30th Jun 2009 07:00
Norseman Gold plc / Epic: NGL / Index: AIM & ASX / Sector: Mining & Exploration
30 June 2009
Norseman Gold Plc ('Norseman Gold' or 'the Company')
Resource Statement
Norseman Gold, the AIM-listed and ASX-listed Australian gold production company, is pleased to release its updated Resource Statement as at 31 March 2009 for its Norseman Gold Project, located in the Eastern Goldfields of Western Australia.
Highlights
Proven and Probable Reserves increased to 0.4 million ounces of gold (1.4 million tonnes at a grade of 8.9 g/t), an increase of 29% to the reserve ounces compared to the reserve as at 31 March 2008.
Measured, Indicated and Inferred Resources increased to 3.7 million ounces of gold (20.0 million tonnes at a grade of 5.5 g/t), an increase of 95% compared to the resource as at 31 March 2008.
Of the total reserves 310,000 ounces of gold or 78% are located within the Bullen and Harlequin Declines. The remainder are located in other underground areas, open pits and stockpiles. A gold price of A$1,200 per ounce has been utilised in assessing the economic viability of the Company's reserve and resource.
The new reserve equates to a minimum five year mine life at the current annual production rate with no allowance for the fact that Norseman has historically produced a portion of its annual ounces of gold from outside the stated reserve envelope. Since 31 March 2009, the Company has continued with its exploration drilling programmes both within the Bullen and Harlequin declines and regionally. The Company expects that positive results from these drilling programmes since 31 March 2009 will see the mine life extended further.
The Company has engaged an Independent Reviewer, Dr Spero Carras, to review and audit the inventory for this Resource statement. Dr Carras, an acknowledged expert in the Norseman style of gold orebodies, has over 35 years experience and a specific association with the Norseman orebodies since 1976.
Table 1: March 2009 Open Pit & Underground Resource and Reserve Summary
|
Summary for Norseman
|
Open Pit - 31 Mar 2009
|
Underground - 31 Mar 2009
|
Total
|
||||||
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
Tonnes
|
Grade
|
Ounces
|
|
|
Reserve - Proved
|
2,000
|
2.0
|
130
|
7,400
|
8.8
|
2,100
|
9,400
|
7.3
|
2,200
|
|
Reserve - Probable
|
440,000
|
3.2
|
45,000
|
1,000,000
|
10.9
|
350,000
|
1,400,000
|
8.9
|
400,000
|
|
Total Reserve
|
440,000
|
3.2
|
45,000
|
1,000,000
|
10.9
|
350,000
|
1,400,000
|
8.9
|
400,000
|
|
Resource - Measured
|
5,000,000
|
0.7
|
110,000
|
130,000
|
5.7
|
24,000
|
5,100,000
|
0.8
|
130,000
|
|
Resource - Indicated
|
3,200,000
|
2.4
|
250,000
|
2,100,000
|
13.5
|
910,000
|
5,300,000
|
7.0
|
1,200,000
|
|
Resource - Inferred
|
4,200,000
|
5.7
|
770,000
|
6,200,000
|
8.0
|
1,600,000
|
10,000,000
|
7.5
|
2,400,000
|
|
Total Resource
|
12,000,000
|
2.8
|
1,100,000
|
8,400,000
|
9.3
|
2,500,000
|
20,000,000
|
5.5
|
3,700,000
|
Notes: 1. As is required the Resources and Reserves are calculated and reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code, 2004 Edition.
2. Resources are inclusive of reserves.
3. Resources and reserves are quoted to two significant figures so inconsistencies may exist within the table.
The compilation of information in this report, and calculation, or review, of Reserves in this report, along with supervision of the calculation of Resources at the Bullen and Harlequin Mines, has been undertaken by Mr Russell McBeath BEng (Mining), who is a Member of the Australasian Institute of Mining and Metallurgy, and the Principal Mining Engineer of the Company. Mr McBeath has over 19 years of mining and evaluation experience in a variety of mineral deposit styles and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr McBeath, is accepting overall responsibility for this estimate and is satisfied that the work of other contributors is acceptable. Mr McBeath consents to the information in this report being used and quoted by the company for reporting and other purposes in the context in which it appears.
Resources other than those at the Bullen and Harlequin mines included in this report were either calculated by or reviewed by Mr Jonathan Sharp BSc. MSc. (hons), who is a Member of the Australasian Institute of Mining and Metallurgy, and the Resource Geologist for the Company. Mr Sharp has over 15 years of Mining experience in a variety of mineral deposit styles and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Sharp consents to the information in this report being used and quoted by the company for reporting and other purposes in the context in which it appears.
The Mineral Resource inventory and Reserves statement included in this report has been independently reviewed and audited by Dr Spero Carras of Carras Mining Pty Ltd, an acknowledged expert with 35 years experience in the field of vein gold evaluation and gold within banded iron formations. Dr Carras's association with the Norseman orebodies began in 1976.
Dr Carras is a fellow of the Australasian Institute of Mining and Metallurgy and qualifies as a Competent Person as defined in the 2004 edition of the "Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves" and consents to the inclusion of the information in the form and context in which it appears.
**ENDS**
For further information visit www.norsemangoldplc.com or contact:
|
David Steinepreis |
Norseman Gold Plc |
Tel: +44 (0) 7913 402 727 |
|
Barry Cahill |
Norseman Gold Plc |
Tel: +61 (0) 8 9473 2200 E-mail: [email protected] |
|
Guy Wilkes |
Ocean Equities Ltd |
Tel: +44 (0) 20 7786 4370 |
|
William Vandyk |
Astaire Securities plc |
Tel: +44 (0) 20 7448 4400 |
|
Hugo de Salis / Isabel Crossley |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Note to editors:
Norseman Gold plc is a dual AIM and ASX listed Australian gold production company, which acquired the Norseman Gold Project in May 2007, Australia's longest continually running gold operation. The Norseman Gold Project is located in the Eastern Goldfields of Western Australia in the highly prospective Norseman-Wiluna greenstone belt, 725km east of Perth and 186km from Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the last 65 years it has produced over 5.5 million oz of gold. The mine is currently producing from two high-grade narrow-vein underground gold mines - the Bullen and the Harlequin. Currently, it has a total resource inventory of 20.0 Mt at a grade of 5.5 g/t gold for 3.7 Moz of gold.
The tenements cover a 1,614 sq km area centred on the Norseman Township. The landholding comprises 179 contiguous tenements consisting of 13 Exploration Licences, 106 Mining Licences, 45 Prospecting Licences, 15 Miscellaneous Licences and 29 Mining Lease Applications.
The Company's strategy is focused on extending the mine life through the conversion of resources into reserves and identifying additional resources and obtaining additional ore for the operating mill through re-treatment of tailings or acquisitions of alternative sources of ore.
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Norseman Gold