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KGL RESOURCES LIMITED Capital/Financing Update 2007
65179_rns_2007-05-23_5ceada32-8e58-496b-b0ee-c531fb7e7d32.pdf
Capital/Financing Update
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KENTOR GOLD LIMITED ABN 52.082.858.080
Corporate Office Level 3, 15 Queen Street Melbourne Victoria 3000 www.kenforgold.com Tel: +61 (3) 9621 1344 Fax: +61 (3) 9621 1544 E-mail: [email protected]
Kvrgyz Republic 235/2 Erkindik Prospect 720739 Bishkek
+996 (312) 621 389 Tel: $\text{Fax:}$ +996 (312) 665 759 E-mail: [email protected]
ASX/Media Release
24 May 2007
KENTOR GOLD LIMITED SECURES RIGHT TO EARN 70% INTEREST IN THE SAVOYARDY GOLD PROSPECT IN SOUTHERN KYRGYZSTAN IN DEAL WITH PERSEUS MINING LIMITED
- Kentor has added an advanced high grade gold project to its growing and diversified international portfolio
- Prospect explored by trenching and underground development, no significant drilling $\bullet$ to date
- Savoyardy is on strike with Majestic Gold's Sawayaerdun project across the Kyrgyz/Chinese border
- Kentor plans to commence exploration in the near future with the construction of access tracks and a drill rig ready to start.
Kentor Gold Limited has signed a Heads of Agreement with Perseus Mining Limited to earn a 70% interest in the very prospective Savoyardy exploration licence in southern Kvrgyzstan through the expenditure of US\$6 million on exploration and development of the license area.
Managing director Simon Milroy said the Savoyardy deal marks a significant step forward in Kentor's strategy of adding more advanced projects to its existing portfolio while continuing with the exploration in the highly prospective Tien Shan gold belt. The Savoyardy project will provide a base for a steady flow of news and results in the coming year and the exploration will commence in the very near future.
During the Soviet era a series of gold anomalies occurring along the 12 km length of the license area up to the border with China were identified. It is known that the mineralisation continues, as Majestic Gold announced that they have identified over 1.4 million ounces of resource at the Sawayaerdun project on the Chinese side of the border.
An underground adit has explored only 500 metres of the 12 km strike length and only to a depth of 100m. No significant drilling has taken place in the ore body and Kentor will be aiming to identify to a JORC compliant resource as quickly as possible.
For further information contact: Mr Simon Milroy Managing Director Phone: (03) 9621 1344 Email: [email protected]