BSG bolnisi gold nl

BSG announcement - Ocampo driling

  1. 668 Posts.
    20/05/2002 15:01:34
    Drilling commences at the Ocampo Gold-Silver Project

    BOLNISI GOLD NL 2002-05-20 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Company advises that infill and metallurgical drilling has
    commenced at the Ocampo Gold-Silver Project in Mexico.

    The first hole, ODH-239, was completed over the weekend, and was the
    first of a 33 hole, 4,900 metre Stage One program, which is designed
    to infill the drill pattern and therefore enable thecompletion of a
    block model, thus allowing the calculation of measured and indicated
    resources for the Plaza de Gallos and Refugio deposits. This will
    facilitate the completion of a definitive feasibility study. The
    entire campaign is expected to total about 13,000 metres.

    The Directors are also pleased to advise that Mr John Skeet has
    agreed to re-join the Company, as Development Manager. John will be
    responsible for metallurgy, as well as design and construction of the
    Ocampo Project. He will also manage the metallurgical, design and
    construction activities on the Roseby Copper Project in Queensland.
    Previously, John was responsible for the design, construction and
    commissioning of the Quartzite heap leach project, which he brought
    on stream on time and under budget.

    In separate news, the Company's 40% partner on the Ocampo Project,
    Gammon Lake Resources Inc ('Gammon Lake'), reported on the weekend
    that it had approved a private placement toraise CDN$6 million.
    Gammon Lake have announced that the majority of the capital raising
    will be used to fund a significant drilling and development program
    on tenements adjacent to the Ocampo Project, which are held 100% by
    Gammon Lake and over which the Company has certain rights of first
    refusal. This issue sees Gammon capitalised by the Canadian market at
    approximately A$70 million.

    For further information, contact Norman Seckold or Peter Nightingale
    on (61-2) 92475300

    P J Nightingale
    COMPANY SECRETARY



 
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