Republic Gold Limited Stock Market Press Releases and Company Profile
Republic Gold Limited (ASX:RAU) Purchases Four Mining Leases At Tregoora Gold Project In FNQ
Republic Gold Limited (ASX:RAU) Purchases Four Mining Leases At Tregoora Gold Project In FNQ

Perth, Aug 18, 2009 AEST (ABN Newswire) - Republic Gold Limited (ASX:RAU) today announces that it has paid a A$50,000 refundable deposit for the purchase of four granted mining leases at the Company's Tregoora Gold Project in Far North Queensland. The vendor has now signed all documentation necessary to effect the assignment of the mining leases.

The mining leases are strategically located between the Company's 111,000 ounce Sleeping Giant Prospect and Terrace Creek Prospect where the Company recently announced a drill intersection of 8 metres at 6.85 g/t Au in FN073, which followed up other high grade intersections at this Prospect.

The Company has the results of two drillholes underneath the northernmost of the mining leases:

- MR6, being 1.49 metres at 4.34 g/t Au and 5.39 % Sb from 62.6 metres downhole; and

- MR1, being 3.35 metres at 13.97 g/t Au and 6.97 % Sb from 108.5 metres downhole.

These two drillholes have been selectively sampled and there are no assays up or down dip from these intersections, with the core no longer available. The main open pit zone, which is on the northernmost of the four mining leases, was mined for antimony. A high grade antimony vein was mined by underground and open pit mining down two levels. The third historic underground level is untouched by the open pit mining.

The Company will design a drilling programme to test the length of the Retina Shear zone covered by the mining leases and deeper drillholes will test MR1.

The four mining leases cover approximately 39 hectares and are wholly contained within the mining lease application at Tregoora already submitted to the Queensland Mines Department by the Company. Three of the mining leases cover 800 metres of the Retina Shear Zone. The Retina Shear Zone is the primary geological structure associated with gold and antimony mineralisation at Tregoora and strikes for approximately 50 kilometres, much of which is in the Company's exploration leases.In consideration for the acquisition of the four tenements, the Company will pay the vendor A$150,000 in cash and A$150,000 in Republic shares.

Much of the treatment plant located on one of the mining leases could be refurbished and used in the future. The treatment plant is in poor condition, but may be readily refurbished for use in the future, should the Company decide to purchase the plant. The Company has had a consulting mechanical engineer visit and access the treatment plant and report on it.

For the complete Republic Gold ASX Announcement, please click the link below:

http://www.abnnewswire.net/media/en/docs/61279-ASX-RAU-322075.pdf

Contact

John Kelly
Managing Director
Tel: +61-418-577-759



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 11) (Last 30 Days: 21) (Since Published: 2901)