http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Wed, 18 Jul 2018 01:21:43 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Doray Minerals increases gold resources by 34% at Deflector Gold-Copper Mine ]]> http://www.proactiveinvestors.com.au/companies/news/200546/doray-minerals-increases-gold-resources-by-34-at-deflector-gold-copper-mine-200546.html Doray Minerals Limited (ASX:DRM) has increased mineral resources by 34% to 762,000 ounces at its Deflector Gold-Copper Mine in the Murchison region of Western Australia.

West Perth-based Doray also increased its group gold mineral resources by 12% or 176,000 ounces to 1.587 million ounces after factoring in mined resource depletion.

There were 75,000 ounces of gold and 3,900 tonne of copper produced at Deflector in the 12 months to June 30, 2018, and another 16,000 ounces of gold at Andy Well.

READ: Doray Minerals targets gold production and margin increase from Deflector

The quality of the Deflector mineral resources also improved by 38% to 8.6 g/t gold.

Group gold ore reserves were 250,000 ounces, with all of these being at Deflector where Doray added 4% to the size of ore reserves and increased the grade by 6% to 5 g/t gold.

Copper mineral resources for the group sat at 16,000 tonnes in the latest estimate while copper ore reserves rested at 5,000 tonnes.

A welcome achievement

Doray managing director Leigh Junk said: “Achieving such a meaningful increase in resource gold grade and ounces, at an average discovery cost of $25 per ounce, is a great result for Deflector’s first full-year mining underground.”

Junk said the company’s focus and exploration investment during the 2018 financial year had delivered results.

Next steps

Doray has increased the Deflector exploration investment budget by 67% to $10 million for the 2019 financial year.

Junk said the company had made a significant investment in exploration and was seeing improved confidence in the company’s strategy.

The Deflector resources and reserves have been boosted by new discoveries in proximity to the underground operations as well as the Da Vinci deposit.

Reserves are yet to include any potential conversion of the inferred resource at Da Vinci, which is expected to be evaluated by the end of 2018.

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Wed, 11 Jul 2018 02:28:00 +1000 http://www.proactiveinvestors.com.au/companies/news/200546/doray-minerals-increases-gold-resources-by-34-at-deflector-gold-copper-mine-200546.html
<![CDATA[News - Doray Minerals targets gold production and margin increase from Deflector ]]> http://www.proactiveinvestors.com.au/companies/news/199174/doray-minerals-targets-gold-production-and-margin-increase-from-deflector-199174.html Doray Minerals Ltd (ASX:DRM) is targeting a 30% increase in gold production from the Deflector Gold Copper Mine during financial year 2019.

Guidance has been set at 80,000 to 85,000 gold ounces.

Production costs are also falling, and for the guidance period the all-in-sustaining-cost is forecast between $1050 and $1150 per ounce, a reduction on the previous period.

If the Australian dollar gold price remains in its current $1700 range, then the mine is set to make a healthy margin.

Doray has allocated a $10 million exploration budget for the next 12 months.

Ultimately the company is targeting sustainable annual production of 100,000 gold ounces per annum with a mine life greater than five years.

Bonanza gold

Grade control diamond drilling recently revealed some bonanza grade results from Deflector, including:

- 0.6 metres at 299g/t gold and 3.3% copper;
- 0.6 metres at 219g/t gold and 10.5% copper; and
- 0.8 metres at 188g/t gold and 3.1% copper.

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Wed, 20 Jun 2018 09:26:00 +1000 http://www.proactiveinvestors.com.au/companies/news/199174/doray-minerals-targets-gold-production-and-margin-increase-from-deflector-199174.html
<![CDATA[News - Doray Minerals hits Bonanza gold and eyes production ramp up ]]> http://www.proactiveinvestors.com.au/companies/news/189923/doray-minerals-hits-bonanza-gold-and-eyes-production-ramp-up-189923.html Doray Minerals Limited’s (ASX:DRM) delineation of intersections such as 11 metres at 56.3 g/t gold at its Da Vinci discovery in Western Australia has provided confidence in its ability to contribute ore to the company’s Deflector Gold-Copper Project.

Management is looking to gain a better understanding of Da Vinci, potentially extending the mineralisation strike length to more than 200 metres.

This should see the deposit situated within 50 metres of the Deflector project’s ore drive in January.

Doray is forecasting Deflector to ramp up production in the coming six months after producing circa 5000 ounces of gold and 272 tonnes of copper in 2017.

Drilling at da Vinci can potentially add mine life to Deflector

From an exploration perspective, massive sulphides and bonanza gold intersections at Da Vinci are interpreted by Doray as an extension of the Deflector Western Lode.

The Da Vinci Lode already shows signs of continuous strike lengths of high-grade mineralisation and remains open along strike and at depth.

Ore from Da Vinci could potentially extend Deflector’s mine life beyond the current four year period.

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Fri, 12 Jan 2018 13:17:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189923/doray-minerals-hits-bonanza-gold-and-eyes-production-ramp-up-189923.html
<![CDATA[News - Doray Minerals reveals high-grade results near its producing gold-copper mine ]]> http://www.proactiveinvestors.com.au/companies/news/182901/doray-minerals-reveals-high-grade-results-near-its-producing-gold-copper-mine-182901.html Doray Minerals Ltd’s (ASX:DRM) shares were trading 7.5% higher intra-day after revealing high-grade gold and copper results from a drilling program at its new Da Vinci discovery.

The Da Vinci discovery is located immediately north of the company’s producing Deflector gold-copper mine in Western Australia.

Highlight assay results from the latest program include:

- 10.4 metres at 45.2 g/t gold and 0.7% copper from 226 metres; and
- 1.4 metres at 8.5 g/t gold and 0.7% copper from 143.5 metres.

Importantly, the pattern of mineralisation discovered is similar to the main Deflector ore system.

The results from the new drill holes have demonstrated at least 120 metres of continuity of the high grade mineralisation that is open along strike and at depth.

Doray has commenced drilling on a new deeper diamond drill hole, a further 80 metres north along strike.

In addition, reverse circulation drilling is continuing on the Da Vinci prospect to test the strike extent of the system and to analyse near surface potential.

Doray had a combined annual production of circa 105,000 ounces gold and 4,700 tonnes copper from the Deflector and Andy Well projects for the financial year ended June 30, 2017.

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Thu, 24 Aug 2017 14:09:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182901/doray-minerals-reveals-high-grade-results-near-its-producing-gold-copper-mine-182901.html
<![CDATA[News - Doray Minerals makes bonanza discovery in best ever hole at Deflector ]]> http://www.proactiveinvestors.com.au/companies/news/182018/doray-minerals-makes-bonanza-discovery-in-best-ever-hole-at-deflector-182018.html Doray Minerals Ltd (ASX:DRM) has revealed the best ever hole drilled at the Deflector gold copper mine, located in Western Australia.

The results delivered bonanza grade gold, and importantly width.

Highlights from the resource definition/extensional diamond drilling include: 18.1 metres at 65.3g/t gold and 0.4% copper, and reveal a potential new zone of mineralisation.

Next steps

Doray will need to complete more follow up work to determine if this intersection is a completely new parallel lode or an offset position of the Western Lode.

Either way with these widths and grades the company will look to mine it.

Production from Deflector

The FY17 production at the mine was 49,130 gold ounces at an all-in-sustaining-cost of $1,018 (including copper credits).

