Proactive Article about NTL, page-2

NZResources in on the party as well. Emphasis added to the potential ~10 ounces per ton grades found in the historic data. What an opportunity to revive this mine that was formerly built using manpower with horse and cart - ultimately closed due to World War 1. Great opportunity to NZ and NZ investors who own most of this mine.

http://www.nzresources.com/showarticle.aspx?id=9955&guid=30009955

NTL set to undertake mine works

The drawn-out plan to re-develop the Talisman gold mine at Karangahake has moved forward, according to the March quarter report for New Talisman Gold Mines Ltd (NZX & ASX: NTL).

The company said it has advanced in “establishing further components” to the Tasman Deeps project that would be significant for the long-term.

New Talisman has also been granted a certificate of compliance which will allow a start to site activities.
Further work on the Talisman Deeps had identified additional targets for mineralisation that may see a bulk sampling programme.

“Accessing these areas will require opening up and making safe a number of the historical drives, particularly those connecting 8 Level with 7 Level above and 10 Level,” the company said.
To initiate this work, NTL lodged the certificate of compliance with the Hauraki District Council and this was subsequently granted.

Work to be undertaken include:

• Perimeter fencing around the portal site.
• Construction of the portal pad and associated structures.
• A ventilation fan at the mine entrance.
• Installation of a generator and air compressor.
• Removal of old beams and replacement of underground structures.
• Sampling and drilling at Mystery and other targeted areas.
• Establishment of site office and security office.
• Vegetation management – trimming and weed control within the existing footprint of the mine road.

NTL said construction of the requirements will begin immediately.

Progress on Talisman Deeps has advanced with database compilation and verification complete. Historic mine workings have been digitally captured and modelled into a three dimensional wireframe, and structural modelling of the Maria Vein was complete within the Dubbo and Bonanza sections.

Analysis of 926 samples from raise sampling in the lower workings of the Talisman and Bonanza zones – historically highly productive areas and source of the majority of the 3.5 million bullion ounces produced - indicate a mean grade of 36.75 grams/tonne gold equivalent in a range of trace to 219.55 g/t.

There is evidence stoping took place below No 15 level but NTL believes the high grade ore persists in this area.

Advanced statistical modelling of geochemical data was underway in preparation for estimating the gold equivalent content of the modelled vein material and results may be known “within coming months, once peer review of the final report is complete.”

At the nearby Rahu exploration joint venture with Newcrest Mining Ltd (ASX: NCR), Newcrest re-logged 2,200 metres of existing diamond drill core. The aim was to provide an updated stratigraphic framework for the geological setting of Rahu. And to document alteration and quartz textural variation throughout the project.

New Talisman also said its wholly-owned subsidiary Coromandel Gold Ltd has been investigating Australasian and the Pacific opportunities.

During the quarter Coromandel Gold had discussions with an unlisted public company to look at potential opportunities that include Vanuatu where similarities to the Coromandel and Waihi gold districts were recognised.

Meanwhile, the ponderous advance of discussions with potential investor or partner in the Talisman project, the Asian company Amer appears to be going sideways.

NTL said Amer provided an updated non-binding proposal which was at a significant discount to the company’s current value, and did not contain any premium for control, and was overly complex.

“We continue to discuss with Amer opportunities to work together, however, our primary focus remains the development and expansion of our mining assets,” NTL said.