ENP Newswire -
Release date- 30072014 -
Dalabai Gold Operations Commenced, First cathode gold produced
Prospectus to raise funds lodged
Relisting on ASX anticipated to follow capital raising
Dalabai (90% owned)
The Dalabai Operation is located in the Chu Ili gold belt in southern
Key contracts for Drill and Blast and for Load and Haul were negotiated and those contractors mobilized equipment and people to site. Planning for the mining of the Central pit for the first time was completed, and the first bench fired on 4th July, followed by mining. Central is the most distant of the three deposits from the process plant, a 1.7km haul.
The first bench was all classified as ore and contained an estimated 7,000t @ 2.0 g/t gold. Ore from the Central pit is typically more siliceous than from Deposits 4 and 5, resulting in harder material but with better leaching percolation characteristics.
The Central pit is a series of ridges and as the first hill is mined down, each subsequent bench will have a greater area. The second bench has since been fired and also mined. Meanwhile, drilling/blasting and sampling is underway in Pit 4 to allow mining of this pit in early August.
Irrigation of leach pads 1 and 2 commenced on 3rd June, which material had previously been leached in 2012 and 2013. As expected, after having not leached this material for 6 months, an initial strong flush of gold was produced, with a subsequent drop in daily metal recoveries. Gold loaded resin was shipped for third-party desorbtion, and at the date of this report, the intermediate product, 31 kg of cathode material awaits refining; it is estimated to contain between 150-170oz gold and 600-650oz silver. Refining of this material has been delayed by two weeks due to a summer shutdown at the
Crushing of ore from the Central pit is underway on day-shift only, with night-shift commencing from 1st August. Material is being crushed, agglomerated and stacked on pad 2, and leaching of this higher grade material commenced in late July.
The ore crushing circuit is functioning well, and the additional cone crusher, purchased from
No safety incidents were reported for the quarter, and a security presence was maintained at all times. The average number of personnel on site is currently 26, excluding mining contractors.
Altyntas, Kepken and Kengir gold projects (95% owned)
The Altyntas project is located 500km north west of
Noon-ground activities were conducted at Altyn Tas during the Quarter. An application to extend the term of the Altyn Tas licence by three years has been submitted and is being processed by the
Cash available as at 30th June was
A prospectus for this capital raising was lodged with ASIC and the ASX on 9th July, followed by a Prospectus mail out to all shareholders and release of a Company presentation to the ASX on 22nd July. Existing shareholders will have priority over New shareholders should applications for more than the maximum allowed raising of
Gold Loan and Millstar Loan renegotiations. As announced on 27th June, the existing Gold Loan (
Debt Finance. The second tranche of debt finance for the Dalabai project from the
Tel: (+61)0417 979 169
Tel: +61 8 6489 0600
Trial mining commenced at the first project, Dalabai in
Certain statements included in this announcement may constitute forward looking information. This information is based upon a number of estimates and assumptions made by the Company in light of its experience, current conditions and expectations of future developments, as well as other factors that the Company believes are appropriate in the circumstances. While these estimates and assumptions are considered reasonable, they are inherently subject to business, economic, competitive, political and social uncertainties and contingencies.
Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, commodity prices, exploration, acquisition, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward-looking information is no guarantee of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking information due to the inherent uncertainty therein. Forward-looking information is made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by law.
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