Thanks Miningnews.net
Marvel Loch looked problematic in July
Rebecca Keenan
Tuesday, September 07, 2004
GOLD strapped miner Sons of Gwalia has told the ASX that preliminary results in mid-August of an external review on its Marvel Loch underground gold project in Western Australia conducted by consultants Hatch Associates and Carras Mining confirmed its internal belief that the mine was uneconomic based on its resources.
However as the result was preliminary, further work was undertaken and a subsequent resource and reserve calculation prepared for a board meeting on August 30 was not "signed off" by competent persons as required under the JORC code because of "outstanding issues".
SoG subsequently called in the administrators.
According to SoG's last statement on its resources and reserves – as at June 30, 2003 – the Marvel Loch underground deposit contained 430,000 ounces in reserves, and no resources.
While SoG said all it's reserves were estimated at a price of $500-585/oz, it also noted that the Marvel Loch reserves were those calculated prior to a feasibility study that was underway in 2003.
The ASX refused to comment this morning on whether it would be asking further questions of the struggling miner.
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