pearl croydon open pit update

Site visits and consultation with State and Local government
regulators complete
? No significant issues identified that could prevent or limit
open pit mining activity
? Work Plan to undertake open pit mining lodged with the State
Government
? Community engagement process commenced
? All approvals to commence pit mining at Pearl Croydon
expected before the end of the year
The Directors of Octagonal Resources Limited (ASX: ORS) (“Octagonal” or
“Company”) are pleased to provide an update on the approvals process to
commence open pit mining at the Pearl Croydon Gold Deposit near Amherst
in Central Victoria.
On 29 July 2013 the Company lodged with the Victorian Department of
State Development, Business and Innovation (“DSDBI”) a Work Plan to
undertake open pit mining activities at the Pearl Croydon Deposit, which
contains an Inferred Mineral Resource of 570,000 tonnes grading 2.9 g/t Au
for 53,000 ounces of gold (Figure 1 and Table 1).
Octagonal’s Managing Director, Anthony Gray, commented “the lodgement
of a Work Plan to commence open pit mining at the Pearl Croydon Deposit
follows six months of work completed on mine design and layout, flora and
fauna surveys, heritage surveys, and active engagement with State and
Local government regulators”.
“The feedback that we have received from all involved has been very
positive and did not identify any issues that could prevent the
commencement of mining”.
“We believe that with the significant ground work completed to date, our
previous experience in working through the approvals process to commence
open pit mining in Victoria, and the legislative change to statutory
endorsement of Mining Work Plans made by the Victorian Government in
2012, it is realistic to expect all regulatory approvals to commence open pit
mining before the end of the year”.
“The Company has commenced discussions with the local community about
its proposed mining activities and looks forward to addressing any concerns
and identifying areas where our operations can benefit the local economy,
be it through employment, training, use of local contractors and suppliers, or
other means”.