GTM giants reef mining limited

May get under way in Dec

  1. 6,931 Posts.
    I like the sound of this. I hold Options so I am interested in them going up!!!

    Regards

    Desmond

    Dear Sir I Madam,
    For immediate release:
    CHARIOT - MINING NOTICE PERIOD
    As previously advised, a Feasibility Study into the Chariot Gold Deposit recommended in
    September 2002 that mining operations proceed.
    The Joint Venture Agreement of the Tennant Creek Central Number 2 Joint Venture
    "TCCNo2 J V between Giants Reef, Pacmin Mining NL (a wholly owned subsidiary of Sons
    of Gwalia Ltd) and Newmont NFM Ltd requires that the Management Committee meet to
    consider and determine the boundaries of the mining area to apply to the recommended
    mining operations.
    A re-convened meeting of the Management Committee was held last Friday, 1 November
    were determined. The boundaries of the mining area are the boundaries of Mineral Lease
    2002. Pacmin Mining NL did not attend. At that meeting the boundaries of the mining area
    Central 176, Mineral Lease Central 177 and Mineral Lease Central 23216.
    This is an important development for the progress of the TCCNo2 JV in that within 60 days of
    establishment of the boundaries of the mining area each Joint Venturer must make a
    decision on whether it elects to participate or not in mining operations in that Mining Area.
    characteristics of the Chariot Gold Deposit will provide for a substantial return on investment
    Giants Reef, as 57% owner and Manager of the TCCNo2 JV, is confident that the underlying
    for its shareholders. The deposit's current resource base is 404,000 tonnes at an average
    grade of between 18 to 21 grams per tonne. Over 96% of this resource is in the indicated
    category, Forecast cash operating costs are likely to be below $250 per ounce.
    It is important to note that the deposit remains open at depth past the current 300 metre level
    and that the largest mineable sections, that are also recording some of the highest grades,
    are occurring at this level and showing signs of widening.
    ZO/TO 3Wd
    Project development is forecast to commence in December 2002
    For further information please contact:
    Peter Smith
    Chief Executive Officer
    Giants Reef Mining Ltd
 
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