News: New Talisman Gold Mines adds to management team

New Talisman Gold Mines (ASX:NTL) has appointed Ash Clarke of specialist accounting and business advisory company Bellingham Wallace as its virtual chief financial officer.

It has also appointed Francesco Girotto as its company secretary with effect from 16 September.

The appointments have increased the skills and resources available to the company to address the increase in activity as it moves towards production.

Bellingham Wallace provides growing companies with the skills and services usually found in an in-house chief financial officer.

Girotto has been a tax and accounting advisor in medium-small accounting practices in Australia for the last two decades.

He is currently the company secretary for Broken Hill Prospecting (ASX:BPL) and a number of private companies.

He replaces Sue Sangster who has stepped down after 11 years with the company.

The company has recently sent ore from the Talisman Mine to Newmont Mining’s (NYSE:NEM) ore treatment facility at Waihi for processing.

Indicative analysis of ore crushed at this time suggests the grade will exceed one ounce of gold per tonne and several ounces of silver per tonne.

Results will set the parameters for longer term toll treatment arrangements.

The mine previously produced 1 million ounces of gold, 3 million ounces of silver, and has a current JORC Resource of 205,000 ounces of gold from two separate mines, Talisman and Crown.

The Talisman permit area has the potential to host between 0.55 million to 2 million ounces of gold and between 1.5 million to 6 million ounces of silver.

A Pre-Feasibility Study completed in April 2013 for underground mining at Talisman confirmed an initial Phase One life of mine of 5 years to generate NZ$68.2 million in revenues for a cash surplus of NZ$23.4 million.

Start-up capital was estimated at NZ$5.4 million.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.