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acquires key gold projects

  1. janart

    206 Posts.

    This sleeper may be about to show some signs of life. About bloody time. I hope John Jones can wave his magic wand over this on one(haha). I live in hope.
    Cheers John.

    Acquires Key Gold Projects from Gold Fields Subsidiary

    Document date: Mon 20 Jan 2003 Published: Mon 20 Jan 2003 12:27:28
    Document No: 231028 Document part: A
    Market Flag: Y
    Classification: Asset Acquisition , Progress Report

    HOMEX - Perth

    Anglo Australian Resources NL has completed an agreement with St Ives
    Gold Mining Company Pty Ltd a wholly owned subsidiary of Gold Fields
    Australia Pty Ltd, the Australian mining arm of Gold Fields Limited
    of South Africa to acquire two key gold exploration projects -
    Feysville and Carnilya - located south east of Kalgoorlie (refer
    attached map).

    The Feysville project consists of all mineral rights attached to two
    mining leases located 16km SSE of Kalgoorlie. The project is situated
    in the geological/structural corridor, bounded by the Boulder Lefroy
    Fault, that hosts the world class deposits of Kalgoorlie and St Ives
    as well as other substantial deposits in the New Celebration,
    Kambalda and Hannans South areas. Previous exploration by WMC
    Resources Ltd defined extensive surficial and supergene gold
    mineralisation as well as numerous gold bedrock intersections.
    Prospects remain underdrilled including a gold mineralised zone
    defined over 200m (values up to 10m @ 9.1g/tAu) that remains open on
    strike and at depth.

    The Carnilya project consists of the gold mining rights only attached
    to four mining leases located 45km south east of Kalgoorlie. The gold
    potential of the project has been poorly tested as a result of past
    exploration focusing on the nickel potential. Only 10% of all holes
    drilled on the project were assayed for gold. Gold exploration
    targets include two partially tested gold in soil anomalies (values
    up to 4m @ 2.14g/t Au).

    Consideration for the acquisition is 15,000,000 fully paid ordinary
    AAR shares at a price of 2.6c each and 7,500,000 options exercisable
    at 5c each. The acquisition and issue of shares and options will be
    subject to shareholder approval.

    As a consequence of a prior transaction between St Ives Gold Mining
    Company Pty Ltd and WMC Resources Limited the Feysville project is
    subject to a 1% gross royalty on gold and nickel as well as a 4%
    gross royalty on gold production in excess of 250,000oz and a price
    opportunity royalty of 10% of every dollar the gold price exceeds
    A$600 and the acquisition of the gold mining rights at Carnilya is
    subject to approval by WMC Resources Limited.

    Details of a drilling programme on the Feysville project will be
    announced on completion of the formal documentation.

    J L C Jones

    Information in this Report relating to geological data has been
    compiled by the Anglo Australian Resources NL Exploration Manager,
    Peter Komyshan, who:

    * is a full-time employee of Anglo Australian Resources NL;

    * is a Member of the Australasian Institute of Mining and Metallurgy
    and has had more than five years' experience in the field of
    activity reported herein;

    * has consented in writing to the inclusion of this data.

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