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

 

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news