Core From Northcote
Brisbane, April 29, 2009 AEST (ABN Newswire) - Republic Gold Limited (ASX:RAU) today announced that the Company has increased its total Mineral Resources at the Hodgkinson Gold Project ("Project") in Far North Queensland ("FNQ") to 462,000 ounces.
This is a 5% increase and is an important upgrade for the completion of the Bankable Feasibility Study effort at the Tregoora and Northcote Gold Projects in FNQ within the next six months.
The emphasis in recent drilling has been on increasing the resource confidence so that more of the resource lies in the measured and indicated categories, which are used in estimating ore reserves.
Further resource growth for the Company is expected from the next resource update at Amayapampa, as well as from the 2009 field season drilling at Tregoora. A resource upgrade at Amayapampa will be done upon completion of the current surface sampling programme, with the drilling programme just completed.
The Company is confident in targeting total Mineral Resources of 2,000,000 ounces from a combination of the new Amayapampa resource update and the further delineation of high grade mineralisation at the Terrace Creek Prospect at Tregoora. The Terrace Creek Prospect currently has insufficient data to be included as a resource.
The Directors of the Company are also very pleased to announce the appointment of Mr Paul Pyke to the new role of Project Development Manager. Mr Pyke's decision to join the Company is due to the very advanced nature of the FNQ and Amayapampa Projects.
Republic's Managing Director; John Kelly, said:
"The Company is now moving ahead rapidly with its production plans for Far North Queensland. It has recently updated an internal study on the economics of the FNQ projects. The result of this work is that the projects are very robust at current gold prices. A number of studies that form part of the Bankable Feasibility Study have already been completed, with the Company in discussions with engineering firms to provide the final input required for the completion of a Bankable Feasibility Study. I'm particularly pleased that Paul Pyke has joined the Republic team. I worked closely with Paul at Fosterville for nearly 10 years and he is a fantastic metallurgist with great management and operational skills. In Paul's more recent roles he gained invaluable experience in treatment plant design, construction and commissioning - just what Republic needs now."
Appointment of New Key Manager
The Company has appointed Mr Paul Pyke as its Project Development Manager. This is a new role with Mr Pyke's prime responsibility being to lead the completion of the two Bankable Feasibility Studies and get the FNQ and Amayapampa Gold Projects into production. My Pyke is a metallurgist with over 30 years of operational experience, having worked alongside the Company's two technical directors and Chairman at the Fosterville Gold Project in Central Victoria for many years. Mr Pyke will work with the Company's Technical Director, Mr Neb Zurkic, in pushing the two Bankable Feasibility Studies to finalisation. Mr Pyke has extensive gold processing experience involving heap leaching, bacterial oxidation, gravity, CIP/CIL and treatment plant design, construction and commissioning. This skill set is perfect for the Company's two projects, with the FNQ Project requiring skills in heap leaching, CIP/CIL and bacterial oxidation and the Amayapampa Project requiring skills in gravity recovery of gold and CIP/CIL. Obviously both projects will need Mr Pyke's treatment plant design, construction and commissioning skills. Also, Mr Pyke's recent PNG experience in the training and transfer of technical skills to indigenous personnel fits well with the location and status of the Company's current projects. Mr Pyke brings to ten the number of senior staff, directors or consultants of the Company that formed the core of the successful Perseverance team in Victoria.
Bankable Feasibility Study Update
The following table presents the detailed studies required for compilation into a Bankable Feasibility Study and the progress of these studies.
-------------------------------------------Study Status -------------------------------------------Dry Season Flora & Flora Study CompletedWet Season Flora & Flora Study CompletedMineral Resource Upgrade Study CompletedMetallurgy Testwork-Northcote CompletedMining Lease Applications CompletedTreatment Plant Flowsheet Design CompletedTreatment Plant Scoping StudyDesign & Costing CompletedSite Layouts CompletedAcid Mine Drainage Study CompletedSupport Rock Testwork CompletedLandowner CompensationAgreements CompletedFinal Rehabilitation Plan CompletedPreliminary Mine Planning & Pit Completed-------------------------------------------
Update on the Adam's Mining Lease Purchases
In September 2009 the Company announced that it had signed an agreement with Mr Noel Adam to purchase his four mining leases at Tregoora. The sale process saw a need for the Company to submit a Plan of Operations to the EPA which then triggered a requirement by the EPA to recalculate the environmental bonds on the mining leases. This work has been completed and the sale process is ongoing. The Company is planning on drilling the northern two mining leases during the upcoming field season.
Contact
John Kelly
Managing Director
Republic Gold Limited
TEL: +61-418-577-759
Tony Nagy
TEL: +61-413-645-126
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