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
GTM
giants reef mining limited