Tianshan Goldfields
Tianshan Goldfields Limited Is focused on developing its 90% interest in the Gold Mountain Project in north western China. China is now the fourth largest gold producer in the world.
The Gold Mountain Project consists of exploration licences covering 632 square kilometres and hosts advanced gold deposits and exploration targets with the potential for both large tonnage disseminated gold deposits and narrower higher grade opportunities. The Company currently has a total Indicated and Inferred Mineral Resource estimated at 95 million tonnes at 0.9g/t Au for 2.8 million ounces of gold (at 0.5g/t Au lower cut-off grade).
Anglo Pacific Group Acquires more Tianshan Goldfields Shares
Anglo Pacific Group Plc (ASX:AGP/LSE:APF) has leveraged current lower equity prices to "top-up" on its holding in Tianshan Goldfields (ASX:TGF). Lifting its holding by 12,286,853 shares or 7.9%, to 27,055,937 or 10.1% of total issued capital at prices ranging from $0.07 to $0.45.
Pre-Feasibility Study Update:-
- Pre-Feasibility Studies continue and are estimated to be completed in Q1 2009. |
- Key parameters reviewed to date include the resource estimate, metallurgy and process, pit optimisation, mine scheduling and capital and operating costs.
- Scope of Pre-Feasibility Studies expanded to include consideration of Carbon in Leach (CIL) processing in parallel with open pit, heap leach processing following recognition of the availability of very low power costs.
- Remaining Pre-Feasibility Studies to be completed by the end of 2008 include a substantial column leach metallurgical test work programme to confirm leach recoveries and a study on the effect on recoveries of using High Pressure Grind Roll (HPGR) crushing.
- Metallurgical test work to be included in the Chinese Mining Licence Application now required to be performed at Chinese-approved laboratories due to recent regulatory changes, resulting in the application process extending into H1 2009.
- Geotechnical drilling comprising 13 drill holes for 1,733.5 metres now completed to meet Chinese standards for pit slope stability assessment. This work is crucial in optimising the economics of the Pre-Feasibility Study.
Comment
Tianshan had $A17.3m in cash as at 30 September 2008, which at current market valuation for Tianshan values the company's 2.6 million gold resources at around 1 cent. By second half 2010, Tianshan aims to be producing between 80,000 and 100,000 ounces of gold per annum from a large, low grade-bulk tonnage, heap leach operation, based on deposits at Yelmand and Jinxi-Balaki. Tianshan expects to add to their resource base as exploration continues, translating into increased mine life and higher project cashflows. Project financials appear robust, with relatively low operating cost and low up-front CAPEX as Tianshan moves to gold producers status within two years.
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Other Tianshan Goldfields news
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26/11/08 Tianshan Gold takes 60 percent in new gold project in Shangdong province
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11/08/08 Tianshan Goldfields renews licences in China
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08/07/08 Tianshan Goldfields quits AIM
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23/06/08 Tianshan Goldfields provides operational update
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16/05/08 Tianshan Goldfields starts major drilling program
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11/03/08 Interim results underline solid progress at Tianshan Goldfields
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18/02/08 Tianshan Goldfields confirms excellent gold recoveries
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05/02/08 Tianshan Goldfields ups resource to 2.6m oz gold