The forecast for FY18 is to produce 60,000 to 65,000 ounces of gold.

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Mon, 07 Aug 2017 10:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182018/doray-minerals-makes-bonanza-discovery-in-best-ever-hole-at-deflector-182018.html
<![CDATA[News - Doray Minerals eyes potential new ore body at Deflector Gold Copper Mine ]]> http://www.proactiveinvestors.com.au/companies/news/181249/doray-minerals-eyes-potential-new-ore-body-at-deflector-gold-copper-mine-181249.html Doray Minerals (ASX:DRM) has intersected high-grade gold from follow-up drilling at the newly discovered northern extension at its Deflector Gold Copper Mine in Western Australia.

The assays received include 1.4 metres at 106.2 g/t gold and 4.4% copper from 166 metres.

A total of four diamond drill holes have been drilled to date.

Two holes intersected zones of significant visual mineralisation, including visible gold.  To date assays have only been returned from one hole.

With bonanza grades, visible gold and massive chalcopyrite in the drill core it does appear that Doray is at the early stages of defining a new ore body at Deflector.

Drilling is continuing with a diamond rig currently drilling the next step-out section 80 metres further north.

Doray is a gold producer with two Western Australian gold operations - the Andy Well Gold Mine, which commenced production in August 2013; and Deflector, which commenced production in May 2016.

The company is expected to achieve its current forecast production guidance for FY 2017 at Andy Well of between 50,000 to 55,000 ounces of gold.

Deflector is scheduled to produce 60,000 - 65,000 ounces gold in FY 2018 at an all in sustaining cost of between A$1,225 – A$1,275 per ounce inclusive of by-product copper credits.

Doray’s shares were last trading 5% higher intra-day on Friday, at $0.205.

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Fri, 21 Jul 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181249/doray-minerals-eyes-potential-new-ore-body-at-deflector-gold-copper-mine-181249.html
<![CDATA[News - Doray Minerals drilling hints at more gold from producing mine ]]> http://www.proactiveinvestors.com.au/companies/news/177955/doray-minerals-drilling-hints-at-more-gold-from-producing-mine-177955.html Doray Minerals (ASX:DRM) has intersected high-grade gold and copper from its ongoing resource infill and extension program at the Deflector Gold Copper Operation in Western Australia.

The Deflector Mine, located in the southern Murchison region, commenced production in May 2016.

The drilling is part of Doray’s strategy to upgrade the inferred sections of the resource to indicated category, and to extend it at depth, which will allow additional ore reserves to be delineated.

Doray’s drilling has primarily focussed on the extremities of resources on the main Western and Central Lodes, with additional intersections of the Contact Lodes.

A total of 19 diamond drill holes for 6,103 metres have been completed to date, with drilling continuing.

Significant intersections returned to date from the program include:

- 0.87 metres at 8 g/t gold and 0.7% copper from 204.5 metres (Western Lode); and
- 0.79 metres at 23.1 g/t gold and 1.2% copper from 185.7 metres (Western Lode).

The latest results have increased the understanding of the orebody and confirmed that strong mineralisation continues at depth beyond the boundaries of the current mine plan.

Drilling is continuing with two diamond drill rigs on site operating on a double shift basis.

Doray also owns the Andy Well Gold Mine in the Murchison region, which commenced production in August 2013.

The company produced 24,497ounces of gold and 1,438 tonnes of copper during the March 2017 quarter, generating a revenue of $60.5 million for the quarter.

Doray closed the quarter with cash, gold and concentrate-on-hand of $31.9 million as at 31 March 2017.

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Thu, 18 May 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177955/doray-minerals-drilling-hints-at-more-gold-from-producing-mine-177955.html
<![CDATA[News - Doray Minerals placed in trading halt ]]> http://www.proactiveinvestors.com.au/companies/news/167861/doray-minerals-placed-in-trading-halt-167861.html The company requests that the trading halt end on the earlier of the commencement normal trading on 26 October 2016 or when the anticipated announcement referred to is released to the market.

During the September quarter, Doray produced 14,943 ounces of gold from the Andy Well Gold Project located in in the Murchison region of Western Australia.

The September quarter also marked the first full quarter of production at the company’s recently commissioned Deflector Gold Project, also located in the Murchison region.

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Tue, 25 Oct 2016 02:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167861/doray-minerals-placed-in-trading-halt-167861.html
<![CDATA[News - Doray Minerals on construction path at Deflector ]]> http://www.proactiveinvestors.com.au/companies/news/153518/doray-minerals-on-construction-path-at-deflector-65032.html Doray Minerals (ASX:DRM) is continuing with the construction phase of the Deflector Gold Project, located in the southern Murchison region of Western Australia.

The company wholly-owns Deflector after a take-over of then previous owner Mutiny Gold.

Doray said that construction activities continue at the processing plant and site admin areas with most concrete footings now completed.

The first load of steelwork for the crushing circuit has recently arrived and all pads for the new site office, workshops and stores have now been completed.

The process water dam has been completed and the liner is being installed.

Deflector is a high-grade/low-cost gold-copper deposit with an initial mine life of six years, with potential to increase the life based on exploration.

Doray has forecast when Deflector is in production, along with its currently producing Andy Well, that the company will have average production of 150-160,000kozpa (AuEq) with an average all-in sustaining cost of <A$1,000/oz.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 12 Oct 2015 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153518/doray-minerals-on-construction-path-at-deflector-65032.html
<![CDATA[News - Doray Minerals in talks for Defector off-take ]]> http://www.proactiveinvestors.com.au/companies/news/153517/doray-minerals-in-talks-for-defector-off-take-64367.html Doray Minerals (ASX:DRM) is moving the high-grade Deflector project in Western Australia ahead quickly, and is now in discussions with potential off-take partners.

This follows the company securing funding for all construction and development expenses.

Deflector is a high-grade, low-cost gold-copper deposit with an initial mine life of six years, and there is potential for exploration upside.

The Deflector timeline has open pit mining and underground mining commencing in the first half of 2016, with first production scheduled for mid-CY2016.

Metrics include all-in sustaining cost of

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 04 Sep 2015 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153517/doray-minerals-in-talks-for-defector-off-take-64367.html
<![CDATA[News - Doray Minerals bags funding to bring Deflector to life ]]> http://www.proactiveinvestors.com.au/companies/news/153516/doray-minerals-bags-funding-to-bring-deflector-to-life-64267.html Doray Minerals (ASX:DRM) is fully-funded for the construction and development its wholly-owned Deflector Gold Project in Western Australia, less than a year after taking over former owner Mutiny Gold.

The Deflector timeline has open pit mining and underground mining commencing in the first half of 2016, with first production scheduled for mid-CY2016.

Funding includes a heavily oversubscribed placement raising $13.8 million, which has been completed.

Add to this a underwritten non-renounceable entitlement issue to raise $12.9 million, and then Westpac will provide corporate finance facilities including up to $65 million new debt funding for Deflector construction.

Deflector is a high-grade, gold-copper deposit with an initial mine life of six years and significant exploration potential.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 31 Aug 2015 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153516/doray-minerals-bags-funding-to-bring-deflector-to-life-64267.html
<![CDATA[News - Doray Minerals looks to fund Deflector Project ]]> http://www.proactiveinvestors.com.au/companies/news/153515/doray-minerals-looks-to-fund-deflector-project-64221.html Doray Minerals (ASX:DRM) has been granted a trading halt this morning pending details in relation to funding for the Deflector Project.

