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New Talisman Gold Mines Ltd : in binding agreement with Newcrest Mining

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06/28/2016 | 05:09pm CEST

New Talisman Gold Mines Ltd (ASX:NTL, NZX:NTL) has executed a binding agreement over the Rahu Project with Newcrest International Pty Ltd, a wholly owned subsidiary of Newcrest Mining Ltd (ASX:NCM).

This follows the signing of a non-binding Heads of Agreement on 19 May, 2015.

Newcrest international Pty Ltd was awarded a five year exploration permit (MEP 60144) for the Rahu Project by the New Zealand Government in May 2016.

Since then New Talisman and Newcrest have been discussing their on-going relationship.

Exploration at Rahu by New Talisman has previously defined gold silver mineralisation in 11 diamond drill holes and 8 reverse circulation percussion holes.

The exploration programs Newcrest are planning will involve developing and refining exploration targets and testing these with deep diamond drilling.

Matthew Hill, CEO for New Talisman, commented:

We are delighted to be working with Newcrest on Rahu, a project where New Talisman made the discovery, and which we have always felt was a big company project due to the conceptual modelling that suggests Rahu hosts a major vein system at depth, possibly similar to other gold deposits in the Waihi Gold District such as Talisman, Golden Cross and Martha Hill.

"The signing of this agreement with Newcrest supports our view of the potential of this key target immediately north of and along strike from the historically highly productive Talisman Mine.

Key terms of the agreement include:

- Should Newcrest spend NZ$5.0 million on the Rahu Project a Joint Venture will be established at that time and a direct 20% interest transferred to NTL.

- In the interim 20% of the Rahu project will be held on Trust by Newcrest on behalf of NTL subject to Ministerial consent.

- Newcrest will manage the exploration activity on the Rahu Project.

- If a joint venture is not established 100% of the project would be transferred to NTL subject to Ministerial consent.

- Upon formation of a joint venture each party will be required pay their respective exploration and development costs on a pro-rata basis.

- If NTL dilutes to below 10% equity, this equity would convert to a Net Smelter Return, (NSR) of 2.5%.

New Talisman assets

New Talisman retains a 100% interest in the Talisman Mine and Rahu Project which is immediately to the north of the Talisman mine.

A pre-feasibility study for underground mining at the Talisman confirmed an initial phase one life of mine of 5 years to generate NZ$68.2 million in revenues and a cash surplus of NZ$23.4 million.

New Talisman has successfully processed ore samples from the mine under a toll treatment agreement and the gold and silver was profitably extracted and sold.

The company also holds 17.9 million shares in Broken Hill Prospecting Ltd (ASX:BPL) representing a current market value of circa $1.5 million.

Rights issue

New Talisman's shares last traded at $0.011 intra-day, up 83%.

The company's 3 for 1 pro-rata renounceable rights issue is open until Thursday 30th June 2016.

The rights is priced at NZ$0.005 or AU$0.005 per new share.

(c) 2016 Ghana News Agency (GNA) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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