GTM greentech minerals ltd - tba

Likely to stimulate a bit of action?......CHARIOT GOLD PROJECT...

Currently unlisted. Proposed listing date: TBA
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    Likely to stimulate a bit of action?......

    CHARIOT GOLD PROJECT
    COMMENCMENT OF ORE PROCESSING AT WARREGO
    Giants Reef Mining Limited (the "Company") is pleased to announce that continuous ore
    processing commenced at its Warrego ore treatment plant at 1830 hours on Friday 17 October
    2003.
    The Warrego ore treatment plant is part of the Company's Chariot Gold Project, which is
    forecast to produce approximately 60,000 ounces of gold per annum at a cash cost of around
    $250 per ounce.
    The commencement of continuous ore processing followed a planned two week
    commissioning program of the ore treatment plant and associated infrastructure after the
    completion of the Warrego refurbishment project.
    The Warrego ore treatment plant was commissioned with, and is currently processing,
    stockpiled ore mined from the Chariot open pit earlier this year. The Company has a run-of-
    mine open pit ore stockpile of approximately 20,000 tonnes at an estimated grade of 10 g/t Au
    (at a 130 g/t cut off) currently available for processing.
    The Company's first gold pour is anticipated to be toward the end of this week following the
    build up of gold in circuit.
    The Company's Chief Executive Officer, Mr GV Ariti said that the completion of the Warrego
    refurbishment project and commencement of continuous ore treatment on time and within
    forecast costs was a positive outcome and a credit to the efforts and commitment of the
    Company's staff, Holtfreters (the project manger) and the contractors who worked on the
    refurbishment project.
    Attaining this significant milestone enables the Company to make the transition from an
    exploration company to a medium tier gold producer within Australia with exciting
    exploration leverage to its substantial land holding within the Tennant Creek Goldfield.
    At the Company's Chariot underground mine, decline development has advanced
    approximately 400 metres almost to the 3 level (1215 RL). A cross cut has been established on
    the 2 level (1230 RL) to access underground ore. Several cuts of ore have been taken from the 2
    level ore drive and stockpiled on the surface.
    20 October 2003

    The Chariot Gold Project will be officially opened by the Honourable Paul Henderson,
    Minister for Business, Industry and Resource Development on 30 October 2003. About 50
    invited guests are expected to attend the official opening.
 
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Currently unlisted public company.

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