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Market: ASX
Sector: General Mining
Epic: ASX:KOR
News: Latest news
Web Site: Korab Resources
Other Articles: 30-11-200927-10-200928-09-2009

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Tuesday February 09, 07:53Mediterranean Oil & Gas doubles proven and probable reserves for Ombrina Mare to 40 mmbbls

The good news gave a welcome boost to the group's share price, sending the stock up nearly 15 percent in early trade.

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Tuesday February 09, 11:07Randgold Resources remains focused on 1 million ounce production target

Speaking to assembled analysts in London, Randgold Resources CEO, Mark Bristow, told of a ‘great year' for his company, albeit also a challenging one, but one which would position it well for the years ahead

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Tuesday February 09, 01:53Chindex International reports increasing medical and healthcare revenues

Healthcare products and services group Chindex International (NASDAQ: CHDX) reported increasing revenues as it continued to expand its operations in the People’s Republic of China (PRC).

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Korab Resources

Korab Resources

Korab Resources Ltd (ASX: KOR) is an Australian-based mining company listed on Australian Securities Exchange (ASX) and traded on ASX and Berlin Stock Exchange (BSE).  Korab operates gold, silver, organic phosphate rock and magnesium projects in Australia and Europe. Korab's main focus is on development of its mining and quarrying assets in Australia and Ukraine.

 

Monday, November 30, 2009

Korab Resources chairman tells AGM, development continuing of gold and phosphate projects

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In his address to the AGM in Perth today, Chairman of Korab, Andrej Karpinski painted an upbeat picture of the next 12 months, as the company emerged "unscathed from a stressful 12 month period that caused casualties among the junior resources sector."

Describing it as the most difficult period in the its 11 year history, he said considerable progress had been made with key projects and they are now closer to production.

Highlights achieved included:

- Operations had resumed at Bobrikovo gold and silver mine in the Ukraine
- The Bobrikovo gold mine is to be spun-off from Korab into a new listed entity with dual listing in Australia and Canada. Korab shareholders will be given free shares in the independent listed entity.
- A Copper and nickel anomaly was discovered in the Northern Territory
- Gold exploration will commence at Sundance and Sundance East deposits in the Northern Territory.
- GeolSec organic phosphate operations permitting process is progressing as planned
- A review of the Winchester magnesium project in the Northern Territory has commenced
- Work on the development of Melrose gold project in Western Australia’s goldfields has commenced

Korab plans to construct a small gravity circuit on site to commence production of gold in concentrate. The free cash is planned to be used to gradually expand the production from 15,000 ounces to 40,000 ounces pa.

With the recent strengthening of the gold price, it became apparent that the value of this project could be increased significantly if the first year production could be raised to a range of 40,000 to 60,000 ounces ounces pa, lifting to over 100,000 pa over the subsequent 3 years.

This would however require a much larger processing plant and substantial additional funding.

Korab is intending to continue development of its gold and phosphate projects in Australia and to spin-off its overseas gold project into an independent listed entity which would then continue the development work to bring the project into pro

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