major drilling underway expect huge grades here

Golden Rim to start gold exploration project in Sabeto
Friday, December 22, 2006

GOLDEN Rim Resources Limited would start a major drilling program at its Sabeto gold project in Fiji despite the current political situation.

In a statement yesterday, it said a drilling rig had arrived at the Sabeto site in Nadi and the 3000-metre drilling program was set to begin shortly after Christmas.

The company anticipates excellent all-weather gravel road access to key Sabeto target areas, which will ensure that the drilling program can continue through the wet season.

The program, designed to test direct strike extensions to the 450,000-ounce Tuvatu epithermal gold deposit and to identify potential bulk-tonnage copper-gold targets, is expected to take approximately three months to complete.

Golden Rim will earn a 75 per cent interest in the Sabeto project, which is also located 25km from the 10 million ounce Vatukoula Gold Mine that closed down earlier this month.

The statement said the company also completes a change of name and status from Alcaston Mining NL to Golden Rim Resources Ltd, reflecting its focus on exploration in the prolific Pacific Rim region.

To spearhead its expanded exploration push, Golden Rim has announced the appointment of Peter Olubas to the newly created role of exploration manager, as the company prepares for the project.

Mr Olubas is a geologist with 17 years of experience.

He worked most recently as exploration manager with Emperor Gold Mining Company.

He has been based with Emperor for the past nine years and has significant experience in both the exploration and mining of narrow epithermal vein gold mineralisation.

In welcoming Mr Olubas' appointment ahead of the Fiji drilling campaign, Golden Rim's Exploration director Craig Mackay, said: "Peter brings extensive technical experience to the company and the Golden Rim board looks forward to working closely with him on our various projects."

Mr Mackay said Mr Olubas would initially be based in Nadi which would enable him to closely manage the planned drilling, mapping and soil sampling programs at Sabeto.

"The recent coup in Fiji has not impacted on our substantial plans for this project, for which staffing and camp facilities have been finalised," he added.

"Compensation agreements with landowners have been executed and we expect to commence drilling soon after Christmas, using a rig which arrived on site this week," he said.