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IONDRIVE LIMITED — AGM Information 2012
Nov 21, 2012
65132_rns_2012-11-21_1145badc-56c9-478d-afbd-7d1c0116d86d.pdf
AGM Information
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22 NOVEMBER 2012
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MEDIA RELEASE
SOUTHERN GOLD TO TEST MAIDEN PRODUCTION OPTIONS
Speaking yesterday afternoon at the AGM of Southern Gold (SAU) (Wednesday, November 21) chairman Greg Boulton said the company would undertake a prefeasibility study to examine open pit and/or underground mining and toll treating options for its Cannon Gold resource at Bulong, near Kalgoorlie, Western Australia.
Mr. Boulton said the establishment of a 94,500oz resource (896,000t at a grade of 3.3g/t) at Cannon, coupled with positive results from regional exploration, indicated that Southern Gold was moving closer to the point for a decision on development, at its flagship resource, that could provide a revenue stream to support further exploration of its overall project area, where 30 new gold anomalies had been identified in the past year.
“With cash reserves of more than $3m, we consider it prudent to invest in a detailed pre-feasibility to ensure that our models are robust and bankable,” said Mr. Boulton.
“Our confidence in this region prompted us to divest ourselves of two large project areas - the Challenger JV in South Australia, and our Cambodian assets – in order to focus our financial and management resources on Bulong.
“That confidence received a major boost at the beginning of the year when Integra Mining paid more than $1m to become a cornerstone (12.5%) investor in our project,” he said.
Southern Gold has increased its market capitalisation by 45% during the past year during a period of economic uncertainty that has seen many Australian exploration companies struggle.
A full transcript of the Chairman’s address was lodged with the ASX on 21 November 2012, and a recording of the presentation will be uploaded to the BRR media and the Company’s website.
For further information please contact:
Southern Gold Limited PO Box 255 Kent Town, South Australia
W: www.southerngold.com.au E: [email protected]
Southern Gold Limited 229 Greenhill Rd w: www:southerngold.com.au PO Box 255 t 08 8368 8888 ABN 30 107 424 519 Dulwich e: [email protected] Kent Town f 08 8368 8899 South Australia 5006 South Australia 5071
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Cannon Gold Resource Estimate Table
| Type | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Total | Total | Total |
|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Au | Au | Tonnes | Au | Au | Tonnes | Au | Au | |
| t | g/t | Ounces | t | g/t | Ounces | t | g/t | Ounces | |
| Oxide | 8,400 | 3.0 | 800 | 1,000 | 1.4 | ‐ | 9,000 | 2.9 | 900 |
| Transitional | 113,700 | 3.1 | 11,400 | 25,700 | 1.3 | 1,100 | 139,000 | 2.8 | 12,500 |
| Fresh | 549,500 | 3.8 | 66,600 | 198,300 | 2.3 | 14,600 | 748,000 | 3.4 | 81,100 |
| Total | 672,000 | 3.6 | 78,800 | 225,000 | 2.2 | 15,700 | 896,000 | 3.3 | 94,500 |
The information in this report that relates to Mineral Resources is based on information compiled by Mr Aaron Green. Mr Green who is a full time employees of Runge Limited and a Member of the of the Australian Institute of Geoscientists, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he has undertaken to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for the Reporting of Mineral Resources and Ore Reserves. This table should be read in conjunction with details of Resource parameters which are available in the ASX Announcement dated 23 June 2011
Competent Person’s Statement
The technical information in this report has been compiled by Ian Blucher (MSc) as an employee of Southern Gold and who is a member of the AusIMM and is bound by and follows the Institute’s codes and recommended practices. As a Competent Person, he has a minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given prior written consent to the following announcement in the form and context in which it appears.
Southern Gold Limited ABN 30 107 424 519
229 Greenhill Rd Dulwich South Australia 5006
w: www:southerngold.com.au e: [email protected]
PO Box 255 t 08 8368 8888 Kent Town f 08 8368 8899 South Australia 5071