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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	CRC
Latest Price:	0.16 (10.34% )
52-week High:	0.21
52-week Low:	0.11
Market Cap:	35.31M

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Cortona Resources

Cortona Resources (ASX: CRC) main focus is the Dargues Reef Gold Project at Majors Creek in New South Wales.

At a spot price of A$1,550 per ounce the project is forecast to deliver free cash flows of around A$112 million and a post-tax NPV (8% discount) in excess of A$75 million dollars.

Cortona Resources Confirms Continuity of Mineralisation

Friday, February 26, 2010

Emerging Australian gold company Cortona Resources (ASX: CRC) has reported further significant high-grade gold intersections from ongoing resource extension drilling at its 100%-owned Dargues Reef Project in New South Wales.

All three of the most recent Reverse Circulation holes intersected significant widths of high-grade gold mineralisation within the current JORC compliant resource of 1.44Mt @ 6.2g/t Au for 286,000oz.

DREX177 tested ~15m beneath the current upper level Main Lode stope design. The hole intersected 5m @ 4.9g/t gold in the Main Lode position, and has the potential to increase the resource and improve the early production scenario.

In-fill holes DREX178 and 179 tested the upper parts of Main Lode towards the west of the resource, and intersected 9m @ 5.7g/t and 11m @ 6.5g/t gold respectively.

Cortona Managing Director, Mr Peter van der Borgh, said the ongoing program of near-mine drilling, which is designed to convert resource ounces to reserve and increase the existing JORC resource, was proving to be very successful.

“I have maintained for a while now that the continuity of the mineralised widths and grades at Dargues sets it apart from many gold deposits where ‘nugget effect’ and ‘pinch and swell’ geometries can seriously complicate resource modeling and mining,” he said.

“The results so far this year further confirm the robust nature of the mineralisation.

“The holes drilled beyond the current stope design are within 100m of surface and should add to the early production schedule at Dargues.”

All relevant consultants have now been engaged and have commenced the required work to complete the Environmental Assessment and specialist studies. The following provides an overview of the status of the critical components of these studies.

Cortona is an emerging Australian gold company with a portfolio of advanced gold projects in New South Wales and Western Australia.

The Company is focused on the exploration and development its 100%-owned Majors Creek Project, located 60km east of Canberra in New South Wales, where it is currently undertaking a Definitive Feasibility Study on the Dargues Reef Gold deposit (1.44Mt @ 6.2g/t gold for 286,000oz).

The Dargues Reef deposit is expected to be the Company’s first operating mine following positive scoping study results indicating average annual production of 45,000 ounces over an initial mine life of 5 years.

Cortona’s multi-pronged plan is to progress the Dargues Reef DFS in conjunction with aggressive nearmine and regional exploration programs to underpin a long-term gold business.

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