11 December 2007ASX ANNOUNCEMENTMt Bevan Iron Ore UpdateA...

11 December 2007
ASX ANNOUNCEMENT
Mt Bevan Iron Ore Update
A further field visit to the Mt Bevan Iron Ore Project was conducted in November 2007 to
map and rock chip sample some 8 kilometres of the Banded Iron Formation located on the
Company’s 100% owned tenement.
Key results from the field visit are as follows:
• A total of 21 rock chip samples were taken and submitted to the laboratories and
results of this sampling has been received
• 13 samples returned levels of greater than 55% iron
• These new results confirm the earlier rock chip sampling results of 61.8% iron from 6
samples
• The results are currently being plotted together with the mapping to further assist in
the identification of drill targets
• The area has hematite mineralisation developed in several areas over at least 8
kilometres and up to 20 metres wide
• The grade variability is typical of hematite enriched Banded Iron Formation in WA
• Grades greater than 55% iron mineralisation are comparable with current direct
shipping ore specifications and buyer requirements.
Great Gold Mines N.L
ABN 44 009 157 439
Level 8, 580 St Kilda Road, Melbourne
Victoria 3004, Australia
PO Box 6315, St Kilda Road Central
Melbourne, Victoria 8008, Australia
Telephone: +61 3 8532 2820
Facsimile: +61 3 8532 2805
Email: [email protected]
00
The rock chip assay results are as follows:
SAMPLE
ID
mE
MGA
Z51
mN
MGA
Z51
Fe
(%)
SiO2
(%)
Al2O3
(%) P (%)
LOI
(%)
91802 239377 6784581 64.7 2.70 1.05 0.075 3.50
91803 239353 6784414 62.0 4.40 2.36 0.046 4.25
91806 239858 6782860 60.8 4.31 1.98 0.097 6.26
91807 239927 6782641 60.0 8.68 0.93 0.044 4.52
91808 239978 6782476 55.2 16.2 1.06 0.069 3.84
91811 238824 6785322 58.6 11.1 1.19 0.050 3.50
91812 243657 6776371 59.5 6.44 2.62 0.031 5.19
91813 243653 6776779 56.4 8.50 4.80 0.045 5.29
91814 243111 6777666 60.0 5.53 2.47 0.067 5.63
91815 243174 6779192 58.8 7.82 2.61 0.064 4.64
91816 243128 6779367 62.2 3.09 0.78 0.050 6.60
91821 242087 6778794 60.9 7.13 0.84 0.035 4.35
91822 242250 6778597 64.9 2.59 1.46 0.050 2.63
The results from the recent round of sampling continue to confirm earlier results which
averaged 61.8% iron from 6 samples.
As previously announced on 10 and 11 November 2007, high grade hematite mineralisation
has been delineated in several areas over at least 8 kilometres at the Mount Bevan Iron Ore
Project. Two prominent Banded Iron Formations run NNW over 20km of strike length through
the Company’s project area. The outcrops of hematite mineralization are consistently located
within a zone along the eastern margin of the western Banded Iron Formation ridge. Previous
work by an independent consultant has reported iron grades from the same zone at an
average of 61.8% iron from 6 samples which covered 4km strike length within the Company’s
tenement.
Assay results received on 11 November 2007 from five rock chip samples taken over 5km
strike length confirmed the previously reported high grade hematite mineralization at the Mt
Bevan Iron Ore Project.
The 11 November 2007 rock chip assay results were as follows:
SAMPLE
ID
mE
MGA
Z51
mN
MGA
Z51
Fe
(%)
SiO2
(%)
Al2O3
(%) P (%)
LOI
(%)
MB1 239508 6783775 60.2 5.96 2.85 0.056 4.39
MB2 239551 6783698 60.8 8.62 1.4 0.034 3.12
MB3 242276 6778698 59.6 5.06 2.66 0.023 6.55
MB4 242271 6778715 64.8 2.47 1.48 0.027 3.3
MB5 242448 6778676 57.3 4.67 3.53 0.028 8.91
The results from last weeks second round of sampling continue to confirm earlier results.
On the southern margin of the Mt Bevan project, Jupiter Mines Limited has reported a 2.2
million tonne inferred resource @ 60.6 % Fe, 3.1% Al2O3, 7.7% SiO2, 0.05% P and 2.4% LOI
at the Mt Mason project. This inferred resource lies along the margin of the western Banded
Iron Formation ridge of which over 20km strike length lies within the Company’s exploration
licence. Notably, Jupiter’s hole MMRC108, which occurs adjacent to the southern boundary
of the Company’s tenement recorded one of their best intersections of 18m @ 61.44% Fe
which confirms the deposit thickens to the north.
An aeromagnetic survey was conducted for the Company by Fugro Survey in October 2006
(see announcement dated 10 November 2007). The magnetic images clearly show the
continuation of the mineralised package from the Jupiter ground into the Company’s ground.
The data confirmed the +20km strike length of the highly prospective Banded Iron Formation
and will be used in conjuction with detailed mapping and sampling to plan the initial drill
program which will be required to delineate the Mt Bevan hematite iron ore deposit as soon
as possible.
The Company is currently in the process of making the necessary arrangements (including
booking drill rigs, camp facilities, clearing access tracks, heritage survey and other necessary
arrangements) to commence a significant drilling program for 2008, expected to commence
in March 2008.
The Mount Bevan Iron Ore Project (formerly known as Four Corners Iron Ore Project) on
exploration licence 29/510, is located approximately 100km west of Leonora in the central
Yilgarn of Western Australia.
About Great Gold Mines NL
Great Gold Mines NL (ASX:GNL) is an Australian gold and base metals explorer with
strategic and significant tenement holdings covering over 3,000 square kilometres within the
Southern Laverton Tectonic Zone in the Eastern Goldfields of Western Australia. GNL is
listed on ASX.
The information in this report that relates to exploration results is based on information compiled by Mr David
Milton, who is a Member of the Australian Institute of Mining and Metallurgy and a full time consultant. Mr Milton
is a consultant geologist with over 35 years experience as a geologist.
Mr Milton has sufficient experience in the type of deposits under consideration and to the activities undertaken to
qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting
Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in the report of the
matters based on his information in the form and the context in which it appears.
􀀀

􀀀

􀀀
􀀀







 



􀀀




􀀀





􀀀 







  !


#
 "








􀀀
  " !
# #
"$# % "$# %
"$# "$#
"&# % "&# %
"#
"#
"# %
"# %
"#
"#
"# %
"# %




􀀀
􀀀



 




'(
)*




(
+
(
􀀀
,'
 
$􀀀$

$-./ $
%!&

􀀀





􀀀
􀀀
􀀀
􀀀
'()
0􀀀))1
1
21+
1)
)
􀀀






 

!

 


􀀀
􀀀
􀀀 􀀀􀀀

􀀀"!􀀀#!
$!# 
%&#$&' 
'"()
􀀀
 * +

,
!

"!"  
('




  -  






 ./

0  
1 2
 
23
3

􀀀  "!"  


􀀀  
!"####$
!"####$
!%####$
!%####$
!&####$
!&####$
'()#### '()####
'(*#### '(*####
')##### ')#####
# + ! " % &
,