CFR 0.00% 0.6¢ cluff resources pacific nl

9,400 carats of uncut ruby

  1. 284 Posts.
    Not sure if it has been posted...but here it is finally...

    Cluff Resources Pacific NL
    ABN 72 002 261 565
    16 October, 2003
    The Manager (Companies),
    Australian Stock Exchange,
    Dear Sir,
    Strip 2 of the ruby mine, seven metres in width and contiguous to Strip 1, has progressed
    northwards, from 0 to 45 metres through gravels with a clayey matrix for the two sections
    reported below, then through a zone of boulders up to 80 metres, and through a channel with
    sandy gravels between this zone and 99 metres. Strip 3 has now commenced.
    Processing of 361 tonnes of ruby bearing clayey gravels from Section 4, Strip 2 (0 to 19
    metres measured from the southern end of Strip 2) yielded a total of 1,650 carats of facet
    quality uncut ruby and 703 carats of cabachon grade uncut ruby. This represents a grade of
    6.6 carats per tonne saleable to CPH. As cabachon quality stone (cut with a rounded polished
    surface and popular in Asian countries) grades into low value corundum, CPH will at a later
    stage be conducting test polishing of this stone to confirm Cluff's grading of cabachon stone.
    Processing of 521 tonnes of ruby-bearing gravels, from Section 5, Strip 2 (19 to 45 metres
    along Strip 2) yielded a total of 4,175 carats of facet quality uncut ruby and 2,872 carats of
    cabachon grade. This represents a grade of 13.5 carats per tonne. The higher grade is probably
    due to the sandier nature of the gravel. All stone reported is greater than 2 mm in diameter.
    Ruby bearing gravels have been continuous along this section of Strip 2, range in thickness
    from 0.5 to 1.95 metres, averaging 1.2 metres. Overburden thickness averaged 2.3 metres.
    Processing is continuing at the rate of approximately 150 tonnes per day, and concentrate
    continues to be upgraded through our Sydney facility.
    The ruby deposit occurs on EL 5336 held by NSW Gold, a 100% subsidiary of the Company.
    It is subject to a business arrangement with Consolidated Press Holdings by which Cluff
    Resources Pacific NL will receive 20% of the net profits from sale of gemstones marketed by
    CPH. CPH purchases the gemstones from Cluff at production cost plus 10%.
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