Posts Tagged ‘Tanami Gold’

ASX Company News: Tanami Gold Resource Expands To 2 million Ounces

Thursday, February 17th, 2011

Australian gold  producer Tanami Gold NL (TAM) is pleased to report a further substantial increase in its gold Resources, with total Measured, Indicated and Inferred Mineral Resources increasing to 21.3 million tonnes grading 3.0g/t for 2.03 million ounces of gold.

The latest Resource increase follows a  40% increase in the Mineral Resource at the Company’s 100%-owned Central Tanami Project (“CTP”) in the Northern Territory, providing additional impetus to the Company’s plans to restart production at the CTP.

The CTP is expected to form a second substantial production hub alongside the Company’s existing 50,000oz per annum Western Tanami Operations, which are currently undergoing a significant expansion.

The updated CTP Resource estimate was completed for mineralisation contained within four of the six CTP Mineral Leases and has resulted in a total Measured, Indicated and Inferred Resource of 18.2 million tonnes grading 2.5g/t for 1.5 million ounces of gold  (see Table 2). Within the total CTP Resource, 1.01 million ounces or 75% is classified as Measured or Indicated.

The new CTP Resource is a 40% increase over the previous Resource estimate completed in April 2010 which totalled  11.7 million tonnes grading 2.8g/t for 1.1 million ounces of gold .

The Resource increase follows seven months of intensive Reverse Circulation and Diamond Drilling at nine prospects within the CTP tenements and a re-estimation of gold Resources at Central Tanami.  As a result of the latest upgrade, the Company’s gold Resource has increased by over 300% since June 2009 from 0.5Moz to 2.03Moz (see Figure 1), at a cost of less than $23 per Resource ounce reflecting a combination of exploration and drilling success and  the acquisition of the CTP project.

Tanami Gold’s Managing Director, Mr Graeme Sloan, said that with the release of the updated Central and Western Tanami Mineral Resource, the Company would now focus on completing the Feasibility Study on the re-commencement of gold production from the CTP – which includes a 1.2Mtpa treatment facility, extensive infrastructure and over 2,000km of highly prospective tenements.

www.tanami.com.au

http://www.traderdealer.com.au/Fundamentals/tam

Post to Twitter

Tags: , , , ,
Posted in ASX Company News | No Comments

Tanami Gold Acquires Groundrush Gold Project

Friday, January 29th, 2010

Gold  producer  Tanami  Gold  NL  (TAM) [“TGNL”] is  pleased  to  announce  that  it  has  agreed  to  acquire  a  100%  interest  in  the  Groundrush  Gold  Project  in  the  Tanami Arunta  Province  of  the  Northern  Territory  from  Newmont  Asia  Pacific  [“Newmont”]  for  A$22  million.

The  acquisition  is  part  of  a  broader  transaction  with  its  exploration  alliance  partner  ABM  Resources  NL  [“ABM”]  encompassing  an  extensive  exploration  portfolio  being  divested  by  Newmont  in  the  region.

Under  the  agreement,  TGNL  and  ABM  are  acquiring  the  Tanami  and  Barrow  Creek  Non Core  Divestment  Packages  [“Transaction”]  in  the  Tanami Arunta  Province  of  the  Northern  Territory  for  a  total  consideration  of  A$32.775  million.

TGNL’s  share  of  the  Transaction  is  A$22  million  for  100%  of  the  Groundrush  Gold  Project,  for  which  it  has  secured  financial  backing  from  its  largest  shareholder,  Allied  Properties  Resources  Limited  to  complete  the  Transaction.  The  commercial  terms  of  the  Transaction  have  been  agreed  by  all  parties  with  a  settlement  date  scheduled  for  30  March  2010  or  earlier,  subject  to  completion  of  relevant  consents  and  Newmont  board  approval.

The  Groundrush  Gold  Project  includes  a  JORC  Code  compliant  Resource  of  516,000  ounces,  a  1.25  million  tonne  per  annum  (Mtpa)  treatment  plant,  all  associated  support  infrastructure  including  office,  workshops,  airstrip,  140 person  accommodation  village,  borefield  and  communication  facilities,  as  well  as  an  extensive  package  of  Mineral  Leases  [21  Leases  with  a  total  area  of  125km2]  and  Exploration  Licences  [16  Licences  with  a  total  area  of  1,945km2].  The  treatment  plant  is  currently  non operational  and  will  require  partial  refurbishment  to  return  to  full  operational  mode.

With  the  addition  of  the  Groundrush  Gold  Project  assets  and  tenement package,  the  Company  is  aiming  to  lift  production  from  its  combined Tanami  operations  to  in  excess  of  200,000  ounces  per  annum  within  a two  year  period.

www.tanami.com.au

Post to Twitter

Tags: , , ,
Posted in ASX Company News | No Comments