Perth, April 3, 2009 (ABN Newswire) - Northern Mining Limited (ASX:NMI) is pleased to announce the completion of negotiations with Cazaly Resources Ltd (ASX:CAZ) and Balagundi Gold Pty Ltd (BGPL) for a revised Farm-In Agreement over the East Kalgoorlie Project (Project) to include BGPL as a Farminor.
Collectively, NMI and BGPL will have the right to earn a 75% interest in the Project by completing a further 7,346 metres of reverse circulation (RC) or diamond drilling before December 2010.
It is proposed that BGPL will fund the next 2,000 metres of RC or diamond drilling, followed by NMI and BGPL jointly funding the remaining 5,346 metres.
Upon completion of the earn-in, it is expected that NMI will have earned a 51% interest and BGPL a 24% interest with CAZ holding the remaining 25% interest in the Project.
Drilling Commences at Blair North E25/268 - East Kalgoorlie Project:
Following the recent, highly successful diamond drilling program, the abovementioned 2,000m RC program (being funded by BGPL) is due to commence next Tuesday 7 April 2009. This program will focus on the southern and northern gold targets of E25/268 where gold values up to *39.82g/t Au in BNRC033 (northern zone) and *34.55g/t Au in BNRC020 (southern zone) were intercepted from previous diamond and RC drilling programs.
Results of the current program are expected by 30 April 2009.
*These results and figures have been previously announced to the ASX.
Collectively, NMI and BGPL will have the right to earn a 75% interest in the Project by completing a further 7,346 metres of reverse circulation (RC) or diamond drilling before December 2010.
It is proposed that BGPL will fund the next 2,000 metres of RC or diamond drilling, followed by NMI and BGPL jointly funding the remaining 5,346 metres.
Upon completion of the earn-in, it is expected that NMI will have earned a 51% interest and BGPL a 24% interest with CAZ holding the remaining 25% interest in the Project.
Drilling Commences at Blair North E25/268 - East Kalgoorlie Project:
Following the recent, highly successful diamond drilling program, the abovementioned 2,000m RC program (being funded by BGPL) is due to commence next Tuesday 7 April 2009. This program will focus on the southern and northern gold targets of E25/268 where gold values up to *39.82g/t Au in BNRC033 (northern zone) and *34.55g/t Au in BNRC020 (southern zone) were intercepted from previous diamond and RC drilling programs.
Results of the current program are expected by 30 April 2009.
*These results and figures have been previously announced to the ASX.
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About Northern Mining Limited
Northern Mining Limited (NMI) is an Australia-based company with an exploration portfolio of gold, nickel, base metals and uranium tenements in Western Australia and the Northern Territory. It has expanded its portfolio within Western Australia and acquired an 80% interest offshore, in the Szklary Nickel Project, Poland. The East Kalgoorlie Project in Western Australia encompasses 79 tenements prospective for nickel, gold and base-metal mineralization. Five tenements (NMI 100%) prospective for uranium and base-metals, formed the Northern Territory Project. With the 80% acquisition of the Stokes Yard Project the Northern Territory Project also became prospective for zinc, lead and copper. NMI signed an agreement with Quaalup Investments Pty Ltd in February 2007, for 100% interest in the Durack Range Project, a contiguous area in the East Kimberley region of Western Australia. Exploration license applications 80/3848, 3849 and 3865 cover an area of more than 1200 square kilometers.
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