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

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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