GEN 0.00% 1.9¢ genesis research and development corporation limited

Mark Creasy well positioned Dragon/Gallery/Dioro

  1. 4,330 Posts.
    http://www.miningnews.net/storyview.asp?storyid=9104
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    De Crespigny returns to rich list Greg Tubby 23 May 2002
    A HANDFUL of Australian miners have made it onto this year's BRW Rich 200 list, which was topped once again by media tycoon Kerry Packer despite recording the fastest falling fortune in the past year.
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    The brother-and-sister pair of Angela Bennett and Michael Wright head the list of resources-based fortunes, coming in at 40th place with $420 million.
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    Normandy Mining executive chairman Robert Champion de Crespigny
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    Bennett and Wright are recipients of half of Australia's most generous royalty deal, a 2.5% payment made by Rio Tinto on the 75 million tonnes of iron ore it mines a year in Western Australia's Pilbara region. The deal was negotiated by Lang Hancock and Peter Wright.
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    The other half of the royalty goes to Hancock's daughter, Gina Rinehart, who came in at 69th spot on the list with a $280 million fortune, maintaining her position as Australia's wealthiest woman.
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    Also in the vicinity, sharing 64th place on the Rich 200 list, are Perth-based entrepreneur Danny Hill and Griffin Coal Mining owner Ric Stowe.
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    Making it back onto the rich list in 132nd place with a $150 million fortune is Robert de Crespigny. Missing for several years during a period of low gold prices, de Crespigny returns after orchestrating a bidding dual for Normandy Mining between two of the world's biggest gold companies, ending his two decades in the gold industry with style.
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    A new entry to the ranks of Australia's wealthiest people is Queensland coal miner Ken Talbot, who floated Macarthur Coal in July last year. Listed at $1, the shares touched $1.72 in April and have since been trading around $1.50. Talbot owns 49% of the stock and has capped his salary at the lowest level among coal mining companies.
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    Rounding out the list of Australian resources-based fortunes is another Perth entrepreneur, Mark Creasy. Australia's premier private gold explorer and discoverer of the Bronzewing and Jundee mines, Creasy is well positioned to benefit from rising gold prices. His investments include Dragon Mining, Dioro Exploration, and Gallery Gold.
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    Program Update - Mungari East 21/5/02 11:52:59 AM
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    DIORO EXPLORATION NL 2002-05-21 ASX-SIGNAL-G
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    HOMEX - Perth
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    +++++++++++++++++++++++++
    Dioro Exploration NL ("Dioro") is pleased to provide an update on
    progress of the ongoing drilling program at the Mungari East gold
    project near Kundana, Western Australia, in which Dioro has a 49%
    interest.
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    As previously reported, a program of first-pass pre-collared diamond
    drilling is in progress to testthe source of the northern portion of
    the Winston Churchill geophysical anomaly. This anomaly extends for a
    total distance of approximately 2.5 km and lies 1.1 km west of the
    Frog's Leg deposit currently the subject of a feasibility study. It
    has not been previously evaluated by subsurface methods.
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    The Winston Churchill electromagnetic (EM) anomaly was identified
    from an airborne survey carried out over the entire Mungari East
    project area and lies partially beneath a salt lake in all area of no
    outcrop. The planned program comprises of two widely (400 metre)
    spaced traverses of declined diamond core holes to a nominal 120
    metres depth across the EM anomaly, with drill centres spaced at 40
    metres. Holes are pre-collared by aircore drilling in the weathered
    zone. All 7 holes totalling 985 metres have been completed on the
    first drill traverse, and drilling of the second traverse (4 holes)
    has just commenced.
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    Assay results have now been receivedfor the first two diamond core
    holes on the east side of the Winston Churchill prospect and the
    results are tabulated below:
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    WINSTON CHURCHILL DIAMOND CORE DRILLING PROGRAM INTERSECTIONS >0.5G/T AU
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    HOLE NO CO-ORDINATES FINAL DIP AZIMUTH INTERVAL INTERSECTION
    NORTH EAST DEPTH (G/T GOLD)
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    MEAC493D 6595712 332943 120.1 -60 070 76 - 77m 1.0m @ 1.14
    MEAC494D 6595696 332895 214.7 -60 070 132.92- 0.34m @ 5.46
    133.26m
    162.9 - 0.47m @ 8.65
    163.37m
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    The intersections in hole MEAC 494D include both narrow zones of
    gold-bearing quartz vein material and adjacent barren wall rocks and
    relate to the narrow quartz veins (some portions of which contain
    traces of visible gold) referred to in the Company's earlier release
    of 26 April 2002.
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    Theresults come from a previously undrilled part of the project area
    and are considered by Dioro Directors to be very encouraging. The
    intersections outlined above lie to the east of the main EM anomaly
    and are probably not related to the source of the EM anomaly, which
    is the prime drilling target, and therefore represent a hitherto
    unsuspected zone of mineralisation.
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    The significance of the discovery, including whether the veins are
    related to a strike extension of the well mineralised 'Raleigh Trend'
    (identified on adjacent tenements to the north managed by Auriongold)
    or a new mineralised trend can only be determined by further drilling.
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    An appropriate program to follow-up the intersections in MEAC493D and
    494D will be determined once the full results of the drilling program
    have been received and evaluated.
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    Further information on the Winston Churchill drilling program will be
    released to the market when available.
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    D McArthur DIRECTOR
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    Purchase of Signal Hill Gold Deposit 22/5/02 7:02:58 PM
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    GALLERY GOLD LIMITED 2002-05-22 ASX-SIGNAL-G
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    HOMEX - Perth
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    +++++++++++++++++++++++++
    The Company is pleased to announce that it has exercised an option to
    purchase the Signal Hill gold deposit in north-east Botswana from
    Sigmor Mines (Pty) Ltd.
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    Gallery Gold has today advised Sigmor Mines that it will be paying
    the US$473,850 exercise price to purchase the Signal Hill Mining
    Lease. Deadline for the payment is 20 June 2002. The approved Lease
    hosts the Signal Hill gold deposit which contains an inferred
    resource of 1.68 million tonnes @2.2 g/t gold for 119,000 ounces.
    Recently completed pit optimisation studies have indicated an open
    pit "recoverable resource" of 57,600 ounces of gold at a grade of
    2.52 g/t to a maximum vertical depth of 70 metres.
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    The deposit is located only 15 kilometres from the Company's wholly
    owned Mupane gold deposit where a definitive feasibility study for
    100,000 ounce per annum mine development is presently in progress.
    This study should be completed by March 2003 allowing for development
    to commence in mid 2003 and commencement of production no later than
    mid 2004.
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    It is proposed to truck ore from the Signal Hill satellite gold
    deposit to the central mill at Mupane. Additional exploratory
    drilling on the deposit is scheduled to commence the coming quarter
    and has the potential to significantly increase the present resource.
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    K McKayMANAGING DIRECTOR
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