Application for Mining Licence for Chunya
(Thomson Reuters ONE) - Shanta Gold Limited ("Shanta Gold" or the "Company") Shanta Gold Lodges Application for Mining Licence for Chunya PL 2787/2004The Board of Shanta Gold is pleased to announce that an applicationfor a mining licence has been lodged with the Commissioner ofMinerals, the competent authority in Tanzania. The application is inrespect of PL 2787/2004, on its Saza licence in the Chunyaprospecting area, covering a total area of 7.83 square kilometres andproposes the establishment of an open pit and underground mine and agravity and carbon in leach ore treatment plant.The ore resource over the five known orebodies announced on 17 April2009 totals 642,000 ounces at 2.39g/t at a 1g/t cut off. TheDirectors believe that the mine could produce at a rate of 30,000tons per month, producing gold at the rate of around 23,500 oz perannum. It it's the Directors intention that extensions to the knownorebodies and additional ore zones subsequently identified andevaluated will be considered for possible future expansion of themine. The Directors initially estimate the capital cost to be aroundUS$5 million.Shanta Gold is currently finalising funding arrangements for themine, a portion of which will be subject to the award of the mininglicence.It is expected that it will take several months for the applicationto be processed and the licence to be awarded.For further information:Shanta Gold Limited http://www.shantagold.comWalton ImrieMobile: +27 (0) 82 444 2851Walter VorwerkMoblie: +27 (0)83 308 0080FairfaxEwan Leggat/Laura Littley+44 (0) 20 7598 5368---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.11.2009 - 16:54 Uhr
Sprache: Deutsch
News-ID 7784
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