Doray picked up the high-grade copper-gold project through the acquisition of Mutiny Gold.

Deflector is a high-grade project, and has the production potential for 75,000 ounces per year with all-in-sustaining-costs of A$787/oz (post copper credits).

The halt will remain in place until the opening of trade on Monday 31st August 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 27 Aug 2015 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153515/doray-minerals-looks-to-fund-deflector-project-64221.html
<![CDATA[News - Doray Minerals terminates metal purchase agreement over Deflector ]]> http://www.proactiveinvestors.com.au/companies/news/153514/doray-minerals-terminates-metal-purchase-agreement-over-deflector-62607.html Doray Minerals (ASX:DRM) has reached agreement with Sandstorm Gold Limited to terminate the Metal Purchase Agreement (MPA) over Doray’s wholly-owned Deflector Gold Project in Western Australia.

Doray became the owner of Deflector through the recent acquisition of Mutiny Gold.

Sandstorm had previously loaned US$6 million to Mutiny, who had the option to repay the loan and plus interest, or to convert the loan to a MPA.

The MPA included selling 2.6% of gold production from Deflector to Sandstorm at USD$500/oz for the life of mine.

In return for Doray agreeing to repay the loan early, Sandstorm has agreed to a reduced payout figure of USD$7 million, compared with the current balance of US$7.8 million.

Doray said that Westpac (ASX:WBS) has agreed in principle to fund the repayment to Sandstorm by increasing the current project finance facility over Andy Well.


Deflector metrics

- High-grade/low-cost project
- Pre production capexA$$88.2M
- Ann. production 60koz Au
- LOM C1 A$654/oz
- LOM AISC A$787/oz

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 May 2015 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153514/doray-minerals-terminates-metal-purchase-agreement-over-deflector-62607.html
<![CDATA[News - Doray Minerals to mop up remaining shares in Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153513/doray-minerals-to-mop-up-remaining-shares-in-mutiny-gold-60523.html Doray Minerals (ASX:DRM) will now compulsory acquire remaining shares and listed options in Mutiny Gold (ASX:MYG)

Doray had a relevant interest in 90.67% of the ordinary shares in Mutiny, and had acquired 95.17% of Mutiny’s listed options.

The Mutiny takeover offer will close on 13 February 2015.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 05 Feb 2015 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153513/doray-minerals-to-mop-up-remaining-shares-in-mutiny-gold-60523.html
<![CDATA[News - Doray Minerals eyes 90% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153512/doray-minerals-eyes-90-of-mutiny-gold-60325.html Doray Minerals (ASX:DRM) has received acceptances for 88.15% of takeover target Mutiny Gold (ASX:MYG).

In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.05, with Doray at $0.49.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Jan 2015 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153512/doray-minerals-eyes-90-of-mutiny-gold-60325.html
<![CDATA[News - Doray Minerals advances past 80% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153511/doray-minerals-advances-past-80-of-mutiny-gold-60188.html Doray Minerals (ASX:DRM) has received acceptances for 81.68% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 563,523,762 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.056, with Doray at $0.595.

Doray has also received acceptances for 75,026,158, or 88.66% of Mutiny’s listed options.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 20 Jan 2015 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153511/doray-minerals-advances-past-80-of-mutiny-gold-60188.html
<![CDATA[News - Doray Minerals breezes past 75% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153510/doray-minerals-breezes-past-75-of-mutiny-gold-60157.html Doray Minerals (ASX:DRM) has received acceptances for 78.37% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 540,675,578 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.057, with Doray at $0.59.

Doray has also received acceptances for 73,276,158, or 86.6% of Mutiny’s listed options.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 19 Jan 2015 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153510/doray-minerals-breezes-past-75-of-mutiny-gold-60157.html
<![CDATA[News - Doray Minerals takeover of Mutiny now unconditional ]]> http://www.proactiveinvestors.com.au/companies/news/153509/doray-minerals-takeover-of-mutiny-now-unconditional-60098.html Doray Minerals (ASX:DRM) has declared its recommended off-market takeover offers for all shares and listed options of Mutiny Gold (ASX:MYG) free from all defeating conditions.

It also confirmed that Mutiny shareholders and listed optionholders who validly accepted the offers made to them before they were declared unconditional will be issued their consideration by 22 January 2015.

If Doray acquires a relevant interest in Mutiny of 90% or more, Doray intends to proceed with compulsory acquisition of any outstanding Mutiny shares and listed options under Part 6A of the Corporations Act.

Mutiny’s board urged shareholders who have not yet accepted the offer to do so to take advantage of the accelerated payment terms.

Doray has received acceptances for 74.62% of Mutiny as on Tuesday, 13th January 2015.
   
It has also received acceptances for 82.3% of Mutiny’s listed options.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 15 Jan 2015 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153509/doray-minerals-takeover-of-mutiny-now-unconditional-60098.html
<![CDATA[News - Doray Minerals closes in on 75% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153508/doray-minerals-closes-in-on-75-of-mutiny-gold-60071.html Doray Minerals (ASX:DRM) has received acceptances for 74.62% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 506,089,426 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October 2014 when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.06, with Doray at $0.60.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 14 Jan 2015 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153508/doray-minerals-closes-in-on-75-of-mutiny-gold-60071.html
<![CDATA[News - Doray Minerals advances to hold 72.56% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153507/doray-minerals-advances-to-hold-7256-of-mutiny-gold-59990.html Doray Minerals (ASX:DRM) has received acceptances for 72.56% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 492,116,787 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.049, with Doray at $0.49.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 09 Jan 2015 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153507/doray-minerals-advances-to-hold-7256-of-mutiny-gold-59990.html
<![CDATA[News - Doray Minerals now holds 71.4% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153506/doray-minerals-now-holds-714-of-mutiny-gold-59911.html Doray Minerals (ASX:DRM) has received acceptances for 71.4% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 484,316,946 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.048, with Doray at $0.485.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 06 Jan 2015 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153506/doray-minerals-now-holds-714-of-mutiny-gold-59911.html
<![CDATA[News - Doray Minerals now holds 70% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153505/doray-minerals-now-holds-70-of-mutiny-gold-59818.html Doray Minerals (ASX:DRM) has received acceptances for more than 70.31% of takeover target Mutiny Gold (ASX:MYG).

Shareholders with a total of 476,875,930 shares in Mutiny have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.039, with Doray at $0.43.

All Mutiny directors have already accepted the offer and continue to unanimously recommend the offer in the absence of a superior proposal.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 30 Dec 2014 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153505/doray-minerals-now-holds-70-of-mutiny-gold-59818.html
<![CDATA[News - Mutiny Gold now 69% owned by Doray Minerals ]]> http://www.proactiveinvestors.com.au/companies/news/153504/mutiny-gold-now-69-owned-by-doray-minerals-59752.html Mutiny Gold (ASX:MYG) is now 69% owned by Doray Minerals (ASX:DRM) as shareholders continue to accept the offer.

All Mutiny directors have accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.039, with Doray at $0.425.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Dec 2014 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153504/mutiny-gold-now-69-owned-by-doray-minerals-59752.html
<![CDATA[News - Doray Minerals stake in Mutiny Gold jumps ]]> http://www.proactiveinvestors.com.au/companies/news/153503/doray-minerals-stake-in-mutiny-gold-jumps-59707.html Doray Minerals (ASX:DRM) stake in takeover target Mutiny Gold (ASX:MYG) has jumped to 63.9% as the company continues to receive acceptances.

