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12/9/2014 — Gold
NTL chairman reveals Newmont to undertake ore testing
The chairman of New Talisman Gold Mines Ltd (NZX & ASX: NTL), Murray McKee said that one of the latest milestones for re-developing the historic Talisman gold mine at Karangahake should be achieved by October 13.
This was completing all the documentation and procedures for the new High Hazards Unit now working with underground mining in New Zealand.
More recently New Talisman had gained resource consents from the Hauraki District together with an access agreement from the Department of Conservation.
McKee said that for trial testing of Talisman ore, about 50 tonnes was moved from the mine stockpiles you to a secured offsite storage facility as a prelude to preliminary metallurgical tests and for domination of the preferred process route for Talisman ore.
A further 20t of ore was also removed from site for testing, and he said yesterday the ore will be treated at Newmont Waihi Gold’s gold processing facility in Waihi, only a few kilometres from the mine.
McKee said based on work to date the indication is the indicated grade will exceed one ounce of gold per tonne gold and several ounces of silver.
He said the company balance sheet reflects the progress the company has made “on its journey from explorer to developer to producer.
“In 2013 the balance sheet reported net tangible assets of $1.384 million. In 2014 the comparable figure was $7.946 M,” he said.
On subsidiary Coromandel Gold Ltd, McKee said the objective had been to place this as a separate exploration asset going into another entity, and this has now been completed.
New Talisman has identified some key management for Coromandel Gold. There were now indications the market climate for exploration- which has been nearly cold for some time – may be starting to warm up.