Australia's junior explorers - The ASIA Miner
Australia's junior explorers - The ASIA Miner Australia's junior explorers - The ASIA Miner
Malaysia Sokor gold resources increase 35% ONGOING exploration at CNMC Goldmine Holdings’ Sokor Gold Project in Kalantan state, Malaysia, has led to a 35% increase in gold resources. The 103,300 ounce increase means that the producing Sokor operation now hosts 503,000 JORC-compliant ounces of gold. CNMC, which is the first Catalist-listed gold mining company on the Singapore Exchange Securities Trading Limited, owns 81% of the Sokor project. There are four identified gold deposits on the 10sqkm pr oject - Manson’ s Lode, New Discovery, Sg Ketubong and Rixen. The company announced the pr evious resource of 372,700 ounces on June 30, 2011, and since then 21 holes have been drilled for a total of 1746.03 metres at Rixen and four holes for a total of 895.93 metr es at Ketubong. It is the company’s second resource update since its listing on October 28, 2011, with r esource estimates steadily increasing at a healthy pace. The latest update has been compiled by CNMC’s independent r esource consultant Optiro using a 0.3 grams/tonne gold cut-of f for the Rixen deposit and a 0.5 grams/tonne cut-off for the three other deposits. 40 | ASIA Miner | July/August 2012 In total the four deposits have JORC-compliant resources of 8.59 million tonnes at a grade of 1.7 grams/tonne in the measur ed, indicated and inferred categories for a total of 503,000 ounces. Of these there are 630,000 tonnes @ 3.3 grams/tonne for 73,000 ounces in the measured category, 2.8 million tonnes @ 1.5 grams/tonne for 149,000 ounces in the indicated category and 5.16 million tonnes @ 1.5 grams/tonne for 281,000 ounces in the inferred category. CNMC Goldmine Holdings’ executive director and chief executive officer Chris Lim says, “We are very happy with our latest milestone. CNMC places great emphasis on getting high standard JORC-compliant reports that can withstand independent scrutiny. In addition, the further increase in the estimates of gold resources is a strong testimonial to CNMC’s beliefs and strategies. We will continue to balance our exploration activities and gold production efforts to achieve maximum value. “While exploration efforts are an important priority of the gr oup’s strategies to enhance shareholder value, we are also taking steps to CNMC Goldmine Holdings Sokor project is in the far north of mainland Malaysia, not far from the Thai border. enhance our production capacity to produce more refined gold, and to date, we have pr oduced more than 3000 ounces of gold.”
MONUMENT Mining was confident of completing work on the phase III gold plant expansion at the Selinsing project by the end of June. The company says the expansion will allow it to boost annual processing capacity at the pr oject in central Malaysia to 1 million tonnes. The facility provides flexible treatment options for variable ore types. The construction budget totalled Can$8 million and the company estimates pay back from operating cash flow in three months. Gold production during the March quarter was 10,676 ounces compar ed to 11,904 ounces for the same quarter in the pr evious fiscal year. The average r ealized price per ounce of gold sold was $1698 during the quarter compared to $1,404 for the corr esponding quarter in the pr evious fiscal year, an increase of 21%. Monument’s CEO and pr esident Robert Baldock says, “The total production decreased about 9% when compar ed both to the 2011 corresponding quarter and the December quarter. This was mainly due to lower mill feed grade and a lower processing recovery Selinsing expansion to boost processing rates Construction of the phase III expansion at Monument Mining’s Selinsing Gold Project. rate. The total production level is expected to rise when the plant capacity is incr eased as part of the expansion.” Along with the lower pr oduction, gold income decreased by more than $1.865 million to $8,430,279, net of operating and corporate expenses. The decline was partially of f- Malaysia set by higher gold prices. There was total revenue of $12.4 million generated fr om gold sales of 7301 ounces. Exploration at the company’s properties in the nine months to March 31 produced 8356 drill metres of which 4566 drill metr es were completed during the March quarter. July/August 2012 | ASIA Miner | 41
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Malaysia<br />
Sokor gold resources increase 35%<br />
ONGOING exploration at CNMC Goldmine<br />
Holdings’ Sokor Gold Project in Kalantan state,<br />
Malaysia, has led to a 35% increase in gold resources.<br />
<strong>The</strong> 103,300 ounce increase means<br />
that the producing Sokor operation now hosts<br />
503,000 JORC-compliant ounces of gold.<br />
CNMC, which is the first Catalist-listed gold mining<br />
company on the Singapore Exchange Securities<br />
Trading Limited, owns 81% of the<br />
Sokor project. <strong>The</strong>re are four identified gold deposits<br />
on the 10sqkm pr oject - Manson’ s<br />
Lode, New Discovery, Sg Ketubong and Rixen.<br />
<strong>The</strong> company announced the pr evious resource<br />
of 372,700 ounces on June 30, 2011,<br />
and since then 21 holes have been drilled for a<br />
total of 1746.03 metres at Rixen and four holes<br />
for a total of 895.93 metr es at Ketubong. It is<br />
the company’s second resource update since<br />
its listing on October 28, 2011, with r esource<br />
estimates steadily increasing at a healthy pace.<br />
<strong>The</strong> latest update has been compiled by<br />
CNMC’s independent r esource consultant<br />
Optiro using a 0.3 grams/tonne gold cut-of f<br />
for the Rixen deposit and a 0.5 grams/tonne<br />
cut-off for the three other deposits.<br />
40 | <strong>ASIA</strong> <strong>Miner</strong> | July/August 2012<br />
In total the four deposits have JORC-compliant<br />
resources of 8.59 million tonnes at a<br />
grade of 1.7 grams/tonne in the measur ed,<br />
indicated and inferred categories for a total of<br />
503,000 ounces. Of these there are 630,000<br />
tonnes @ 3.3 grams/tonne for 73,000 ounces<br />
in the measured category, 2.8 million tonnes<br />
@ 1.5 grams/tonne for 149,000 ounces in the<br />
indicated category and 5.16 million tonnes @<br />
1.5 grams/tonne for 281,000 ounces in the<br />
inferred category.<br />
CNMC Goldmine Holdings’ executive director<br />
and chief executive officer Chris Lim says,<br />
“We are very happy with our latest milestone.<br />
CNMC places great emphasis on getting high<br />
standard JORC-compliant reports that can<br />
withstand independent scrutiny. In addition,<br />
the further increase in the estimates of gold<br />
resources is a strong testimonial to CNMC’s<br />
beliefs and strategies. We will continue to balance<br />
our exploration activities and gold production<br />
efforts to achieve maximum value.<br />
“While exploration efforts are an important<br />
priority of the gr oup’s strategies to enhance<br />
shareholder value, we are also taking steps to<br />
CNMC Goldmine Holdings Sokor project is in the far<br />
north of mainland Malaysia, not far from the Thai border.<br />
enhance our production capacity to produce<br />
more refined gold, and to date, we have pr oduced<br />
more than 3000 ounces of gold.”
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