TANAMI GOLD NL
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Name change date
Tanami Gold NL is an Australian company engaged in gold mining and mineral exploration. Its Tanami Project comprises a landholding of 6,081 square kilometers over the Tanami Gold Field, which has a gold endowment of more than 11 million ounces. The mining contractor, CDE Capital Pty Ltd, recommenced mining at the Coyote Gold project in April 2007. As of November 2003, the company announced that it was the successful bidder for AngloGold Ashanti Australia Limited’s Western Tanami Project. The high quality Coyote gold deposit together with the company’s existing Kookaburra and Sandpiper deposits have taken its total resources in the Western Tanami to 656,000 ounces of gold.
Tanami Gold NL was incorporated as a publicly quoted company in 1968. It is headquartered in West Perth, Australia. The company’s operation in Australia is represented by its subsidiary, Jabiru Metals Limited, which is involved in mineral exploration and mining of base metals in Australia.
The Company primarily engaged in the mineral exploration.
Description and history
Since 1994 Tanami Gold NL (Tanami Gold) has positioned itself for success by acquiring a major ground position in the Tanami-Arunta Province, gaining access to large areas through negotiating agreements with the Aboriginal owners, and completing successful regional early stage exploration programs in its own right and through joint venture partners.
In mid 2003 the Company refocused on its core activities with an emphasis on gold and the acquisition of a gold project Australia wide which could fund ongoing exploration in the Tanami – Arunta Province. In July 2003 AngloGold Australia Limited announced the divestment of their Western Tanami Project tenements which included the Coyote Gold Deposit.
On 24 November 2003 the Company announced that it was the successful bidder for AngloGold’s Western Tanami Project. The high quality Coyote gold deposit together with the Company’s existing Kookaburra and Sandpiper deposits took the Company’s total resources in the Western Tanami to 572,000 ounces of gold.
Importantly, the Company was of the view that a strong synergy could be achieved through combining the Western Tanami Project resources and tenements with the Company’s existing resources and tenements at Larranganni and its large tenement holdings in the Tanami-Arunta Province and that the combined resources of 572,000 ounces of gold would provide a strong base for Tanami Gold to commence mining. In February 2004 the Company commenced a Bankable Feasibility Study (BFS) targeting an initial 60,000 ounce per year operation based on the combined Coyote-Larranganni resources.
The Company believes that results from the various drill programs completed between March and August 2004 together with an increased confidence in outlining the extent of the high grade ore zones will lead to an increase in the total resource base for the project. A new resource estimate should be available by mid-October 2004.
Numerous ore grade intersections returned from prospects outside the BFS resources provided immediate drill targets for follow-up drilling.Results from these programs are currently under review.
Another step in the corporate objective to move from explorer to a producer was announced on 14 August 2003. Tanami Gold took a 15% placement in Pilbara Mines Limited (now renamed Jabiru Metals Limited (www.jabirumetals.com.au) made up of 12.34 million shares at 9 cents each ($1,110,600) to allow Jabiru to fund ongoing exploration and to continue the feasibility study (including drilling) of the high grade Jaguar Project (1.72 million tonnes at 3.66% Cu, 11.9% Zn and 127 g/t Ag) located 60 kilometres NNW of Leonora.
On 2 December 2003 the Company increased its equity in Jabiru to 18.3% by exercising an option to purchase a further five million shares at 20 cents in Jabiru. A decision to commence a Bankable Feasibility Study for the project was made in February 2004. Since August 2003, Jabiru have drilled a total of 15 core holes into the deposit returning a number of significant wide, high grade intercepts. An updated resource estimate for the deposit is due in October 2004.
Tanami Gold has also commenced drilling at the Nicker Project, where first-pass regional programs have led to the discovery of the Dodger Prospect with surface sampling returning numerous results up to 0.5 metres @ 8.7 g/t Au within an anomalous zone of over 2.5 kilometres strike. In addition to the drilling at the Dodger Prospect numerous targets elsewhere in the Province will be drilled out through to November 2004. Exploration is also scheduled to commence shortly on the highly prospective Reynolds Range Project 200 kilometres northwest of Alice Springs.
The Company’s Joint Venture partner Barrick Gold Australia has commenced RAB drill follow up of encouraging gold results returned from surface sampling and regional vacuum drilling programs on the Supplejack and Birrindudu tenements in the Northern Territory.
The Company has been listed on the Australian Stock Exchange since December 11, 1986. Tanami Gold NL is a company domiciled in Australia.
Gold mining and mineral exploration
CENTRAL TANAMI GOLD PROJECT
US SIC Code
50, Colin Street
City province or state postal code
6005, WEST PERTH, WA
Phone: +61 892125999
Fax: +61 892125900
Country address: AUSTRALIA
Website url: www.tanami.com.au