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tasgold ipo

  1. I thought this looked good .... but not one share traded since this announcement ... what am I missing?>


    Macmin Subsidiary, TasGold Ltd, Issues IPO Prospectus

    Document date: Thu 09 Jan 2003 Published: Thu 09 Jan 2003 11:11:54
    Document No: 150753 Document part: A
    Market Flag: N
    Classification: Issued Capital - Other , Other
    MACMIN SILVER LTD 2003-01-09 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    Macmin Silver subsidiary, TasGold Ltd (TasGold), has today lodged a
    prospectus (IPO) to raise $5.0M, which if successful, and subject to
    acceptance by the ASX, will lead to the listing of TasGold on the ASX
    in early April 2003.

    TasGold is a gold exploration and development company focused on
    high-grade, hybrid epithermal gold - VHMS and granite related gold
    deposits in its extensive, high prospectivity land holdings in two
    gold districts in Tasmania (see website, www.tasgold.com.au for
    project locations). Excellent high value, VHMS base-metal deposit
    potential is a bonus.

    Prospects have high-grade, diamond drill core results to 2m, of
    approximately 1 ounce/tonne gold (25.5g/t of gold + 8.5% combined
    lead/zinc) and there are approximately 80 sq km of untested gold
    anomalism with up to 16 ounces/tonne gold (501 g/t) in panned
    concentrate.

    One major project, the SMRV project covers a large area of rocks
    (approximately 429 sq km) similar to those containing
    world-class/major western Tasmanian ore bodies such as Rosebery,
    Mt Lyell, Hellyer, Hercules, Que River and Henty. It is the right
    geological address for very high value mineral deposits.

    An Inferred Resource of approximately 550,000 tonnes of 94.3g/t
    silver, 0.5g/t gold, 7.3% zinc, 3.4% lead, has been calculated for
    the Wart Hill Prospect, including trenches to 3m, at 35% combined
    zinc/lead and 680g/t silver. Soil samples to 14.78g/t Au at Wart Hill
    also indicate good gold potential.

    To maximise the probability of exploration success and minimise
    share holder risk, the company has more than 80 holes/9,000m of
    drilling planned for 2003 on 14 prospects, plus re-assaying of 1,135m
    of existing core for gold.

    Macmin plans to distribute its share holding in TasGold Ltd to
    Macmin shareholders by way of an in specie distribution, subject to
    TasGold achieving listing on the ASX.


    TasGold Directors include Peter McNeil, Denis O'Neill, Graham Fish,
    Warren Staude and Robert McNeil. Graham Fish and Warren Staude were
    recently appointed to the Board and the remaining directors are also
    directors of Macmin Silver Ltd. Warren Staude is also a director
    of Malachite Resources NL.

    DETAIL

    TasGold has the mineral rights to large parts of two separate gold
    districts in Tasmania, one of which was only recently recognised as a
    "gold district" and both of which are essentially untested for gold
    by drill holes. These districts feature different geological or
    mineralisation models ie: different types of gold deposits would be
    expected in each district.

    TasGold has title to a 40km long section of Mt Read Volcanics in
    Western Tasmania called the SMRV Project (Southern Mt Read Volcanics
    Project). Mineral Resources Tasmania (Tas Government) described the
    zone in a recent publication as follows "The Mt Read Volcanics belt
    is one of the richest volcanic-hosted massive sulphide provinces in
    the world. It forms the most conspicuously mineralised belt of rocks
    in Tasmania, being host to several world-class base-metal (known as
    VMS deposits) and precious-metal deposits and numerous medium-sized
    and small deposits. Recent progress in exploring for gold only
    hybrid VMS-epithermal gold; copper-gold porphyry systems, and fault
    associated gold has opened up large areas of the belt for renewed
    exploration ".

    The Mt Read Volcanics (MRV) has only recently (last 10 years or so)
    been recognised as a hybrid VMS - epithermal gold district. The MRV
    hosts the Henty Mt Julia gold deposit which contains 2.444M tonnes
    grading 11.16g/t gold. These figures do not include the recently
    discovered Darwin Zone, where drill intersections include 9m at
    410g/t gold, 12.7m at 18g/t gold, 14m at 15.8g/t gold (in one hole),
    15m at 40g/t gold and 7.3m at 92.8g/t gold. The MRV and thus the SMRV
    Project, could also host gold deposits such as Eskay Creek's 21 B
    Zone (Canada) with a reserve of 1.08Mt at 65.5g/t gold, 2930g/t
    silver, 5% zinc and 2.89% lead. The first hole in the 21B Zone
    intersected 61m at 99g/t gold and 29g/t silver.

    Both Henty - Mt Julia and 21 B Zone at Eskay Creek are recent
    discoveries (1982/83 and 1988 respectively) and both are hybrid VMS -
    epithermal gold deposits. Although very little drilling targeting
    gold has been completed in TasGold's SMRV Project, one hole 20 years
    ago did intersect what is now considered to be hybrid VMS epithermal
    gold mineralisation. This mineralisation is fairly similar in metal
    content to the 21 B Zone with a drill intersection of 3m at 17.5g/t
    gold, 3.95% zinc, 4.54% lead and 12.7g/t silver.

    When this drill result is added to the fact that there is more than
    80 sq kms of largely unexplored, gold anomalous area (geochemically),
    the SMRV Project area has exciting potential for the discovery of a
    major high grade gold discovery. There is a high probability of this
    Project containing economic hybrid VMS - epithermal gold deposits -
    and they could be very rich and profitable.

