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ACROW LIMITED — Capital/Financing Update 2012
Apr 18, 2012
64288_rns_2012-04-18_35fd409d-9eed-4d39-928f-63eb532cc742.pdf
Capital/Financing Update
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April 19, 2012
Noble Completes $20M Placement
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Processing Plant commissioning on track
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SAG Mill and Reclaim Feeder system set to increase feed tonnage to CIL circuit
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Significant drill results at The Gap and Big Mug
Noble Mineral Resources (ASX: NMG) is pleased to advise that it has successfully completed its current round of capital raising with a $20 million share placement to Australian and international institutional and sophisticated investor clients of BBY Ltd. This raising has included strong support from existing major shareholders.
The proceeds from the raising will underpin the development of Noble’s Bibiani Gold Project in Ghana where the Company poured its first gold last month. This includes the final commissioning phase of the 3Mtpa processing plant, mining and development of resources and reserves in the satellite pits in close proximity to the processing plant plus general working capital.
The placement will be done in two tranches structured as follows:
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(a) Tranche 1 – approximately 39.1 million Shares at an issue price of $0.345 per Share and approximately 19.6 million free-attaching Options exercisable at $0.48 expiring 1 May 2015 to raise approximately $13.5 million; and
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(b) Tranche 2 – approximately 18.9 million Shares at an issue price of $0.345 per Share and approximately 9.4 million Options exercisable at $0.48 expiring 1 May 2015 to raise up to approximately $6.5 million.
The allotment of shares under Tranche 1 will occur on 24 April 2012. Tranche 2 is subject to shareholder approval.
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Processing Plant
The commissioning of the processing plant is nearing completion with overall availability, recovery and head grade at or better than target. The only remaining part of the wet plant still to be commissioned will be brought online over the next week along with the SAG mill and reclaim feeder system which will significantly increase the feed tonnage to the Carbon-In-Leach (CIL) circuit. The elution circuit has been optimised for higher plant throughput and the increased demand for gold stripping.
The primary crusher installation is continuing with the motor control centre now commissioned successfully with the control circuitry to follow.
Drill Results
Recent drilling has concentrated on grade control drilling at the Walsh-Strauss Gap with results indicating that The Gap will be connected to the Strauss Pit. Resource definition drilling continues at Big Mug with the encouraging results summarised below.
Significant recent intercepts include:
3m @ 19.40 g/t from 25m Walsh-Strauss Gap o Including 1m @ 56.03 g/t 3m @ 2.14 g/t from 20m Walsh-Strauss Gap o Including 1m @ 4.66 g/t 2m @ 8.75 g/t from 78m Big Mug o Including 1m @ 14.50 g/t 10m @ 1.52 g/t from 60m Big Mug o Including 1m @ 9.52 g/t 4m @ 2.42 g/t from 136m Big Mug o Including 1m @ 3.97 g/t
Walsh -Strauss-Gap
The cluster of grade control holes located within 6580N-6470N/11860E-1900E show a concentration of high grading notably GPGC 812 (1m @ 56g/t; 3m @ 19.4g/t) and GPGC 448 (1m @ 40.4g/t). Two persistent sub-parallel high grade zones have now been traced over a strike length of 200m.
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Figure 1. Walsh-Strauss-Gap plan view with recent drilling results
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Strauss Pit Design
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Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Big Mug
Big Mug is the northern strike extension of the Main Pit Bibiani Shear. The current review of the structure at Big Mug has paved the way for several hits of appreciable widths and grades as seen from the section in Figure 2. Near surface, the body has a steep westerly dip which assumes sub vertical with increasing depth and swings to steep easterly dip further down. Current preliminary pit shell around the mineralised trend stretches over 700m.
Figure 2. Big Mug Section 6285N
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Mining
Mining has progressed well at Aheman and Strauss with a 3[rd] 100 tonne excavator brought in to increase production. Oxide ore has been stockpiled on the ROM pad as initial feed for commissioning of the crushing circuit of the main process plant. A 2[nd] blasthole rig has been mobilised to site to handle any hard ground encountered in the cutbacks.
