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30/9/2015 — Gold
Capital injection for New Talisman now under question
New Talisman Gold Mines Ltd (NZX & ASX: NTL) is now looking at its options after a proposed large Chinese investor failed to complete the transaction.
The company reported yesterday that Yang Xia has failed to settle the proposed investment of 182,855,330 ordinary shares in the company at a price of .008 per share. This was, NTL said, as contemplated by a term sheet struck on June 10.
Chief executive Matthew Hill said the board had issued a letter of demand to Xia.
Separately yesterday NTL disclosed it has received renewal of permission to enter and operate the historic Talisman mine at Karanghake from the Department of Conservation (DoC).
The consent allows NTL to start operations on re-developing the Talisman mine under conditions obtained from the Hauraki District Council in December 2013.
Hill commented that the renewal was in line with the project plan that allows for extraction of up to 20,000 cubic metres of ore per annum.
NTL was now awaiting the result of its application at Rahu for an extension of Land which would increase the area covered by its current mining permit.
NZResources.com reported recently that a clearance for Rahu could be a prelude to big Australian miner Newcrest Mining Ltd (ASX: NCM) becoming a joint venture partner for this target, seen as a potential geological clone to the old Karangahake mines.