Gold Grades and Resources Double at Dubbo
Please find attached the latest release by New Talisman Gold Mines.
The substantial increase in resources delivers New Talisman as a world class asset at one of the highest grades of any underground mine being developed in NZ. The exploration cost on a per ounce basis of $200,000 NZD delivers a result of under $1 NZ per ounce and ultimately sets the way for this resource upgrade to be one of the lowest cost gold resource developments in NZ in recent years
New Talisman is currently developing the Talisman mine in Karangahake Gorge for which it has a 25 year mining permit, the company has been consented for bulk sampling which allows extraction of 20,000 cubic metres per annum once bulk sampling commences.
Currently the company is establishing the site and refurbishing underground areas in preparation of commencing bulk sampling. The upgraded resource estimate of the first of a number of modules at Talisman deeps outlined in this release, demonstrates the significant opportunity to bring this historically productive mine back to full production, and further establishes NZ as an attractive investment opportunity for gold. The Talisman mine has been actively mined on and off since the late 1800’s and was last mined in 1992.
With a Gold price of USD 1216 or NZ$ 1618 per ounce the total ounces in Dubbo deeps (the portion of the ore body which has been upgraded) of 312 800, an increase of 102% from previous resource estimates, once extracted provides shareholders, the NZ economy and region significant long term investment and employment opportunities. NTL a NZ incorporated and listed company has been operating in the Coromandel area since 1987 and has 2200 shareholders mainly from NZ. The company has a market capitalisation of approximately 16m based on last trading price of .7 cents.
The company is well funded with over 5.5M NZD in cash and has budgeted 2.2m for completion of its 2 year bulk sampling plan at Talisman. The significant resource upgrade compliant with JORC 2012 is the first of 3 or 4 Modules currently nearing completion of further resource modelling. The company has a joint venture with Newcrest Gold Mines on the Rahu project which is nearby the Talisman mine. Under the agreement Newcrest has agreed to spend 5M NZD to retain 80% interest in the project with NTL currently holding a 20% interest held in trust by Newcrest.