CRS 0.00% 8.2¢ caprice resources ltd

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    Taken from Egoli website

    Croesus looks to boost reserves by year's end
    August 26, 2002
    CROESUS has committed to spend around $8 million on exploration in the Norseman goldfield over the next 12 months after repaying the $20 million debt borrowed in January to acquire the project.

    The company now has $20 million in cash and no bank debt, with the quick repayment highlighting the cash generating capacity of the Norseman operation.

    Croesus managing director Mike Ivey said Norseman would likely yield around 188,000 ounces over the next 12 months at cash costs of "hopefully" less than $300 per ounce.

    That production comes with the 600,000 tonne per annum mill at full capacity, though with a component of lower-grade feed.

    The additional exploration aims to identify additional Norseman-style high grade ore, with three principle areas targeted - the main Norseman field, the lake country around the Harlequin mine, and the area east of Norseman where the new Daisy find was made.

    "We've got over 100 targets … [including] unfinished drill holes from 1960 that have got … ounce dirt in them," Ivey said.

    According to Macquarie analyst Ian Prentice, "the aggressive exploration push at Norseman provides confidence that a further reserve increase will be reported at the end of the year".

    Prentice also highlighted Croesus' current financial state as putting it in a position to be "able to pay a modest dividend and/or consider further corporate activity".

    Ivey told that if the right opportunity was one "that added value for us" the company was prepared to travel, while noting that the general Kalgoorlie region was Croesus' backyard.

    "For example, the Certao project in Brazil [subsequently acquired by Troy Resources] was one of the things we were looking at," Ivey said. "Beautiful little high-grade thing … and worth the agony of going to Brazil for."

    However, he reiterated that Croesus' modus operandi involved assessing opportunities as and when they appeared as opposed to setting future growth targets per se.


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