Update on Deli Jovan Gold Project (6187Z)
18 1월 2011 - 4:00PM
UK Regulatory
TIDMMVC
RNS Number : 6187Z
Medavinci PLC
18 January 2011
MedaVinci Plc ("MedaVinci" or the "Company")
Update on Deli Jovan Gold Project
On 9 December 2010, the Company announced, inter alia, that SRK
Consulting (UK) Limited ("SRK Consulting") had been engaged to
provide advice on the re-opening of the old mines at Rusman and
Gindusa (with re-opening for exploration access planned for
February 2011), and input on the economic parameters for
development of a future gold mine.
The Board of Medavinci Plc is pleased to announce that SRK
Consulting has reported as follows: "SRK considers it likely that a
small scale mining operation can be established and sustained at
Deli Jovan using handheld pneumatic drilling equipment. The current
constraints on operations are the unknown processing recovery and
the limited information on the continuation of the ore zone outside
the known working areas. The target of 30,000 ounces per annum as
set by Deli Jovan Exploration d.o.o ("DE") could be achieved, on
the condition that the historically reported widths and grades can
be substantiated by the DE exploration programme."
Note to Editor
Medavinci holds a 49 per cent interest in Orogen Gold Limited
("Orogen") and has an option to purchase the remaining 51 per cent
holding. Orogen has an option under an Earn in Agreement with
TSX-listed Reservoir Capital Corp ("Reservoir") and Reservoir
Exploration (BVI) Ltd to acquire a 75 per cent interest in the Deli
Jovan gold project in Serbia. DE was formed specifically to hold
the Deli Jovan exploration permit and accommodate the earn-in
structure.
DE contracted SRK Consulting to undertake a high level
independent review of the Deli Jovan gold project, focussed on the
planned re-opening of the historic gold mines at Rusman and
Gindusa, including health and safety aspects, mine development
options, ore processing routes and preliminary economic
considerations.
DE plans to re-open access to two historic gold mines at Deli
Jovan which exist to a known depth of 100m. If the staged
exploration programme is successful, the objective is to commence a
mining operation that could produce around 30-40,000 ounces of gold
per year at full production.
A plan for the re-opening of access to the historic mines was
prepared and submitted to the Serbian Ministry of Mining and Energy
at the end of December 2010. Once the required approvals have been
received DE proposes to appoint a local contractor to commence the
rehabilitation of the old mine workings which will facilitate
detailed mapping and sampling of the workings. The planned DE
underground and surface exploration programme is aimed at
demonstrating the continuity and grade of the Deli Jovan ore zone
and obtaining samples for ore processing recovery test work, which
will feed into planning for the re-development of this historic
gold mining district.
Comments from Adam Reynolds
"The Board is delighted that SRK Consulting has reported
positively following its review. The Board look forward to the re
opening of both mines next month to facilitate detailed mapping and
sampling of the historic workings. Subject to a successful outcome
to the exploration programme, this leaves the Company on track to
achieve production up to 3 years away".
Quality Control:
Mr Ed Slowey PGeo, EurGeol., a Qualified Person as defined by
Canadian National Instrument 43-101 and Managing Director of Orogen
Gold Limited, is responsible for the preparation of the technical
information in this release.
For further information please contact:
Medavinci Plc
Adam Reynolds
Tel: +44 (0) 207 245 1100
Paul Foulger
Zeus Capital Limited
Nominated Adviser and Joint Broker
Ross Andrews
Tel: +44 (0)161 831 1512
Tom Rowley
XCAP Securities Plc
Joint Broker
John Grant Tel: +44 (0) 207 101 7070
Karen Kelly
This information is provided by RNS
The company news service from the London Stock Exchange
END
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