m (BRC262#) and
16m @ 4.01g/t Au from 72m
NB: # indicates 4 metre composite samples.
All other results are based on 1m
individual samples.
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