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 Price at posting:
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