Comment re: press speculation (1736B)
February 14 2011 - 4:37AM
UK Regulatory
TIDMNGL
RNS Number : 1736B
Norseman Gold PLC
14 February 2011
Norseman Gold plc / Epic: NGL / Index: AIM & ASX / Sector:
Mining & Exploration
14 February 2011
Norseman Gold Plc ('Norseman Gold' or 'the Company')
Conditional Placing
Norseman Gold, the AIM-listed and ASX-listed Australian gold
production company, announces that, further to recent press
speculation, it has, subject to receipt of placing commitments,
raised approximately GBP10 million at 45p per ordinary share via a
private placement. The Company hopes to be in a position to
announce full details of the placing shortly.
**ENDS**
For further information visit www.norsemangoldplc.com or
contact:
Barry Cahill Norseman Gold Plc Tel: +61 (0) 8 9473 2222
E-mail:
investors@ngold.com.au
Guy Wilkes Ocean Equities Ltd Tel: +44 (0) 20 7786
4370
Nandita Sahgal Seymour Pierce Ltd Tel: +44 (0) 20 7107
Jeremy Stephenson 8000
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
/ Ltd 1177
Isabel Crossley
Note to editors:
Norseman Gold plc is an AIM listed and ASX listed Australian
gold production company, which acquired the Norseman Gold Project
in May 2007 Australia's longest continually running gold operation.
The Norseman Gold Project is located in the Eastern Goldfields of
Western Australia in the highly prospective Norseman-Wiluna
greenstone belt, 725km east of Perth and 186km from Kalgoorlie.
Gold was first found on the Norseman field in 1894 and over the
last 65 years it has produced over 5.5 million oz of gold. The mine
is currently producing from two high-grade narrow-vein underground
mines - the Bullen and the Harlequin. Currently, it has a total
resource inventory of 3.8 million oz of gold at an average grade of
5.3 g/t.
The tenements cover a 2,180 sq km area centred on the Norseman
Township. The landholding comprises 221 tenements consisting of 16
Exploration Licences, 107 Mining Licences, 64 Prospecting Licences,
15 Miscellaneous Licences, 5 Exploration Licence Applications, 13
Prospecting Licence Applications and 1 Mining Lease
Application.
The Company's strategy is focused on extending the mine life
through the conversion of resources into reserves and identifying
additional resources and obtaining additional ore for the operating
mill through the development of a third and subsequent mines. The
Company has fifteen advanced resource projects under review of
which three have pre-development work being undertaken on them. It
is anticipated that at least one if not all the pre-development
projects will develop into mining propositions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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