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ACROW LIMITED — Capital/Financing Update 2009
Sep 2, 2009
64288_rns_2009-09-02_66740838-3966-4fee-94c0-753c591f15f8.pdf
Capital/Financing Update
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NOBLE MINERAL RESOURCES LIMITED SECURES 100% INTEREST IN CAPE THREE POINTS EXPLORATION PROJECT, GHANA
ANNOUNCEMENT
3 SEPTEMBER 2009
Noble Mineral Resources Limited (ASX: NMG “Noble”) is pleased to announce that the Company has been successful in finalising a binding agreement with its current joint venture (“JV”) partner, Consolidated Minerals Limited (“Consmin”) over the Cape Three Points Exploration JV tenure which allows Noble to acquire the remaining 65% interest held by Consmin in the project known as the Cape Three Points Gold Project (see Figure 1 below).
This agreement effectively brings Noble to 100% ownership of the project area which is approximately 88km[2] and located on the prolific Ashanti Gold Belt in Ghana West Africa.
This agreement is subject to regulatory approval of the Minerals Commission and Minister of Mines Ghana and the agreement has now been submitted to the appropriate Government departments for approval. Noble will pay $200,000 to secure the 100% interest in the exploration tenure upon receipt of all regulatory approvals and a further $200,000 60 days post Gold Production from any economical Gold deposit within the CTP Concession. The purchase agreement allows Consmin to retain a 1% Net Refinery Return and Noble holds the exclusive option to buy out this right to the 1% Net Refinery Return at any time based upon proven mineable gold reserves and subject to Consmin agreement to the sale.
Noble’s Managing Director, Mr. Wayne Norris, said the Company is delighted to have finalised the agreement with our current JV partner, Consmin, with Noble now moving through to 100% ownership at this early stage, this will assist the Company in exploration planning, implementation and management including direct liaison with the Minerals Commission and associated Government departments over the Project area.
The Cape Three Points Licence lies on the eastern margin of the Ashanti Gold Belt in Southwest Ghana. The project lies forty five kilometres (45km) south of Goldfields’ and AngloGold Ashanti’s mining operations in Tarkwa, and nineteen kilometres (19km) southwest of the Golden Star Resources mining operations at Hwini Butre.
Authorised by:
Wayne Norris Managing Director
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Suite 5, 100 Mill Point Road, South Perth, Western Australia, 6151 PO Box 371, South Perth, Western Australia, 6951 T: (61-8) 9474 6771 F: (61-8) 6389 3666 W: www.nobleminres.com.au
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Figure 1: Cape Three Points Exploration Project Location and Proximity to Operational Gold Mines
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About Noble Mineral Resources Limited
Noble Mineral Resources Ltd (“Noble”) is focussed on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana. Noble listed on the Australian Securities Exchange on 26 June 2008.
Noble’s primary gold concessions are two Exploration Licences, Cape Three Points and Tumentu , which cover some 88km² and are located within the world-class Ashanti Gold Belt in south eastern Ghana. Ghana is the second largest gold producer in the African continent and is the 10[th] largest gold producing nation in the world, with annual production of approximately 2.4 million ounces.
Noble’s immediate focus will be to evaluate the Cape Three Points Concession within the southern extension of the Ashanti Gold Belt. Initial exploration will be targeted towards the Satin Mine Project and the Morrison Project, which both lie in an area of historic underground gold production. Noble believes that there is significant potential for the delineation of additional high-grade gold mineralisation relating to the down-plunge and strike extension to these zones.
As well as these more advanced exploration opportunities, the Cape Three Points concession hosts three other project areas for immediate follow-up and five lower-priority prospect areas that Noble has earmarked for ongoing exploration.
The Tumentu Concession is located along strike between the Prestea gold mine and the 1.6 million ounce Salman-Anwia gold deposit currently being explored by ASX-listed Adamus Resources Limited. Artisanal mining, soil sampling, mapping and trench sampling, geological mapping and magnetic surveys have been undertaken and indicate anomalous gold levels within the concession.
The Company intends to apply the latest conceptual geological models and exploration strategies to these relatively under explored, highly prospective projects, with the aim of rapidly defining a JORCcompliant resource for development.
ASX Code: NMG
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