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Green and red tape being cut by New Talisman
31 January 2014 In its long-awaited quest to get into re-establishing gold mining at the Talisman gold-silver mine at Karangahake, New Talisman Gold Mines Ltd (NZX & ASX: NTL) says it made several advances during the quarter.
Apart from the well publicised signing of an agreement with a Chinese investor group for $NZ10.9 million development money, the company has also signed an access agreement with the Department of Conservation on the Karangahake area and had received resource consents for development from the Hauraki District Council.
Executive director Matthew Hill said that in the December quarter New Talisman had also raised $348,445 before expenses through a share purchase plan, with funds to be applied to bulk sampling and trial mining at Talisman.
As reported earlier the heads of agreement was signed with Hong Kong-linked St Albans Pty Ltd for full funding of phase one development at Talisman, with a management and technical team due on site early in February.
St Albans was investing $10.9 M in return for the right to earn a 65% interest in the physical gold won from the project.
The proposal provides for the investor to set up a separate processing facility to treat the ore and first right of refusal on future joint ventures with NTL.
Unlisted subsidiary Coromandel Gold Ltd holds the Golden Valley gold project, also in the Hauraki Goldfield, for which there is a drilling programme under review once targets have been verified.
The 21.7% owned Broken Hill Prospecting Ltd (ASX: BPL) is advancing studies on establishing a sulphuric acid industry with pyrite concentrate from its cobalt-rich deposits in the Broken Hill region of New South Wales.