All Mutiny directors have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.039, with Doray at $0.41.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 19 Dec 2014 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153503/doray-minerals-stake-in-mutiny-gold-jumps-59707.html
<![CDATA[News - Doray Minerals breezes past 50% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153502/doray-minerals-breezes-past-50-of-mutiny-gold-59607.html Doray Minerals (ASX:DRM) has received acceptances for more than 53.2% of takeover target Mutiny Gold (ASX:MYG).

All Mutiny directors have now accepted the offer of one Doray share for every 9.5 Mutiny shares.

They also continue to unanimously recommend the offer in the absence of a superior proposal.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.034, with Doray at $0.36.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 gold equivalent.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 16 Dec 2014 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153502/doray-minerals-breezes-past-50-of-mutiny-gold-59607.html
<![CDATA[News - Doray Minerals closes in on 50% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153501/doray-minerals-closes-in-on-50-of-mutiny-gold-59530.html Doray Minerals (ASX:DRM) has now moved to 48.5% of takeover target Mutiny Gold (ASX:MYG).

Mutiny's board unanimously recommended the offer in a target statement.

Doray is acquiring all of the shares of Mutiny on the basis of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny last traded at $0.035, with Doray $0.39.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 AuEq.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Dec 2014 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153501/doray-minerals-closes-in-on-50-of-mutiny-gold-59530.html
<![CDATA[News - Doray Minerals now holds 37.9% of Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153500/doray-minerals-now-holds-379-of-mutiny-gold-59412.html Doray Minerals (ASX:DRM) has now moved to 37.9% of takeover target Mutiny Gold (ASX:MYG).

Mutiny's board unanimously recommended the offer in a target statement.

Doray is acquiring all of the shares of Mutiny on the basis of one Doray share for every 9.5 Mutiny shares.

In late October when the deal was announced, this valued Mutiny shares at $0.054, or an enterprise value of $44 million.

Mutiny closed last night at $0.027.

The companies have said that the merger with create a leading, mid-tier high-grade Western Australian gold company with substantial growth prospects.

This includes forecast annualised production of around 160,000 AuEq.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Dec 2014 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153500/doray-minerals-now-holds-379-of-mutiny-gold-59412.html
<![CDATA[News - Doray Minerals pounces on Mutiny Gold ]]> http://www.proactiveinvestors.com.au/companies/news/153499/doray-minerals-pounces-on-mutiny-gold-58506.html Doray Minerals (ASX:DRM) will acquire Mutiny Gold (ASX:MYG) with an off-market takeover offer of 1 new Doray share for every 9.5 Mutiny shares held.

Offer values Mutiny at $0.054 per share.

Major Mutiny shareholders have entered into pre-bid acceptance agreements with Doray in respect of 18.68% of Mutiny's shares.

The Mutiny board has unanimously recommended the offer.

Mutiny security holders will hold up to 33% of the combined group (on a fully diluted basis).

90% minimum acceptance condition.

The proposed merger creates a portfolio of complimentary high-grade production, development and exploration assets.

Forecast production is around 160,000oz AuEq per year from FY2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 11:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153499/doray-minerals-pounces-on-mutiny-gold-58506.html
<![CDATA[News - Doray Minerals' news to wait another day ]]> http://www.proactiveinvestors.com.au/companies/news/153498/doray-minerals-news-to-wait-another-day-58465.html Doray Minerals (ASX:DRM) has been granted a further suspension of its securities by the ASX pending an announcement regarding a potential corporate combination.

Doray originally entered a trading halt on Wednesday 22nd October 2014.

The company's Andy Well Gold Project is amongst highest grade and highest margin gold operations in Australia for 2014FY. 2015FY guidance is 77-85,000oz at C1 of A$700-800/oz.

Doray had $18.3 million in cash at the end of September 2014, and $12 million in debt.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 27 Oct 2014 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153498/doray-minerals-news-to-wait-another-day-58465.html
<![CDATA[News - Doray Minerals details on corporate combination likely Monday ]]> http://www.proactiveinvestors.com.au/companies/news/153497/doray-minerals-details-on-corporate-combination-likely-monday-58438.html Doray Minerals (ASX:DRM) has been granted a request by the ASX to suspend its shares, pending an announcement regarding a potential corporate combination.

Doray requested that the suspension remains in place until the earlier of the company making the announcement, or open of market on Monday 27th October 2014.

Mutiny Gold's (ASX:MYG) shares are also suspended pending a potential corporate combination.

 

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Fri, 24 Oct 2014 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153497/doray-minerals-details-on-corporate-combination-likely-monday-58438.html
<![CDATA[News - Doray Minerals to reveal potential corporate combination ]]> http://www.proactiveinvestors.com.au/companies/news/153496/doray-minerals-to-reveal-potential-corporate-combination-58371.html Gold-producer Doray Minerals (ASX:DRM) has been granted a trading halt pending details of a 'potential corporate combination'.

Doray's shares are currently in pre-open.

The company's Andy Well Gold Project amongst highest grade and highest margin gold operations in Australia for 2014FY. 2015FY guidance 77-85,000oz at C1 of A$700-800/oz.

Doray had $18.3 million in cash at the end of September 2014, and $12 million in debt.

The halt will remain in place until the opening of trade on Friday 24th October 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 22 Oct 2014 16:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153496/doray-minerals-to-reveal-potential-corporate-combination-58371.html
<![CDATA[News - Doray Minerals farming into Western Australia gold project ]]> http://www.proactiveinvestors.com.au/companies/news/153495/doray-minerals-farming-into-western-australia-gold-project-55163.html Doray Minerals (ASX:DRM) is farming into Alloy Resources’ (ASX:AYR) prospective and underexplored Horse Well Gold Project in the northeastern Goldfields of Western Australia.

The company can earn up to 80% of Horse Well through expenditure of $4 million within 6 years.

Drilling is expected to begin in the second half of 2014 at the “Crack of Dawn” target area.

Horse Well, which has estimated Resources of 100,000 ounces of gold, covers about 850 square kilometres in the northern part of the Millrose Greenstone Belt.

This is interpreted to represent similar geology to the Yandal Greenstone Belt, which hosts the Nimary-Jundee, Bronzewing, Darlot and Mt McClure gold deposits.

Work completed by Alloy over the last two years has extended the prospectivity for new gold discoveries along the entire greenstone belt.

This provides potential to define a significant new gold deposit, similar to the >5Moz Jundee and Wiluna mining centres located in adjacent greenstone belts.

The Crack of Dawn target area, a region of extensive surface sand cover, is located approximately 15 kilometres north-west, along strike, from the Horse Well gold prospect.

Historic work completed by Eagle Mining in 1997 returned a best intercept of 11 metres at 3.5 grams per tonne gold while drilling by Alloy at the nearby Dusk til Dawn Prospect returned 30 metres at 2g/t gold.

Alloy has completed all the permitting and heritage clearances for a major program of extension drilling and new target testing.

