Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Heritage Gold splits to focus on Talisman's development

Heritage Gold splits to focus on Talisman's development

April 11 (BusinessDesk) - Heritage Gold NZ said it plans to split into two entities to allow it to focus exclusively on developing its Talisman gold mine project near Waihi in New Zealand.

Heritage is also making significant board changes including replacing its chairman.

The company weill transfer all its existing non-core assets, which have a $2.1 million book value, to a wholly-owned subsidiary, Coromandel Gold, “which in due course will consider its own on-going funding,” Heritage said.

The dual-listed entity will change its name to New Talisman Gold Mines and will apply to both ASX and NZX for new stock codes.

“The move comes in the wake of a recently completed scoping study review which found there was potential to develop a highly profitable mine at Talisman based on estimates that the project had a net present value of more than A$150 million,” Heritage said.

“The review was enhanced by a substantially improved gold price and considerable advances in mining and processing technology,” it said.

The day after Heritage released a statement on the Talisman study last month it issued another statement saying the A$150 million value attributed to the mine doesn't comply with the Australian VAMIN code for estimating resources.

“The values assumed in the report will be achieved only if the grade and tonnage assumptions are met,” Heritage said then.

Today, the company said it has appointed Paul Griffin, a University of Otago graduate with 20 years experience in open pit and underground mining, as mining general manager to accelerate Talisman's development.

Chairman Geoffrey Hill is stepping down as chairman after 12 years and has been replaced by Robert Pearce, a Perth-based company director who has sat on the boards of a number of mining companies including Gladstone Pacific Nickel and Marenica Energy.

Executive director Peter Atkinson, a founding director, is stepping down from his executive role and both Hill and Atkinson plan to retire from the board altogether as soon as practical but in any event by May 31.

Both men intend to concentrate on the affairs of Coromandel Gold whose assets include a Golden Valley exploration permit (EP) covering a gold prospect east of Waihi, an EP application over a copper prospect in Northland, 17.929 million shares in Broken Hill Prospecting which owns a cobalt development near Broken Hill in Australia, a small portfolio of shares valued at less than $20,000 and $60,000 in cash.

Deputy chairman Murray McKee will continue on the board with existing directors Matthew Hill and Dr Ian Pringle.

Heritage shares jumped 0.6 cents to 2.4 cents on today's announcement, just short of the 2.5 cent high they jumped to after the Talisman report was released last month. In early March, the shares had been trading at 1.5 cents, their lowest level since June last year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news