Annual Report to Shareholders
Auckland, June 30, 2017 AEST (ABN Newswire) - The directors of New Talisman Gold Mines Ltd (
ASX:NTL) (NTL) are pleased to provide the following report on the progress the company made in the year to 31 March 2017 and its financial position at the end of the period.
HIGHLIGHTS
- Completed a very successful capital raising of NZ$6.5m
- Renewal the Department of Conservation access agreement and consent to enter and operate
- Secured a binding agreement on Rahu with Newcrest Mining Limited for which first quarter activities by Newcrest were reported
- Talisman Deeps project established and resource modelling near completion
- New Audit firm appointed - KS Black
- Appointed 2 new directors and Chairman
- Certificate of compliance issued which allows establishment of site facilities and underground activities at Talisman Mine.
- Established the Talisman Deeps project with potential to increase gold resources and mine life.
- Operations at Talisman have begun with site establishment complete and underground refurbishments commenced.
DIRECTORS' REPORT
The directors are delighted to report that activities this year have culminated in the securing of funds necessary to complete the first stage of transitioning the company from an explorer to producer. Having secured funding and completed an extensive compilation of all available data on the Talisman mine, your company has commenced site clearing and infrastructure establishment. This will allow the company to complete its prospecting of the additional underground areas of interest which will in due course provide additional targets.
The company has undertaken successful fund-raising activities and the board has approved the budget for both the remaining prospecting, site infrastructure installation and the bulk sampling program to commence. It is expected that there will be a transition from prospecting into bulk sampling in an efficient fashion as a consequence of the site infrastructure installation works currently being undertaken.
As was announced during the year New Talisman has expanded its board to five members, adding directors Charbel Nader and Tony Haworth. Whilst the board remains compact, these appointments, together with the prior year appointment of Murray Stevens, combined with the experience of the existing Directors bring together a wealth of expertise in mining, finance, and governance to further the company's objectives.
As previously announced, this time last year the company was focused on initiating small scale extraction as the first step to reopening the Talisman mine. Since then, with the additional data acquired in respect of 'Talisman Deeps', the decision was made to extend the scope and scale of prospecting activities to include areas identified by the data and to seek a certificate of compliance to allow the company to establish site infrastructure. This course of action is also expected to have the benefit of reducing the time from commencement of bulk sampling to first ore extraction, as some of the site infrastructure required for underground access would be in place at commencement of Bulk Sampling. This maximises the productivity of the 24 month bulk sampling consent period.
It is anticipated that the company's recent technical work on the project and information from the prospecting currently being undertaken may result in material changes to the 2013 Pre-Feasibility Study. The 2013 PFS was based on available data at that time without the benefit of the more detailed understanding we now have of the extensive ore bodies within the mine. One possibility depending on the final outcome of the work currently being completed, is consideration of a separate or extended bulk sampling and prospecting programme specifically targeting the 'Talisman Deeps'.
In addition, the historical geochemical and structural data the analysis of which is yet to be completed may well influence expectations concerning production volumes, grades and expected life of mine.
At the end of prospecting and completion of bulk sampling the company expects to have sufficient data to finalize a bankable feasibility study final scale, mining plan & mine life, commercial feasibility and funding requirements of the opportunity at the Talisman mine well into the future. Shareholders should note the importance of the metallurgical and geological data acquired in the near-term prospecting to fully understand the full extent of the Talisman mine opportunity.
To view the full report, please visit:
http://abnnewswire.net/lnk/R83M192C
About New Talisman Gold Mines Limited
New Talisman Gold Mines Limited (NZE:NTL) (ASX:NTL) is a dual listed with over 2,300 shareholders who are mainly from Australia and New Zealand. It is a leading New Zealand minerals development and exploration company with a mining permit encompassing the Talisman mine one of New Zealand's historically most productive gold mines. Its gold properties near Paeroa in the Hauraki District of New Zealand are a granted mining permit, including a JORC compliant mineral resource within the original Talisman underground mine, and a Heads of agreement with Newcrest on an adjacent exploration permit along strike from the mine. The company is now advancing its plans to develop the mine, and advance the exploration project.
More about New Talisman Gold visit the Company website, here.
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