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

 


Announcement By New Talisman Gold Mines

Announcement By New Talisman Gold Mines

UPDATE ON CHINESE INVESTOR GROUP

• Formal extension requested by Chinese investment group

• Desktop due diligence and audits by investor group now complete

• Senior executives to commence site visit on 10th February

• Technical team comprising a party specialists and container of equipment due

in NZ by mid February.

New Talisman Gold Mines announced today that is has received a formal letter of request for an extension to the signed Heads of Agreement (HOA) with St Albans Pty Ltd dated 12th December 2013. The formal request is for a period of 90 days from the date of the signed agreement to allow completion of definitive agreements and technical due diligence.

The Terms of the HOA provide for the full funding requirements set out in the Talisman Mine Pre-Feasibility Study dated 30 March 2013 of NZ $10.9M, in return for 65% of the 32,200 ounces of Gold (20,930 oz Au) catered for in the study.

The letter received confirms that representatives from St Albans and beneficial shareholder Langfan Dashan Geology & Mining Co Ltd, of Hebei China, (“Langfan”) will visit the New Zealand Mine for further on ground due diligence and laboratory testing.

St Albans have advised that due diligence is now complete on the technical data provided and have proceeded with the transportation of a container of equipment and specialist chemicals from China for the completion of test work by their technical team. It is expected that the technical team should have completed their test work by the end of February.

Emerald Resources (Asia) Limited, New Talisman’s advisors in conjunction with St Albans, have set out the timeline for completion of draft definitive agreements by the 31st January and have completed the proposed timing of the site visit.

The visit is scheduled for the 10th - 14th February for the senior executives of the group and will be followed shortly thereafter by the technical team.

The group’s senior management team will complete a site visit to the Talisman mine and meet with NTL board members and senior management to finalise commercial negotiations at that time.

Executive Director Matthew Hill said “We are working hard with our potential partners in finalising the due diligence. The positive progress with our potential partners highlights the quality of the project at Talisman where high grades allow for considerable flexibility as compared to many junior gold mining companies. The company continues to complete the precursor work to our bulk sampling/trial mining phase at Talisman and we are on schedule for commencement of the project during the second half of 2014.”

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news