Doray plans to complete this drilling program in the second half of this year as part of the first earn-in hurdle.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 23 May 2014 14:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153495/doray-minerals-farming-into-western-australia-gold-project-55163.html
<![CDATA[News - Doray Minerals confirms fifth mineralised structure with 16.7g/t gold at Andy Well ]]> http://www.proactiveinvestors.com.au/companies/news/153494/doray-minerals-confirms-fifth-mineralised-structure-with-167gt-gold-at-andy-well-52841.html Doray Minerals (ASX: DRM) has identified a fifth mineralised structure from horizontal underground diamond drilling at its Andy Well gold project in Western Australia.

As previously reported, this drill hole intersected the mineralised Kirsty Zone structure within a felsic porphyry unit, with quartz veining and chlorite-silica alteration, at 820 metres depth.

Assays have now confirmed the presence of high-grade gold within the Kirsty Zone structure, returning 0.8 metres at 16.7 grams per tonne gold.

Excitingly, assays are still outstanding from 848 metres to 1001 metres down hole.

The bulk of historic drilling along the Kirsty Zone corridor is considered ineffective, due to the lack of depth coverage and the spacing between holes allowing narrow vein structures to remain untested.

This is the first drill testing of the interpreted Kirsty structure, with a substantial reverse circulation drilling program planned for the March quarter.

In addition, Doray aims to convert the nearby Judy Zone to a mining reserve, and estimate a maiden resource at the Suzie
Zone by mid-year.

Doray recently received commitments for $17 million through a share placement to sophisticated and institutional investors, via issue of 21 million shares at $0.80.

Doray is capitalised at $127 million and last traded at $0.94.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 14 Feb 2014 14:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153494/doray-minerals-confirms-fifth-mineralised-structure-with-167gt-gold-at-andy-well-52841.html
<![CDATA[News - Doray Minerals to accelerate drill testing at Western Australia gold project ]]> http://www.proactiveinvestors.com.au/companies/news/153493/doray-minerals-to-accelerate-drill-testing-at-western-australia-gold-project-52803.html Doray Minerals (ASX: DRM) plans to accelerate drill testing at its Andy Well Gold Project in Western Australia after completing a $17 million placement.

Funds will be used to advance the high-grade Judy and Suzie target zones and to carry out first-pass drilling of the Margaret and Kirsty structures.

Proceeds from the placement of 21 million shares priced at $0.80 each will also be used for regional exploration, project generation and business development activities.

Exploration is expected to add to project mine life in the near term.

Doray had late last month reported a high grade gold intersection that extends the Suzie Zone and confirms upside at the Andy Well project in Western Australia.

Drilling had intersected 0.5 metres at 59 grams per tonne gold within a wider interval of 3.6 metres at 8.8g/t gold.

Andy Well had produced 24,162 ounces of gold at a head grade of 13.09g/t in the December 2013 quarter. All-in sustaining costs were A$949 per ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 13 Feb 2014 15:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153493/doray-minerals-to-accelerate-drill-testing-at-western-australia-gold-project-52803.html
<![CDATA[News - Doray Minerals to raise capital ]]> http://www.proactiveinvestors.com.au/companies/news/153492/doray-minerals-to-raise-capital-52727.html Doray Minerals (ASX: DRM) shares are in pre-open with the company granted an ASX trading halt in relation to a proposed capital raising.

The halt will last until the earlier of the announcement being made or the start of trading on Friday, 14 February 2014.

Doray had late last month reported a high grade gold intersection that extends the Suzie Zone and confirms upside at the Andy Well project in Western Australia.

Drilling had intersected 0.5 metres at 59 grams per tonne gold within a wider interval of 3.6 metres at 8.8g/t gold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 12 Feb 2014 08:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153492/doray-minerals-to-raise-capital-52727.html
<![CDATA[News - Doray Minerals joins producers with first gold pour at Andy Well in Western Australia ]]> http://www.proactiveinvestors.com.au/companies/news/153491/doray-minerals-joins-producers-with-first-gold-pour-at-andy-well-in-western-australia-46406.html Doray Minerals (ASX: DRM) has poured first gold from its wholly-owned Andy Well Gold Project in Western Australia’s Murchison region.

Andy Well has a total Reserve of 733,000 tonnes at 10.6 grams per tonne gold, or 250,000 ounces of contained gold within the Wilber Lode.

The Bankable Feasibility Study had indicated the project would have total cash costs (C1 + C2) of A$868 per ounce and would produce an average of 74,000 ounces of gold per annum.

Notably, the company has 45,000 ounces hedged at A$1620/oz over the first 14 months of production.

Initial mine life is estimated at about 3.7 years. This does not include the Judy Lode, which has a current Resource of 137,000 tonnes at 19.3g/t gold, or 85,000 ounces of contained gold.

The first gold pour was completed on 5 August 2013 and consisted of a 144 ounce doré bar produced from the gravity circuit.

Doray has also restarted surface exploration to test for depth and strike extensions to the high-grade Judy Lode and for potential additional high-grade quartz lodes.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 06 Aug 2013 12:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153491/doray-minerals-joins-producers-with-first-gold-pour-at-andy-well-in-western-australia-46406.html
<![CDATA[News - Doray Minerals delivers Andy Well gold plant under budget and ahead of schedule ]]> http://www.proactiveinvestors.com.au/companies/news/153490/doray-minerals-delivers-andy-well-gold-plant-under-budget-and-ahead-of-schedule-46074.html Doray Minerals (ASX: DRM) has delivered a cost effective result in for the construction of the 200,000tpa gravity and CIP gold processing plant at the Andy Well gold project under budget and ahead of schedule.

Doray is Australia's newest high-grade gold miner, with Andy Well located in the northern Murchison region of Western Australia.

Commissioning of the processing plant is well advanced and ahead of schedule, with the first gold pour expected within the next fortnight from the treatment of stockpiled ore from the Stage 1 open pit and initial underground mining.

During the June quarter 2013 Doray drew down the final instalment of the $55 million project finance facility for the Andy Well Gold Project.

Doray’s cash position at 30 June 2013 was around A$25.7 million. The company has 45,000 ounces hedged at A$1620/oz over the first 14 months of production.

The hedging program underpins the company’s proposed debt repayment schedule. Doray recently received a $2.5 million research and development tax refund, which will be put towards exploration drilling.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 29 Jul 2013 12:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153490/doray-minerals-delivers-andy-well-gold-plant-under-budget-and-ahead-of-schedule-46074.html
<![CDATA[News - Doray Minerals starts commissioning of gold plant in Western Australia ]]> http://www.proactiveinvestors.com.au/companies/news/153489/doray-minerals-starts-commissioning-of-gold-plant-in-western-australia-44983.html Doray Minerals (ASX: DRM) has started commissioning of the gold processing plant at its wholly-owned Andy Well Gold Project in Western Australia’s Murchison region.

This is expected to take about four weeks to complete with first gold production currently scheduled to commence in August.

Notably, this is just a couple of weeks later than its original forecast of July 2013 despite permitting delays that prevented the company from starting work on site until mid-November 2012 instead of its planned start in September 2012.

Underground development of the high-grade Wilber Lode gold deposit continues on schedule with first ore from the horizontal development drives expected during July.

The first stoping ore is scheduled for September-October, once sufficient capital development has been completed.

Andy Well is a underground mine that will primarily target the high grade Wilber Lode quartz vein which has an Ore Reserve of 660,000 tonnes at 11.7 grams per tonne for 248,000 ounces of contained gold.

Potential also exists to increase this by converting the current 137,000 tonne at 19.3g/t gold Resource at the Judy Lode quartz vein.

