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DREADNOUGHT RESOURCES LTD — Regulatory Filings 2010
Apr 29, 2010
64785_rns_2010-04-29_74488757-b291-4c62-a7b7-e5bb19e21f2f.pdf
Regulatory Filings
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FOR IMMEDIATE RELEASE Friday April 30, 2010
SA’s ERO MINING IN FIRST GOLD POUR AT QUEENSLAND ALLUVIAL GOLD MINE
Adelaide-based explorer, ERO Mining Limited (ASX: “ERO”), has achieved first production from a new gold mining operation at its historic Georgetown Alluvial Gold Mine, 375 kilometres west of Cairns in northern Queensland.
Just 10 months after it acquired the Georgetown mine for A$2.65 million, ERO Mining today announced an initial sale of 42.5 ounces of gold bullion to an Adelaide refiner – representing its maiden production from the reinvigorated mine.
Anticipated revenue from the sale is expected to be around A$43,800 once refining has extracted the pure gold and silver credits.
“While this is a very modest sale, it is an important step for the Company and supports our belief in the quality of the Georgetown acquisition and its potential to generate meaningful future cash-flows,” ERO Mining’s Managing Director, Mr Kevin Lines, said.
The gold was acquired during the initial stages of an ore extraction program, which reported recovered gold grades of between 0.5 and 0.6 grams per loose cubic metre (lcm).
The Company has also launched a series of comprehensive sampling programs to quantify the volumes and grades of alluvial gold mineralisation within its 13 mining leases at Georgetown.
ERO Mining also announced today that it has applied for a 14th mining lease, 7 kilometres west of its current mining operations, where it intends to commence a bulk testing program following the completion of an Indigenous Land Use Agreement.
The new lease would bring ERO’s total exploration holdings at Georgetown to more than 520 hectares.
MEDIA CONTACTS:
Kevin Lines Kevin Skinner ERO Mining Field Public Relations (08) 8132 7970 / 0419 801 010 (08) 8234 9555 / 0414 822 631
issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 [email protected]