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Sub Nigel Gold Mining Company Limited - Intersection Of The Nigel Reef At
Spaarwater
SUB NIGEL GOLD MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share code: SBN ISIN: ZAE00006391
("Sub Nigel" or "the company")
INTERSECTION OF THE NIGEL REEF AT SPAARWATER
Sub Nigel is pleased to announce that the company has intersected the Nigel
Reef. This is as a result of the exploration programme that commenced on 3 March
2004 at Spaarwater in the East Rand Goldfield, South Africa.
To date, 500 metres of diamond hole drilling has been completed. This forms part
of the 1 240-metre exploration programme recently announced on SENS, the purpose
of which was to confirm the presence of economically extractable Nigel Reef as
well as to determine the economic potential of the underlying Erosion Channel.
Should the results of this drilling programme prove positive, it will allow Sub
Nigel to delineate further reserves and resources at Spaarwater.
Findings from the Nigel Reef intersection has revealed:
- The presence of visible gold in the core
- The reef is well developed
- A significant intersection of 1.18 metres at a depth of between 452,14 and
453,32 metres below surface
The Nigel Reef intersection has been sampled and these samples will now be
submitted for gold analysis.
The intersection at 453 metres below surface is in accordance with the company"s
initial expectations. The intersection reflects the continuity of the Nigel Reef
and highlights the possibility of major potential at Spaarwater. GEOACTIV, the
appointed competent person acting on behalf of Sub Nigel, is supervising and
directing all work associated with the drilling programme.
Drilling at the Spaarwater Project continues unabated. The company has started
drilling the first of a number of deflections through the Nigel Reef.
The company will issue more statements when more information is known.
Forward Looking Statements
The above contains forward looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those anticipated in our forward looking
statements. Factors that could cause such differences include: changes in world
gold markets, equity markets, costs and supply of materials relevant to the
mining industry, change in government and changes to regulations affecting the
mining industry. Although we believe the expectations reflected in our forward
looking statements are reasonable, results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
25 March 2004
Date: 25/03/2004 04:35:04 PM Produced by the JSE SENS Department
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