The project has a capital cost of $55 million and estimated total cash cost (C1 + C2) of $868 per ounce. Initial mine life is 3.7 years.

Notably, while gold prices have recently fallen below the US$1,300 per ounce mark, Doray has hedged 45,000 ounces of gold at A$1,620 per ounce, giving it a considerable amount of pricing certainty.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 28 Jun 2013 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153489/doray-minerals-starts-commissioning-of-gold-plant-in-western-australia-44983.html
<![CDATA[News - Doray Minerals edges closer towards becoming a Western Australian gold producer ]]> http://www.proactiveinvestors.com.au/companies/news/153488/doray-minerals-edges-closer-towards-becoming-a-western-australian-gold-producer-44708.html Doray Minerals (ASX: DRM) is just months away from becoming a gold producer with commissioning of its Andy Well processing plant in Western Australia’s Murchison region scheduled to start by the end of this month.

This is expected to take about four weeks to complete, keeping it on schedule to pour first gold in the September 2013 quarter.

As part of this, the company has drawn down the final instalment of its $55 million project finance facility for the Andy Well Gold Project.

Andy Well is a underground mine that will primarily target the high grade Wilber Lode quartz vein which has an Ore Reserve of 660,000 tonnes at 11.7 grams per tonne for 248,000 ounces of contained gold.

Potential also exists to increase this by converting the current 137,000 tonne at 19.3g/t gold Resource at the Judy Lode quartz vein.

The project has a capital cost of $55 million and estimated total cash cost (C1 + C2) of $868 per ounce. Initial mine life is 3.7 years.

Notably, while gold prices have recently fallen below the US$1,300 per ounce mark, Doray has hedged 45,000 ounces of gold at A$1,620 per ounce, giving it a considerable amount of pricing certainty.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 21 Jun 2013 10:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153488/doray-minerals-edges-closer-towards-becoming-a-western-australian-gold-producer-44708.html
<![CDATA[News - Doray Minerals expands gold acreage in the Murchison region ]]> http://www.proactiveinvestors.com.au/companies/news/153487/doray-minerals-expands-gold-acreage-in-the-murchison-region-44572.html Doray Minerals (ASX: DRM) has acquired a number of gold exploration and mining leases within potential trucking distance of its Andy Well Gold Project in Western Australia from Caravel Minerals (ASX: CVV) for $150,000.

The new leases will almost double Doray’s land position in the northern Murchison.

The Abbotts and Meeka East projects have been subject to limited recent exploration and contain a number of drill targets that Doray is keen to test in the near future.

The Abbotts project covers the south western portion of the Abbotts Greenstone Belt and abuts Doray’s existing 80% owned “Abbotts” project. The combined projects give Doray ownership of a significant portion of the area of the Abbotts Greenstone Belt.

Extensive geochemical sampling over the project by previous owners, primarily focussed on base metal mineralisation, has provided several targets for immediate follow-up.

In addition, there are areas of historic gold workings that require immediate drill testing and verification, including the “Mt Vranizan/New Murchison King” workings where historic drilling has indicated gold mineralisation over a strike length of approximately 600m.

The “Meeka East” project complements tenure already held by Doray within the 80% owned Side Well project, east of Meekatharra.

The majority of the area has been the subject of first pass, shallow rotary airblast and aircore  drilling to an average depth of about 20 metres. Several immediate targets have been identified from historic drill data that indicate the potential for Andy Well style, narrow vein, high-grade gold mineralisation.

At the completion of the transaction, Doray plans to integrate the new projects into the upcoming
Murchison region exploration program for 2013-14 that is due to start following first production from the Andy Well Gold Project.

Doray had started mining the high grade Wilber Lode deposit at Andy Well in November 2012 and is targeting first gold production in the September Quarter of 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 18 Jun 2013 17:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153487/doray-minerals-expands-gold-acreage-in-the-murchison-region-44572.html
<![CDATA[News - Doray Minerals starts underground mining at Andy Well gold project ]]> http://www.proactiveinvestors.com.au/companies/news/153486/doray-minerals-starts-underground-mining-at-andy-well-gold-project-42779.html Doray Minerals (ASX:DRM) has started underground mining operations at its wholly-owned Andy Well gold project in Western Australia with the company on track for first gold pour in the September quarter.

The first portal trim blast was completed last week and the decline has advanced a distance of about 16 metres underground.

It has already completed the open pit, and once the underground mining starts, Doray will be able to mine the high grade Wilber Lode from underground, which makes up bulk of the deposit.

The underground mine decline will initially be developed down to about 65 metres below surface and the ore will be stockpiled for treatment once the processing plant is commissioned in the September quarter.

The construction of the processing plant and other infrastructure is also on schedule.

Recently, it defined a maiden resource for the Judy Lode, a second high grade deposit within the project, with the combined Inferred & Indicated Resource for the Judy Lode totaling 106,000 ounces.

The new resource has the potential to increase the mine life at Andy Well beyond the initial 3.7 years as indicated by the Bankable Feasibility Study.

The estimation of this second high-grade Resource also increased the combined Andy Well Resource to 1.2 million tonnes at 11.3 grams per tonne of gold for 444,000 contained ounces.

At the end of March 2013 quarter, the company had a cash balance of $31.8 million.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 02 May 2013 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153486/doray-minerals-starts-underground-mining-at-andy-well-gold-project-42779.html
<![CDATA[News - Doray Minerals on road to gold production with new raising ]]> http://www.proactiveinvestors.com.au/companies/news/153485/doray-minerals-on-road-to-gold-production-with-new-raising-35436.html Doray Minerals (ASX: DRM) has raised a further A$12.3 million following the completion of its fully underwritten non-renounceable pro rata entitlement issue, which generated solid support from shareholders.

Importantly, the company is now fully funded in the lead up to gold production, scheduled for mid-2013, at its wholly owned Andy Well Gold Project in the northern Murchison region of Western Australia.

The company received applications from eligible shareholders for 10.3 million shares, raising around $7.7 million of the total funds and representing a take-up of 63% of the shares on offer.

The shortfall will now be placed with Blackswan Equities and Bell Potter Securities, which agreed to underwrite the entitlement issue.

The entitlement offer was part of a broader capital raising, under which Doray previously raised $30.8 million in an oversubscribed placement.

Doray also recently completed a project debt financing deal with the Commonwealth Bank of Australia.

The project finance debt package totals $55 million, and provides funding for 100% of the capital expenditure requirements for the development of the Andy Well Gold Project.

This includes the purpose built 126-person accommodation village, to be constructed in Meekatharra, and the standalone gravity/carbon-in-leach gold processing plant to be built onsite at Andy Well.

A $2 million performance guarantee facility has also been established.

Doray has completed a positive Bankable Feasibility Study for the project and made a formal decision to mine.

The current development schedule for the Andy Well Gold Project proposes commencement of open pit mining by the end of 2012 and first gold production in mid-2013.

Andy Well is tipped to be a low CAPEX, low cost, high margin start-up operation.


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Mon, 05 Nov 2012 17:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153485/doray-minerals-on-road-to-gold-production-with-new-raising-35436.html
<![CDATA[News - Doray Minerals in pre open pending capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/153484/doray-minerals-in-pre-open-pending-capital-raising-33839.html Doray Minerals (ASX: DRM) has been granted a trading halt this morning pending the release of capital raising details, with the company's shares placed in pre-open.