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Mining of the old tailings is ongoing providing ore feed for the CP plant. Additional equipment has been purchased consisting of Komatsu excavators (60T & 45T) and Komatsu 40T trucks and is being mobilised to site to increase production of the levee material and raise the walls of the new tailings storage facility.
Authorised by: Wayne Norris Managing Director
Competent Person’s Statement
The information in this announcement that relates to Exploration Results, Mineral Resource or Ore Reserves is based on information compiled by Mr Mark Laing (BE (Hons), Mining), who is a Corporate Member of the Australasian Institute of Mining and Metallurgy. Mr Laing is a full-time employee of Noble Mineral Resources Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Laing consents to the inclusion in this report of the matters based on his information in the form and content in which it appears.
About Noble Mineral Resources Limited
Noble Mineral Resources Limited listed on the Australian Stock Exchange on 26th June 2008 with a focus on exploring for large-scale gold deposits in the world-class Ashanti Gold Belt in Ghana, West Africa. In November 2009, the Company entered into an agreement for the acquisition of the Bibiani Gold Mine, a project located in the Sefwi-Bibiani Gold Belt in Ghana, host to over 30 Million Ounces of gold. On July 20th 2010 the final Share Transfer Form was executed to consummate the purchase.
Noble’s other primary gold concessions are Exploration Licences at Cape Three Points, Brotet and Tumentu, which cover some 141.3km² and all are located within the world-class Ashanti Gold Belt in south western Ghana. Ghana is the second largest gold producer in Africa and is the 10th largest gold producing nation in the world, with annual production of approximately 2.9 Million Ounces. Noble’s on-going focus will be to expand the drilling program at Bibiani to target new shallow resources near the Bibiani Mine and adjacent tenements while still progressing the Cape Three Points, Brotet and Tumentu Concessions within the Southern extension of the Ashanti Gold Belt. Initial exploration at Cape Three Points will be targeted towards the Satin Mine Project and the Morrison Project, both of which lie in an area of historic underground gold exploration. 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. When added to the potential now available at Bibiani it will place Noble in a strong position to achieve its goal in building Australia’s next major gold mining house.
The Company recognises the Bibiani, Cape Three Points, Brotet and Tumentu concessions are relatively under explored, highly prospective projects and aims to rapidly redefine JORC-compliant resources for development.
ASX Code: NMG
www.nobleminres.com.au
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Appendix 1a – March 2010 JORC Mineral Resource Estimate
| TONNAGE | GRADE | CONT'D GOLD | ||
| 0.5 g/t cut-off | ||||
| Tonnes | (Au g/t) | Ounces | ||
| Measured | 6,560,000 | 2.05 | 430,000 | |
| Indicated | 13,370,000 | 1.77 | 760,000 | |
| BIBIANI MAIN PIT | ||||
| Total M&I | 19,920,000 | 1.86 | 1,190,000 | |
| Inferred | 13,060,000 | 1.89 | 790,000 | |
| Total | 32,980,000 | 1.87 | 1,980,000 |
Global Mineral Resource Estimate based on a cut-off grade of 0.5g/t
Appendix 1b – November 2011 JORC Resource Estimate
| TONNAGE | GRADE | CONT'D GOLD | ||
| SATELLITE AREAS | 0.4 g/t cut-off | |||
| Tonnes | (Au g/t) | Ounces | ||
| Measured | - | 0.00 | - | |
| AHEMAN | Indicated | 607,500 | 0.73 | 14,300 |
| Inferred | - | 0.00 | - | |
| Measured | 1,748,000 | 1.68 | 94,400 | |
