Morgan,
NEWS RELEASE: LAVERTON PRODUCES!
Laverton Gold N.L. - News Release
Rawas project commissioned
Laverton Gold N.L. LAV
Shares issued 103,997,383 Dec 31 close $0.37
Tue 7 Jan 97 News Release
Mr Robert Matthews reports
The Rawas project was commissioned on January 5 1997. The plant was running
at 70 tonnes per hour (the equivalent of 600,000 tonnes per annum) within
one hour of commencement of operations.
The inaugural gold pour will be in approximately two weeks.
Hedging is in place at a price of US$406 per ounce for the first 160,000
ounces of gold which equates to over two years of production.
As a result of the 1996 exploration drilling program the preliminary
resource estimate indicates an increase of the total resource by 24% to
1,140,000 ounces. Consultants are currently working on a new reserve
estimate which is anticipated by the end of January 1997.
Elsewhere in the contract of work a silver/zinc deposit has been recently
reassessed and a resource has been established of 1.32 million tonnes at
145.3 g/t Ag, 10.88% Zn, 2.85% Pb, 0.67% Cu and 0.16 g/t Au (total resource
468,000 oz gold equivalent). The deposit contains skarn mineralization
adjacent to an intrusive body and the potential for extensions and further
discoveries is considered good. For this resource, no information is
available on treatment factors and equivalence has been estimated on the
average of LME cash buyers over the last quarter and on estimate of metal
recovery.
The company has reached agreement with clients of Eyres Reed to underwrite
the exercise of 38,872,802 options at $0.20 on or before the June 30 1997.
Agreement has been reached with Dresdner Australia to lend A$7,800,000
secured against these option underwriting agreements.
These funds, together with the overrun facility of US$2,000,000 from
Rothschild Australia, will provide the financing for the balance of
development costs of the Rawas gold project.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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Dan Byrne |