Doray has not yet indicated where the potential new inflow of funds will be allocated.

The company though continues to progress the wholly owned Andy Well project 45 kilometres north of Meekatharra in Western Australia - where the first gold production is forecast for mid-213.

The Wilber Lode quartz vein resource is 680,000 tonnes at 15.1g/t gold for 331,000 ounces, with a high grade JORC Reserve of 660,000 tonnes at 11.7g/t gold for 248,000 ounces.

The company recently secured $55 million in project finance from the Commonwealth Bank of Australia (ASX: CBA) for Andy Well which covers 100% of startup capex.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 28th September.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 26 Sep 2012 09:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153484/doray-minerals-in-pre-open-pending-capital-raising-33839.html
<![CDATA[News - Doray Minerals boosts Wilber Lode gold JORC Resource by 90% to 329,000ozs ]]> http://www.proactiveinvestors.com.au/companies/news/153483/doray-minerals-boosts-wilber-lode-gold-jorc-resource-by-90-to-329000ozs-22996.html Doray Minerals (ASX: DRM) has substantially increased its very high-grade Wilber Lode resource at the Andy Well gold project by 90% to 691,000 tonnes at 14.8 grams per tonne (g/t) for 329,000 ounces.

The upgrade follows an extensive program of reverse circulation and diamond drilling at the company's 80%-owned Andy Well project, where the resource has been defined to a depth of 480 metres below the surface and remains open at depth, reinforcing the upside potential.

The JORC Resource includes the combined Inferred and Indicated Resource for the Wilber Lode and two associated quartz vein lodes and comes less than 12 months after the discovery of the deposit.

Importantly, the Wilber Lode Resource includes all contained material within the quartz vein, with no lower cutoff used.

The company's recent drilling campaigns have continued to deliver a stream of high grade gold intersections from Wilber over the last nine months.

The substantially increased resource confirms the Wilber Lode as a very significant high grade gold deposit and, more importantly, gives Doray the added confidence to push ahead with its current development activities.

In addition, the previously published oxide shear zone resource has been re-estimated to 115,000 tonnes at 0.7g/t for 3,000 ounces. This shear zone resource is found immediately adjacent to and surrounding the Wilber Lode and is limited to the oxide zone.

The combined Andy Well resource, including all quartz vein and shear zone domains now totals 806,000t at 12.8g/t for a total of 332,000 ounces.

Doray is continuing exploration at Andy Well with diamond drilling of a number of additional holes at Wilber to lift the status of the inferred resources and continue to test the extents of the open ended resource.

Reverse circulation drilling is set to test the potential for extensions to the Wilber Lode, as well as a number of nearby additional targets and the company plans aircore drilling of a number of other high priority targets.

Also, a number of activities in the Andy Well Feasibility Study are progressing on schedule.

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Mon, 05 Dec 2011 13:24:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153483/doray-minerals-boosts-wilber-lode-gold-jorc-resource-by-90-to-329000ozs-22996.html
<![CDATA[News - Doray Minerals discovers high-grade gold intersections at its Andy Well project in WA ]]> http://www.proactiveinvestors.com.au/companies/news/153482/doray-minerals-discovers-high-grade-gold-intersections-at-its-andy-well-project-in-wa-20368.html Doray Minerals (ASX:DRM) continues to extend the high-grade Wilber Lode at its 80%-owned Andy Well project, 45 kilometres north of Meekatharra in Western Australia, this time by a 200% increase in strike length compared to the current resource.

The company said a number of holes from the current drilling program had returned very significant high-grade gold intersections.

The high-grade Wilber Lode gold deposit was discovered by Doray in 2010 at Andy Well and is among the highest grade undeveloped gold deposits in Australia, according to the company.

Diamond holes MNDD075 and 078, which recorded 1 metre at 11.3 grams per tonne of gold from 334.3m and 0.5m at 16.7gpt from 405.8m respectively, tested the Wilber Shear Zone 450m south of the southern boundary of the current resource.

These holes intersected mineralised quartz vein, with visible gold, interpreted to represent the southern continuation of the high-grade Wilber Lode deposit.

Doray said MNDD035, which recorded 0.9m at 39.85gpt from 382.3m, was also significant because it confirmed the continuation of strong mineralisation at depth below the current resource.

Other significant results included 1.3m at 50.55gpt from 164.75m, 0.8m at 117gpt from 279.8m and 1m at 200gpt from 210.6m.

The Wilber Lode remains open at depth and down plunge to the south.

Doray’s 2011-12 budget includes about 60,000m of drilling to be completed at Andy Well this financial year.

Company shares spiked 11.9%, or 11.5c, today to $A1.085 following the news.

Doray listed on the Australian Securities Exchange in February 2010. The company has a portfolio of gold properties within WA and South Australia.

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Tue, 04 Oct 2011 18:06:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153482/doray-minerals-discovers-high-grade-gold-intersections-at-its-andy-well-project-in-wa-20368.html
<![CDATA[News - Doray Minerals bonanza strike of 2.2m at 187.71g/t gold at Andy Well near Meekatharra ]]> http://www.proactiveinvestors.com.au/companies/news/153481/doray-minerals-bonanza-strike-of-22m-at-18771gt-gold-at-andy-well-near-meekatharra-18076.html Doray Minerals (ASX: DRM) infill drilling has struck some bonanza gold at the Wilber Lode resource, with a hit of 5.87 ounces per tonne gold at Andy Well gold project in Western Australia.

The spectacular hits include 2.2 metres at 187.71 grams per tonne (g/t) gold from 127 metres, and 0.5 metres at 256.3g/t from 212.6 metres.

The high-grade Wilber Lode gold deposit was discovered by Doray in 2010 at Andy Well, 45 kilometres north of Meekatharra, and is one of the highest grade virgin gold discoveries in Australia.

Doray is currently targeting the continuity of the Wilber Lode and Wilber South prospects over 500 metres of strike, which has the potential to significantly increase the current JORC 174,000 ounce gold resource.

Allan Kelly, managing director, commented on the gold strikes and said, “As we continue to drill at Andy Well, we are becoming more confident that the Wilber South mineralisation represents the southern extension of the very high-grade Wilber Lode deposit.

“This could potentially mean a 100% increase in the strike of the current high-grade gold resource.”

Another positive for Doray is the strategic position, just 65 kilometres from the 3Mtpa Bluebird mill which may provide ore processing options.

At the Wilber South prospect, mineralisation is characterised by high-grade gold in quartz vein and remains open at depth.

 

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Fri, 22 Jul 2011 10:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153481/doray-minerals-bonanza-strike-of-22m-at-18771gt-gold-at-andy-well-near-meekatharra-18076.html
<![CDATA[News - Doray Minerals to commence anticipated drill program at Abbotts gold project in WA ]]> http://www.proactiveinvestors.com.au/companies/news/153480/doray-minerals-to-commence-anticipated-drill-program-at-abbotts-gold-project-in-wa-17865.html Doray Minerals (ASX: DRM) is to step up the pace with a new drill program at its 80% owned Abbotts gold project approximately 10 kilometres west of Meekatharra.

A 22,500 metre aircore/reverse circulation drilling campaign will be ongoing at Abbotts over next three quarters.

Numerous targets will be tested along the 30 kilometre strike of the Abernethy Shear Zone including historic high grade intersections up to 10 metres at 41.83 grams per tonne (g/t) at Abernethy South prospect.

