NMC nustar mining corporation limited

announcement

  1. 15 Posts.
    Ore Production Commences
    The first ore at the Paulsens gold mine
    has been delivered to surface on schedule.
    Face sampling has confirmed high gold grades.
    Underground development has provided access
    to the orebody on the 1082 mRL and 1067 mRL levels,
    approximately 120 and 135 metres below
    surface respectively.
    On the 1082 level, the cross-cut face is currently
    within the Lower ore zone. Assays of rock chip samples
    across the 4.7 metre wide face (running parallel to the
    strike of the orebody) averaged 27.3 g/t.
    On the 1067 level, development has cut through
    the Lower ore zone. Visible gold was observed
    and rock chip sampling of the cross-cut wall returned
    2.8 metres at an uncut grade of 68.1 g/t (38.8 g/t if top
    cuts consistent with the resource estimate are applied).
    Orebody true width within the cross-cut is 1.5 metres.
    The first assay results are significant and highly
    encouraging, however they should not be interpreted
    to represent the resource as a whole. The mining
    reserve grade remains 10.7 g/t.
    Orebody geometry observed underground is consistent
    with expectations. Most significantly, the mineralisation
    is readily identifiable, with visible assessment of ore
    grade boundaries precisely matching assay results.
    Development headings on the 1075 and 1060 mRL levels
    are currently approaching the orebody. By month’s end
    six ore drives will be in operation providing an initial ore
    stockpile and sufficient stoping areas to sustain
    production at the planned 250,000 tonnes per annum.
    First ore production and visual confirmation
    of orebody characteristics are important project
    milestones. Ore will be stockpiled on surface prior
    to the commencement of gold production in May 2005.
    Colin G. Jackson
    Chairman
    17 January 2005
    ASX
    SHAREHOLDERS
    REPORT
    Enquiries regarding
    this report may be directed to:
    Colin G. Jackson
    Chairman
    Telephone 0417 929 107
    or
    Brett Lambert
    Acting Chief Executive Officer
    Telephone (08) 9346 0000
    Overseas +61 8 9346 0000
    NuStar Mining Corporation Limited
    ABN 11 060 156 452
    Level 2, 34 Colin Street
    West Perth
    Western Australia 6005
    Telephone (08) 9346 0000
    Overseas +61 8 9346 0000
    Enquiries regarding the takeover offer
    by Sedimentary Holdings should
    be directed to:
    Colin G. Jackson
    Chairman
    Telephone 1800 811 109 (toll free)
    www.nustarmining.com.au
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.