Current SP – 43c
Shares – 92m (20m not quoted)
Options – 6m
Cash – $8.2m
Woodlark Island Project
Woodlark King – 175,000 oz (4 Mt at 1.4g/t Au)
Kulumadau – 840,000 oz (18.0 Mt at 1.5g/t Au)
Busai – 980,000 oz (20.7Mt at 1.5g/t Au)
Feasibility Study
* The Feasibility Study has not been delivered on time.
* Capital costs have increased since the Pre-Feasibility Study.
* Delays have been incurred from:
– Consulting engineers
– Supplier quotations due to mining industry pressures
* Presents challenge and opportunity:
– Revised timetable – Feasibility Study due for completion in third quarter 2012. This can accommodate current development schedule
– Allows for potentially larger plant by increasing reserves and optimising project
Since the information above was released, further reports from Kulumadau have been reported.
HIGH GRADE CONTINUITY AT KULUMADAU EAST CONFIRMED
Key Highlights:
Infill drilling has intersected shallow high grade intercepts of gold mineralisation under thin limestone cover at the Kulumadau East Zone.
Significant new assay results include the following:
• 21 metres @ 5.4g/t Au from 27 metres including 6 metres @ 16.4g/t Au from 41 metres
• 37 metres @ 1.7g/t Au from 33 metres including 11 metres@ 3.9g/t Au from 36 metres
HIGH GRADE DRILL RESULTS – KULUMADAU EAST
Key Highlights:
Latest infill drilling results confirm additional shallow high grade intercepts of gold mineralisation at the Kulumadau East Zone.
Significant new assay results in the core of the Kulumadau East zone include the following:
● 23 metres @ 20.2g/t Au from 58 metres including 14 metres @ 32.6g/t Au from 65 metres and 4 metres @ 91.7g/t from 75 metres
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