Similar to Doray's Andy Well project, which includes the very high-grade Wilber Lode gold discovery maiden JORC Inferred Resource of 174,000 ounces open at depth, the Abbotts project has seen minimal systematic gold exploration since the late 1990's, when Western Mining Corporation held the project.

Listed in Feb 2010, Doray was the most successful ASX IPO of 2010.

Abbotts is a priority project for Doray within the company's Murchison region portfolio and Doray's managing director Allan Kelly is understandably bullish on multiple opportunities for a significant gold discovery at Abbotts.

The drilling program at Abotts will initially focus on targets between the Gascoyne Road and Airstrip prospects with first results expected within 3-4 weeks.

Meanwhile, drilling continues at the company's 80% owned Andy Well project, testing the Wilber and Wilber South zones, with the aim of significantly increasing the size of the current high-grade resource by the end of the year.

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Thu, 14 Jul 2011 09:31:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153480/doray-minerals-to-commence-anticipated-drill-program-at-abbotts-gold-project-in-wa-17865.html
<![CDATA[News - Doray Minerals hits more high grade gold at Andy Well project ]]> http://www.proactiveinvestors.com.au/companies/news/153479/doray-minerals-hits-more-high-grade-gold-at-andy-well-project-17365.html Doray Minerals (ASX: DRM) has received further high-grade gold results from reverse circulation (RC) drilling at its 80% owned Andy Well gold project in Western Australia.

The results indicate potential for a combined strike length of 500 metres of high-grade gold mineralisation at the Wilber and Wilber South deposits within the project, located 45 kilometres north of Meekatharra.

Highlights include:

- 2 metres at 22.1 grams per tonne (g/t) from 50-52 metres (Wilber South)
- 1 metre at 7.68g/t from 83-84 metres (Wilber South); and
- 1 metre at 21.3g/t from 81-82m (Judy)

In February 2011, Doray announced a maiden high-grade JORC gold resource for the Wilber Lode, making it one of the highest grade virgin gold discoveries in Australia.

Previously, shallow high-grade gold mineralisation was identified within the Wilber South and Judy target zones, south of the high-grade Wilber Lode deposit.

The current RC drilling program commenced in April with the aim of testing for depth extensions beneath the previous aircore and shallow RC drill intersections.

All but two holes completed in this program have intersected either high-grade gold mineralisation in quartz veining or low-grade gold (0.1 - 1.0g/t) within the Wilber shear zone.

Significantly, the results indicate the continuity of this mineralised structure over a strike length of about 700 metres.

Drilling has tested the zones to about 80 metres below surface and the results also reinforce the potential for additional high-grade quartz lodes, similar to the Wilber Lode deposit, along the Wilber Shear Zone.

Interestingly, the results from drill hole MNRC069, located close to the southern end of the current Wilber Lode resource, indicate the potential for Wilber and Wilber South to join up at depth.

This could potentially result in a combined strike length of about 500 metres from the northern edge of the Wilber Lode to the southern end of Wilber South.

The company plans further drilling to test for depth extensions and continuity to mineralisation along the Wilber Lode. This will potentially convert the existing Inferred Resource at the project to Indicated status.

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Thu, 23 Jun 2011 15:29:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153479/doray-minerals-hits-more-high-grade-gold-at-andy-well-project-17365.html
<![CDATA[News - Doray Minerals drilling targets boost to gold resource at Andy Well ]]> http://www.proactiveinvestors.com.au/companies/news/153478/doray-minerals-drilling-targets-boost-to-gold-resource-at-andy-well-15576.html Doray Minerals (ASX: DRM) has recommenced drilling at its 80%-owned Andy Well Gold Project aiming to increase the gold resource.

The drilling planned at Andy Well, 45km north of Meekatharra in Western Australia’s Murchison Region,  will comprise diamond drilling testing for depth extensions below the existing high-grade Wilber Lode resource.

In February 2011, Doray announced a maiden high-grade JORC gold resource for the Wilber Lode, making it one of the highest grade virgin gold discoveries in Australia.

Infill drilling will potentially convert the existing Inferred Resource to Indicated status. It will also test the lateral extents of the Wilber Lode, which at this stage remains open to the north and south.

Reverse circulation (RC) drilling will test below the Wilber South, Judy and Western target zones. There will also be first pass aircore drilling of a number of other target zones across the larger project area. The program is expected to continue until at least mid-year.

Allan Kelly, Doray's managing director said “we believe there is significant potential to find multiple steeply north-plunging quartz lodes similar to Wilber along the Wilber-Judy structure, where we have already defined shallow high-grade gold mineralisation in quartz lode over almost a kilometre of strike.

"This is obviously a very well mineralised structure and, given the grade of the results from Wilber South and Judy so far, there is potential to very quickly increase the total resource for the Andy Well project should we continue to intersect these grades at depth."

The company will also be testing a number of other targets at Andy Well with systematic aircore drilling, followed by deeper RC drilling if warranted.

In March 2010, Doray announced high-grade gold results from drilling of the Wilber Lode, adjacent to the Great Northern Highway. Subsequent drilling has now defined the lode over a strike length of 200m and to a depth of at least 230m.

On March 29 Doray confirmed additional high-grade quartz lode mineralisation from re-assays of RC samples from the Wilber South Zone at the Andy Well project.

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Mon, 18 Apr 2011 12:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/153478/doray-minerals-drilling-targets-boost-to-gold-resource-at-andy-well-15576.html
<![CDATA[News - Doray Minerals samples confirm high grade gold potential at Wilber South ]]> http://www.proactiveinvestors.com.au/companies/news/153477/doray-minerals-samples-confirm-high-grade-gold-potential-at-wilber-south-15013.html Doray Minerals (ASX: DRM) has confirmed additional high-grade quartz lode mineralisation from re-assays of reverse circulation (RC) samples from the Wilber South Zone at the Andy Well project.

The results confirm the potential to immediately and significantly increase the size of the Andy Well resource. The project (Doray 80%) is within the Murchison region of Western Australia.

Results include 2 metres at 11.1g/t from 62-64m and 2m at 21.8g/t from 57-59m. The mineralisation is over 100m of strike and down to a depth of approximately 70m below surface.

The intesections confirm and upgraded the tenor of mineralisation within the Wilber South Zone, approximately 250m south of the Wilber Lode resource.

Allan Kelly, managing director, said "we have so far defined semi-continuous high-grade gold mineralisation hosted in quartz vein over almost a kilometer of strike between the Wilber Lode and the Judy Zone.

“We believe there is significant potential to find multiple north-plunging quartz lodes similar to Wilber along this trend – and commencing in April, we will systematically test this structure with a combination of infill aircore and deeper RC and diamond drilling.”

On February 7 Doray  estimated a maiden high-grade JORC-compliant gold resource for the Wilber Lode. The combined Inferred and Indicated resource totals 311,000 tonnes (t) at 17.5 grams per tonne (g/t) for a total of 174,000 contained ounces.

This includes both the high-grade Wilber quartz lode which has 211,000t at 25.3g/t, as well as shear zone hosted mineralisation present within the oxide domains.

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Tue, 29 Mar 2011 12:12:00 +1100 http://www.proactiveinvestors.com.au/companies/news/153477/doray-minerals-samples-confirm-high-grade-gold-potential-at-wilber-south-15013.html