| WALSH-STRAUSS PRELIMINARY |
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| Indicated | 2,430,000 | 1.12 | 87,500 | |
| Inferred | 6,000 | 1.69 | 300 | |
| Measured | - | 0.00 | - | |
| GRASSHOPPER | Indicated | 433,200 | 1.25 | 17,400 |
| Inferred | 4,800 | 1.20 | 200 | |
| Measured | - | 0.00 | - | |
| OLD TAILINGS* | Indicated | 2,860,200 | 0.70 | 64,000 |
| Inferred | - | 0.00 | - | |
| Total | 8,089,700 | 1.07 | 278,100 |
Global Mineral Resource Estimate based on a cut-off grade of 0.4g/t * Cut-off grade 0.0g/t
TOTAL RESOURCES = 41.1Mt @ 1.71 g/t (2.26Moz)
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Appendix 2 – Proved and Probable Ore Reserves as at June 2011
| Bibiani Main Pit Proved and Probable Ore Reserves – June 2011 | ||||||||||||
| Oxide | Fresh | Fill | Total | |||||||||
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | |
| Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | |
| Proved | ‐ | ‐ | ‐ | 5,020 | 2.17 | 349 | ‐ | ‐ | ‐ | 5,020 | 2.16 | 349 |
| Probable | 360 | 1.34 | 16 | 6,280 | 2.02 | 407 | 340 | 1.73 | 19 | 6,980 | 1.97 | 441 |
| Total | 360 | 1.34 | 16 | 11,300 | 2.08 | 756 | 340 | 1.73 | 19 | 12,000 | 2.05 | 790 |
| Derived from Measured and Indicated Mineral Resources using a cut‐off grade of 0.6g/t |
Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves as at October 2011
| Bibiani Walsh to Grasshopper Satellite Pits Proved and Probable Ore Reserves – October 2011 | ||||||||||||
| Oxide | Transition | Sulphide | Total | |||||||||
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | |
| Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | Kt | g/t | Kozs | |
| Proved | 181 | 1.30 | 8 | 132 | 1.70 | 7 | 753 | 2.22 | 54 | 1,065 | 2.00 | 69 |
| Probable | 448 | 1.39 | 20 | 172 | 1.71 | 9 | 102 | 2.05 | 7 | 722 | 1.56 | 36 |
| Total | 628 | 1.36 | 28 | 303 | 1.70 | 17 | 855 | 2.20 | 61 | 1,787 | 1.82 | 105 |
| Derived from Measured and Indicated Resources using a cut‐off grade of 0.5g/t |
Tailings Deposits Probable Ore Reserves as at November 2011
| Bibiani Tailings Deposits Probable Ore Reserves – November 2011 | |||
| Deposit | Tonnes | Grade | Cont’d Gold |
| Kt | Au(g/t) | Kozs | |
| Dams 1 & 2 | 850 | 0.74 | 20 |
| Levees 6 & 7 | 2,030 | 0.65 | 43 |
| Total | 2,880 | 0.68 | 63 |
TOTAL RESERVES = 16.7Mt @ 1.79 g/t (958,000oz)
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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Appendix 3 – Recent Drill Results
| Interval (m) |
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|---|---|---|---|---|---|
| Au (g/t) | Hole | From | Including | Comments | |
| Walsh-Strauss Gap | |||||
| 3 | 4.0 | GPGC_931 | 4 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 3.13 | GPGC_765 | 27 | Walsh-Strauss Gap Grade Control Drilling | |
| 1 | 2.77 | GPGC_978 | 18 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 2.61 | GPGC_953 | 7 | Walsh-Strauss Gap Grade Control Drilling | |
| 1 | 2.49 | GPGC_744 | 8 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.93 | GPGC_751 | 15 | Walsh-Strauss Gap Grade Control Drilling | |
| 4 | 1.62 | GPGC_930 | 17 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.58 | GPGC_764 | 8 | Walsh-Strauss Gap Grade Control Drilling | |
| 1 | 1.35 | GPGC_767 | 17 | Walsh-Strauss GapGrade Control Drilling | |
| 2 | 1.17 | GPGC_749 | 37 | Walsh-Strauss Gap Grade Control Drilling | |
| 2 | 1.1 | GPGC_938 | 26 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.06 | GPGC_757 | 33 | Walsh-Strauss Gap Grade Control Drilling | |
| 3 | 19.4 | GPGC_812 | 25 | Walsh-Strauss GapGrade Control Drilling | |
| 26 | **1m @ 56.03g/t ** | ||||
