TIDMNGL
RNS Number : 0115J
Norseman Gold PLC
01 August 2012
Norseman Gold plc / Epic: NGL / Index: AIM / Sector: Mining
& Exploration
1 August 2012
NORSEMAN GOLD PLC
('Norseman Gold' or 'the Company')
Update and Three-Month Report on Activities for the quarter
ended 30 June 2012
Norseman Gold plc, the ASX and AIM listed gold producer, is
pleased to provide an update on operations at its Norseman Gold
Project and the continued restructuring programme being implemented
to improve its operational and financial performance.
OPERATIONS
General
The Company's ongoing review of its Norseman Gold Project
operations during the period has focused on the following:
a. Improved planning including upgraded block models
b. North Royal open-pit and Harlequin underground mines
c. Operational improvements including grade control and reconciliation processes
d. Control of expenditure
e. Review of manning levels
f. Upgrading of mine-site accommodation and dining facilities
g. Senior management and board restructuring
Harlequin Underground
Harlequin underground operations during the period continued in
the HV1 and 6 sections.
North Royal Open Cut
North Royal open cut operations continued with work occurring in
both north and south zones of the pit. Mining has now progressed
through the oxide zone into fresh rock. At this point the Company
increased the mining fleet to 2x EX2150 excavators and 12x CAT777
dump trucks.
PRODUCTION
Gold production for the quarter ended 30 June 2012 was 6,402
ounces, an increase of 2.3% from the previous period.
Underground capital development at the Harlequin underground was
442.2 metres and operating development 292 metres.
Ore tonnes hoisted from Harlequin underground was 18,320 tonnes
and ore tonnes from the North Royal open cut pit was 64,429
tonnes.
EVENTS SUBSEQUENT TO REPORTING PERIOD
Corporate
Following the completion of the quarter, the Company finalised a
placement to raise approximately $25 million through the issue of
625 million new shares to institutional investors ("Placement").
The Placement has been managed by Moelis Australia Advisory Pty
Ltd, Ocean Equities Limited and Northland Capital Partners
Limited.
The Company's major shareholder, Tulla Group, has underwritten
$20 million of the total issue for cash of $12m and conversion of
existing debt of $8m.
The funds raised from the Placement will be used to fund the
Company's working capital requirements including the reduction of
existing creditors.
The Placement is being processed in two tranches with the first
tranche of approximately $3m, involving approximately 74 million
new shares, which is not conditional upon shareholder approval,
completed on 26 July 2012. The second tranche of approximately $22
million, involving approximately 551 million new shares, will
require receipt of shareholder approval at a general meeting to be
held on or around 23 August 2012.
Upon Mr Kevin Maloney assuming the role of Executive Chairman on
20 July 2012, the Board commissioned a Critical Risk Assessment of
operations, along with a strategic review of all business
operations.
Harlequin Underground
Harlequin underground operations were suspended by the Company
following communication with the Department of Mines and Petroleum.
The critical issues identified relate to the maintenance of
appropriate training records for mines rescue at Harlequin. At that
stage, it was considered to be a temporary situation. However, as
part of its ongoing review of the operations, further evaluation of
the safe operation of Harlequin being carried out by the Company in
late July, identified a range of safety deficiencies which requires
a rectification plan and remediation. This work required to be
completed before the Board is prepared to reinstate operations at
Harlequin. At this stage it is expected a period of 2-3 months will
be required to recommence Harlequin production, during this period
North Royal production will be flexed to meet the existing targets
of 17,000 ounces for the next quarter and be on track for the
80,000 ounces targeted for the year ending 30 June 2013.
The suspension of production activities at Harlequin is
necessary to provide a safe platform for Norseman to re-establish
production. The Company will provide regular updates of progress
once its remedial plan is established.
The Board is of the view that taking this action will place the
Harlequin underground mine in a stronger position for sustainable
long term production.
Financial
As at 30 June 2012, the Company's cash balance was $1.45 million
and a further $6 million is held as cash backed environmental bond
deposits. As noted, subsequent to the end of the reporting period,
the Company finalised a placement to raise approximately $25
million which includes cash of $17m and conversion of existing debt
of $8m.
Competent Persons - Consent for Release:
The information in this report which relates to Exploration
Results, Mineral Resources or Ore Reserves is based on information
compiled by Mr Hugh Pinniger, an executive of L2 Project
Manager-Norseman Pty Ltd, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Pinniger 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' (The JORC Code). Mr
Pinniger consents to the inclusion in this announcement of the
statements based on this information in the form and context in
which it appears.
Forward-Looking Statements:
This regulatory news release contains certain forward-looking
statements, which include assumptions with respect to future plans,
results and capital expenditures. The reader is cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. All such forward-looking statements involve
substantial known and unknown risks and uncertainties, certain of
which are beyond the Company's control. Please refer to the
Company's Admission Document available from the Company's web site
for a list of risk factors. The Company's actual results could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits the Company will derive there from. All subsequent
forward-looking statements, whether written or oral, attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news
release are made as at the date of this news release.
* * ENDS * *
For further information visit www.norsemangoldplc.com, email
investors@ngold.com.au or contact:
David Steinepreis Norseman Gold Plc. Tel: +44 (0) 7913402727
William Vandyk / Rod Venables Northland Capital Partners Ltd Tel: 020 7796 8800
Guy Wilkes Ocean Equities Ltd Tel: 020 7786 4370
Susie Geliher / Hugo de Salis St Brides Media & Finance Ltd
Tel: 020 7236 1177
Notes
Norseman Gold plc is an AIM and ASX listed Australian gold
production company, which operates the 986 km(2) Norseman Gold
Project, Australia's longest continually running gold operation.
Located in the Eastern Goldfields of Western Australia in the
highly prospective Norseman-Wiluna greenstone belt, the project
currently has a total resource inventory of 3.4 million ounces of
gold at an average grade of 4.7 g/t.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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