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GRATIFII LIMITED — Capital/Financing Update 2011
May 16, 2011
65023_rns_2011-05-16_fcdca5bc-a998-44c1-8aa5-c7ac97aab97a.pdf
Capital/Financing Update
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Level 1, 350 Hay Street, Subiaco, Perth Western Australia 6008
17 May 2011
Company Announcements
Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000
Via E-lodgement
2 PURPOSE-BUILT DRILLING RIGS PURCHASED - IRON ORE DRILLING TO COMMENCE SHORTLY
Waratah Resources Limited (“Waratah”) (ASX: WGO) is pleased to announce that it has purchased two purpose-built diamond drill rigs along with all necessary associated drilling equipment and inventory of spare parts. The drilling rigs are being shipped directly to the Republic of Congo, allowing resource drilling to commence at Youkou, Waratah’s highgrade hematite direct shipping iron ore (“DSO”) Project. Owning the drilling equipment gives Waratah direct control and flexibility over the drilling schedule and will allow for a rapid and dedicated drilling programme.
The drilling rigs are capable of diamond drilling using both HQ and NQ diameter core. It is estimated that drilling will commence around the second week of July (subject to weather conditions). A highly experienced drill foreman has been engaged to manage the drilling, associated essential works and staffing to maximise drilling productivity wholly within the company. A demountable camp and heavy machinery are also being purchased and mobilised to site.
Mineralogy test results (recently announced to ASX on 12 May 2011) indicate Youkou DSO grades of up to 68% and also demonstrate low Phosphorous contaminant levels. Waratah will initially target these identified high grade DSO prospects at Youkou with the aim of defining a JORC compliant resource estimate in short order.
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Level 1, 350 Hay Street, Subiaco, Perth Western Australia 6008
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Figure 1 - The new diamond drilling rigs built for Waratah
ENDS
For further information please contact:
William Witham James Moses Exploration Manager Mandate Corporate T+61 8 6365 4532 T +612 8012 7702 M +61 417 097 172 M +61 420 991 574 www.waratahgold.com.au E [email protected]
Competent Person Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr WJA Witham B.Sc (Hons), MAIG an employee of Waratah Resources Limited. Mr Witham has sufficient experience that 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 Witham consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.