| 6 | 2.31 | GPGC_818 | 24 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.85 | 16 | Walsh-Strauss GapGrade Control Drilling | ||
| 4 | 2.1 | GPGC_775 | 15 | Walsh-Strauss GapGrade Control Drilling | |
| 3 | 2.14 | GPGC_810 | 20 | Walsh-Strauss GapGrade Control Drilling | |
| 22 | **1m @ 4.66g/t ** | ||||
| 2 | 2.35 | GPGC_776 | 28 | Walsh-Strauss GapGrade Control Drilling | |
| 2 | 3.61 | GPGC_814 | 7 | Walsh-Strauss GapGrade Control Drilling | |
| 3 | 1.74 | 14 | Walsh-Strauss GapGrade Control Drilling | ||
| 1 | 4.59 | GPGC_803 | 48 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 2.86 | GPGC_778 | 19 | Walsh-Strauss GapGrade Control Drilling | |
| 2 | 2.63 | GPGC_793 | 6 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.36 | GPGC_794 | 47 | Walsh-Strauss GapGrade Control Drilling | |
| 4 | 1.7 | GPGC_802 | 4 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.82 | GPGC_813 | 8 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.18 | 38 | Walsh-Strauss GapGrade Control Drilling | ||
| 1 | 1.79 | 50 | Walsh-Strauss GapGrade Control Drilling | ||
| 4 | 1.32 | GPGC_774 | 18 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.24 | GPGC_785 | 49 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 2.3 | GPGC_777 | 21 | Walsh-Strauss GapGrade Control Drilling | |
| 1 | 1.06 | GPGC_796 | 8 | Walsh-Strauss GapGrade Control Drilling |
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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| Interval (m) |
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|---|---|---|---|---|---|
| Au (g/t) | Hole | From | Including | Comments | |
| 1 | 2.01 | GPGC_815 | 20 | Walsh-Strauss GapGrade Control Drilling | |
| 2 | 1.36 | GPGC_816 | 21 | Walsh-Strauss Gap Grade Control Drilling | |
| 1 | 2.35 | GPGC_817 | 24 | Walsh-Strauss GapGrade Control Drilling | |
| Big Mug | |||||
| 4 | 2.42 | BM12_007 | 136 | BigMug: Re-split from Resource Definition drilling | |
| 137 | **1m @ 3.97g/t ** | ||||
| 3 | 0.82 | 1 | BigMug: Re-split from Resource Definition drilling | ||
| 7 | 1.63 | BM12_009 | 32 | BigMug: Re-split from Resource Definition drilling | |
| 36 | **1m @ 3.90g/t ** | ||||
| 10 | 1.52 | 60 | BigMug: Re-split from Resource Definition drilling | ||
| 69 | **1m @ 9.52g/t ** | ||||
| 1 | 1.34 | BM12_013 | 196 | BigMug: Re-split from Resource Definition drilling | |
| 1 | 1.40 | 188 | BigMug: Re-split from Resource Definition drilling | ||
| 1 | 1.40 | 157 | BigMug: Re-split from Resource Definition drilling | ||
| 10 | 1.01 | BM12_015 | 92 | BigMug: Re-split from Resource Definition drilling | |
| 2 | 8.75 | BM12_018 | 78 | BigMug: Re-split from Resource Definition drilling | |
| 79 | 1m @ 14.5g/t | ||||
| 1 | 1.26 | 83 | BigMug: Re-split from Infill drilling | ||
| Elizabeth | |||||
| 4 | 1.66 | EL12_066 | 11 | Re-split from Elizabeth Infill drilling | |
| 13 | 1.39 | EL12_071 | 19 | Re-split from Elizabeth Infill drilling | |
| 1 | 1.17 | EL12_081 | 11 | Re-split from Elizabeth Infill drilling | |
| 1 | 1.68 | 38 | Re-split from Elizabeth Infill drilling | ||
| 16 | 0.63 | EL12_069 | 24 | Re-split from Elizabeth Infill drilling | |
| 1 | 1.05 | EL12_065 | 3 | Re-split from Elizabeth Infill drilling | |
| 1 | 2.56 | EL12_080 | 9 | Re-split from Elizabeth Infill drilling | |
| 1 | 1.65 | EL12_082 | 12 | Re-split from Elizabeth Infill drilling |
Only results >1.0 g/t have been reported or intercepts longer than 10m above 0.5 g/t.
Suite 3c, South Shore Centre 85 South Perth Esplanade South Perth, WA 6151
Telephone +61 (0)8 9474 6771 Facsimile +61 (0)8 9474 6772
Email [email protected] Web www.nobleminres.com.au
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