Luiri Gold Limited: Quarterly Report to 31 October 2011
(firmenpresse) - WEST PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 11/24/11 -- HIGHLIGHTS OF THE QUARTER
Luiri Hill Gold Project, Zambia
Corporate
Luiri Gold Limited (ASX: LGM)(TSX VENTURE: LGL), ("Luiri" or the "Company) an East African gold exploration and development company, is pleased to announce its Quarterly Activities Report for the 3 months ended 31 October 2011.
LUIRI HILL GOLD PROJECT
Mining License Reinstatement
With the reinstatement of the large-scale mining license, the Company is gearing up to recommence full-scale exploration activities and development studies in Zambia. The mining license 8074-HQ-LML (previously called LML 48) contains the Matala and Dunrobin gold deposits in the Company's Luiri Hill Gold Project.
Under the terms of the settlement reached with the Government of Zambia and other agreements with relevant stakeholders:
The agreements are the result of extensive negotiations by the management team of Luiri with the relevant Zambian Government departments and stakeholders to resolve the various issues that had caused the Cancellation Notice. During the negotiations, Luiri demonstrated good faith by continuing to employ 29 full time workers and taking on 15 additional personnel on short-term contracts to progress exploration trenching in preparation for a new drilling program.
Other Tenement Matters
During the quarter, negotiations with the Zambian government also considered future access to the ground previously covered by the Company's two prospecting licenses. The following outcomes have been established at the date of this report as a result of these negotiations:
Negotiations are continuing with the Zambian Government in regard to these license issues.
As a result of these outcomes, the Company has sharpened its strategic focus onto the development of a gold project. These outcomes have also resulted in the Nambala Iron Ore prospect no longer being held by the Company.
The Company had reviewed the Nambala Iron Ore prospect and considered it as a possible source of iron ore for a small-scale Zambian steelmaking operation. Regional transport infrastructure constraints added to the limited known geological potential of the project contributed to the Company placing little immediate value on the Nambala Iron Ore prospect. The new management has focused on ensuring the Company regained access to its gold prospective areas as the source of future shareholder value.
Exploration Activities
During the quarter, the Company initiated work in preparation for the resumption of full-scale exploration activities. Discussions were held with Coffey Associates, Perth Office, ("Coffey") who had been responsible for the major part of previous resource estimates. Following recommendations from Coffey, Maxwell GeoServices ("Maxwell") were engaged to reorganize, validate and maintain the Company's geological database. The information comprising the geological database has been collected and provided to Maxwell. Coffey Associates will be in Zambia during November 2011, for site visits to the Luiri Hill Project, and to the Company's Lusaka office. Core samples from previous exploration are kept on the project site whilst hard copies of exploration records are kept in the Lusaka office.
The Company also updated its geological mapping hardware and software. Local copies of the geological database will be used in planning and coordination of field activities.
Recruitment of Local Geologists
During the quarter, geologists and other technical staff from Caracle Creek International Consulting (CCIC) supported the Company's exploration activities. The Company has entered a consulting agreement with CCIC, who will supply long term support to the exploration work.
The Company also plans to engage two experienced local geologists to oversee exploration work on the Luiri Hill Gold Project. Recruitment activities were commenced and at the time of publication of this report, two suitable candidates had been engaged.
Community and Environment
A key plank in the Company's negotiations in securing a reinstatement of its mining lease was reaching agreements with the local community and Senior Chief. These agreements will form a stable base from which the Company can develop strong local alliances into the future. The Company has agreed to:
The Company has reviewed previous environmental studies and plans to actively revalidate these in the forthcoming quarter. This will include continuation of the previous base line environmental assessments so that any development activities are in line with international best practices.
On behalf of the Board of Directors of the Company,
Mike Langoulant, Director and Corporate Secretary
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the exploration and study program in relation to the area comprising LML 48 and the Company's plans and intentions with respect to the Company's exploration activities and obligations pursuant to the settlement agreement with the Zambian government, constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that 8074-HQ-LML remains in good standing, that the Company is able to obtain any other required government or other regulatory approvals and adequate financing to complete the planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, and general market conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Appendix 5B
Mining exploration entity quarterly report
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
LUIRI GOLD LIMITED
Payments to directors of the entity and associates of the directors.
Payments to related entities of the entity and associates of the related entities.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Compliance statement
1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2. This statement does give a true and fair view of the matters disclosed.
Sign here: Michael Langoulant (Company Secretary) Date: November 25, 2011
Notes
Corporate Structure
Shares on issue 127.43m
Options 10.1m
52 week high A$0.27
52 week low A$0.09
Cash (as at 31 Oct) A$2.7m
Company Directors
Melissa Sturgess, Chairman
Evan Kirby, Managing Director
Mike Langoulant, Executive Director
Robert Brown, Non-Executive Director
See chapter 19 for defined terms.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Luiri Gold
+61 8 6313 5155
+61 8 9324 2977 (FAX)
Media and Investor Inquiries:
Karen Oswald / Greg Galton
Purple Communications
+61 8 6314 6300
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Datum: 24.11.2011 - 23:39 Uhr
Sprache: Deutsch
News-ID 91025
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contact information:
Town:
WEST PERTH, WESTERN AUSTRALIA
Kategorie:
Mining & Metals
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