Sydney - Tuesday - January 24: (RWE Australian Business News) - Conquest Mining Ltd reports it is planning to undertake exploration on three property groups in 2006 - Mt Carlton, Crush Creek and Normanby.
All are located in north Queensland.
Conquest has three deposits in the Collinsville area with combined indicated and inferred resources of 2.37 million tonnes at 1.87g/t gold and 21g/t silver for 140,000 ounces of gold and 1.6 million ounces of silver.
The current in-ground gold and silver value is $120 million.
Conquest has added substantially to the resources at a low cost of discovery of $26 per ounce for the combined Mt Carlton and Crush Creek projects, compared with an Australian average between 1985 and 2002 of $60 to $70 per ounce for grassroots exploration.
Management proposes exploration expenditure of $2 million for 2006 to aggressively advance all properties.
CQT Price at posting:
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