    The principals supporting TasGold have taken 10 years to assemble the
    present land package comprising the SMRV Project and thus TasGold now
    holds the entire +40 km long southern part of the MRV. This is a
    major strategic holding for a junior resource company. In addition to
    the gold potential, there is significant potential for high-grade,
    very high value base metal sulphide deposits.

    TasGold's second major project area is in northeast Tasmania.
    According to Mineral Resources Tasmania "Gold is widespread in
    northeast Tasmania, with several hundred small mines and prospects
    having been worked. The area has some similar geological
    characteristics to the goldfields of Victoria, to the north in
    mainland Australia". Major production in this area has come from the
    Tasmania Mine at Beaconsfield (a two million oz gold deposit) and
    from alluvial mining at Lisle within TasGold's licenses (250,000
    ozs).

    The Lisle Project gives TasGold exposure to shale-slate and/or
    thermal aureole granitoid hosted gold environments such as exist in
    Victoria, at Beaconsfield in Tasmania and at Pogo and Fort Knox in
    Alaska. The main area targeted for drilling at Lisle is adjacent to
    the old Lisle alluvial goldfield which produced 250,000 ozs of gold,
    mainly prior to 1900. Target models within granitoid rocks include
    high-grade vein deposits such as Pogo (9Mt at 17.8g/t gold) and
    disseminated bulk tonnage deposits such as Fort Knox (169Mt at
    0.93g/t gold). Drill results from within the Lisle Project have
    already confiraned that such potential exists and a major drill
    program is scheduled to commence soon after listing to further test
    the area.

    The Beaconsfield deposit, or Tasmania Mine, represents a structurally
    hosted gold deposit within sediments and similar mineralisation has
    been found above the granite contact at Panama within the Lisle
    Project. This target will also be drill tested in 2003.

    At Lisle, an economic gold deposit could be defined within a
    relatively short period of time.

    Some other reasons why TasGold has the characteristics of a
    successful minerals resource investment are as follows:

    * 14 advanced drill ready prospects in two highly prospective, but
    essentially unexplored (by drilling) gold districts. These are not
    recycled prospects that have been explored for gold several times in
    the past. Early recognition and prompt drill testing of key targets
    is critical in optimising opportunities and realising exploration
    value and TasGold fully understands this fact.

    * Gold in drill hole as high as 3m @ 17.5g/t in soils to 14.39g/t
    and to 501g/t in panned concentrate. Silver and base metals in trench
    to 680g/t silver, 22% zinc and 14% lead.

    * Finalised exploration programs that consist almost entirely of
    drilling - more than 9,000m planned in 2003 on 'high-grade' targets.
    Drilling assay results will become available from early 2003 and will
    continue throughout the year.

    * More than $6M has been spent by previous explorers on the SMRV
    Project alone to bring that Project to its present multi-prospect
    drill ready situation. TasGold has that data available to it.

    * No native title issues.

    * Directors and management all have extensive and successful
    experience in the mining industry and many years' exploration
    experience in Tasmania.

    * Tasmania has a long history of successful mining. It contains
    several world class deposits and many other smaller, often highly
    profitable deposits. The Stage Government is very supportive
    of exploration and mining.

    * One free Option with each subscribed share.

    It is also very important to note that the Henty/Julia Mine of Aurion
    Gold (now Placer-Dome) in the northern section of the MRV was
    initially identified when core drilled for base metals was re-
    assayed for gold in 1982/83. Within the SMRV Project we have access
    to approximately 3,850m of core drilled by previous explorers. Most
    of this core is from areas of surface gold anomalism but was not
    assayed for gold. A preliminary reassessment of this core has been
    completed and in 2003, approximately 1,135m will be assayed for gold.
    Further sections may also be identified for re-assay.

    TasGold directors include Peter McNeil, Denis O'Neill and Robert
    McNeil all of whom are presently directors of Macmin Silver Ltd.
    These directors are all successful explorationists and each director
    has been involved with several significant gold and/or base metal
    mine discoveries. Two additional non executive directors, Graham Fish
    and Warren Staude, have been appointed to TasGold. These directors
    add local, management, business and financial expertise to the
    company.

    Graham Fish is resident in Tasmania, graduated B Sc (Geology,
    Chemistry) in 1958, Dip Ed in 1961 and M Ed in 1980 from the
    University of Tasmania. Graham has 30 years of management experience
    in administration and education development in Tasmania. Graham has
    delivered papers and written science and education reports for UNESCO
    in Bangkok in 1983, and in Korea in 1988, for the South Pacific in
    Fiji in 1995, for International Conferences in Sydney in 1993 and New
    Zealand in 1994. Since retirement from full-time work Graham has been
    appointed as Deputy president of the Tasmanian Sports Federation Inc
    and Chair of the Tasmanian Sport and Recreation Skill Centre.

    Warren Staude is a graduate of the University of Sydney
    (B Sc,Geology) Macquarie University (M Sc, Mineral Economics) and
    holds a Graduate Diploma from the Securities Institute of Australia.
    He is currently the representative of the Securities Institute
    of Australia on the Joint Ore Reserves Committee and brings to the
    Company a wealth of experience in the Australian financial markets.
    Warren has 39 years professional experience in the mining,
    exploration and resource finance industries. He is a Non-Executive
    Director of Malachite Resources N L. He was formally with AMP
    Society's resource investment team, and spent some time in the
    stockbroking industry, and with GIO Australia Asset Management, where
    he managed GIO's listed and direct resource equity investments in
    Australia and internationally.

    The TasGold prospectus is available at www.tasgold.com.au or can be
    obtained from the company by phoning 1800 009 799.

    R D McNeil
    MANAGING DIRECTOR

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