Sub Nigel - Sub Nigel launches new development ini
Sub Nigel - Sub Nigel launches new development initiatives
SUB NIGEL GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share code: SBN ISIN: ZAE000006391
("Sub Nigel" or "the company")
Sub Nigel launches new development initiatives
Sub Nigel (SBN) is undertaking a number of new development initiatives which
will be of great interest to stakeholders. SBN recently announced a highly
successful shares issue for cash which showed mounting investor confidence in
this dynamic organisation, raising R4,35 million which is earmarked for three
main objectives.
A spokesman for SBN explained that first priority was given to a repayment of
shareholder loans. "The remainder of this cash injection is committed to
advancing the development of our current and very promising gold projects in the
Witwatersrand basin of South Africa," he commented.
To achieve these positive objectives, SBN is pleased to announce that it has
mandated Metallurgical Design and Management (MDM) to complete a scoping study
on SBN"s projects as part of a comprehensive study to confirm their economic
potential.
SBN is also engaged in finalising a drilling programme expected to boost levels
of confidence in results already obtained and further increase its resource base
at both projects. "We will be making further announcements concerning the
drilling programme in due course," he continued
"The Ventersburg project in the Free State has already produced highly
encouraging drilling results, with a potential resource of eight million ounces
of gold already defined. Our new initiatives are expected to provide additional
information to bolster these results. So positive are the prospects that its
potential has induced Gold Fields Limited to secure an option to participate
once our bankable feasibility study has been completed.
"In addition, our Spaarwater project, an extension of the old Sub Nigel mine
with 3,5 million ounces of gold in-situ has now been granted a mining licence to
recommence mining operations. One of the most profitable gold mines in its day,
the Sub Nigel mine still has most of its surface and underground infrastructure
in place, a clear advantage in terms of re-entry into gold production. We are
confident that once the drilling programme commences, we will be able to define
additional resources in this area," he concluded.
Ends
Date: 26/02/2004 07:05:52 AM Supplied by www.sharenet.co.za
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