Description
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).
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Company Statement:
Tianshan Goldfields Limited is an international gold company focused on developing its 90%-owned Gold Mountain Project in North West China.
With Measured, Indicated and Inferred Resources currently totalling over 2.6 million ounces, Gold Mountain has the potential to underpin a low-cost, open pit heap leach gold operation generating strong returns for shareholders.
Tianshan is targeting the completion of a Full Feasibility Study in 2009 and production from 2010. The Company has an initial production target at Gold Mountain of 80-100,000 ounces per annum.
Tianshan Goldfields, which is listed on the Australian Securities Exchange (ASX) and headquartered in Perth, Western Australia, is led by an accomplished Board and Management team with a strong depth of project development history.
Current Operations:
THE GOLD MOUNTAIN PROJECT
The Gold Mountain Project comprises 13 Exploration Licences in the Tulasi Basin of north-western China, covering a combined total area of 623.3km2. The Yelmand-Jinxi, Mayituobi and Lion resources are located within the Gold Mountain tenement area, a single Exploration Licence, covering an area of approximately 88.5km2.
The Arxi mine, located immediately to the south east of the Gold Mountain tenement, reportedly has a resource of 21 million tonnes @ 5.8g/t gold (3.8 million ounces).
Tianshan Goldfields is working on a development strategy of a large-scale, low Opex and Capex, open pit heap leach mining at Gold Mountain, with production targeted to commence in 2011 at an initial rate of 5 million tonnes per annum to produce 80-100,000 ounces a year. (Read More)
RESOURCES AND KEY DEPOSITS
Jinxi-Balake Deposit
In February 2008, Tianshan announced a significant upgrade in the classification of the resources at Gold Mountain with the combined total Measured, Indicated and Inferred Mineral Resources increasing to 94.772 million tonnes at an average grade of 0.9g/t gold for 2.6 million contained ounces. (Read More)
Yelmand Deposit
The Yelmand deposit, located one kilometre north west of Jinxi, is part of the same stratabound disseminated gold-in-breccia style of mineralisation that hosts Jinxi. The mineralised zone at Yelmand consists of a sub-horizontal blanket of silicified breccia (which has a maximum downhole thickness of 105 metres representing a true thickness of up to 90 metres). (Read More)
Mayituobi Deposit
Mayituobi, located 2.5km east of Jinxi, was discovered during the regional rock chip sampling programme in 2004. Drilling since then has delineated a north east trending, elongated sub-horizontal breccia zone approximately 300 metres wide and 500 metres long. (Read More)
Lion Prospect
Lion is a new discovery at Gold Mountain which was targeted from a surface outcrop of siliceous breccia assaying 0.8g/t gold. Lion is located midway between Jinxi and Mayituobi adjacent to a dacite dome. The drilling at Lion has identified a zone 600 metres long and over 100 metres wide and is open to the west and north.
Significant gold intersections from the 2006 drilling included 6 metres at 3.35g/t gold, 9 metres at 1.71g/t gold, and 21 metres at 0.65g/t gold.
Future drilling will test whether this new zone joins to the Jinxi deposit through Pond.
Other Prospects
The Company's exploration and drilling in 2006 has delivered a significant upgrade in the extent of the gold mineralisation at Gold Mountain and identified new prospects to explore within the Gold Mountain tenement and on the regional tenements. (Read More)
Management
Keith Liddell: Non Executive Chairman
Ma Hua Dong: Deputy General Manager - Gold Mountain Project
Steven Allnutt: Chief Geologist, Senior Project Geologist - Gold Mountain Project
Zhu Bing Yu: Senior Project Geologist - Gold Mountain Project
David Evans: Non-Executive Director
Graham Woolford: Non-Executive Director
Grant Thomas: Managing Director
Jason Bontempo: Executive Director / Company Secretary
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Major Shareholders
| Name | Holdings | % | |
| Mineral Securities Limited | 67,652,118 | 25.2 | |
| Macquarie Bank Limited | 30,632,945 | 11.4 | |
| Ward Ferry | 23,896,500 | 8.9 | |
| Genesis | 15,935,491 | 5.9 | |
| Gold 2000 | 15,400,000 | 5.7 | |
| Anglo Pacific Group Plc | 14,769,084 | 5.5 | |
| Fidelity | 13,320,000 | 5.0 | |
| Total | 181,606,138 | 67.7 | |
| 1 | Mineral Securities Holdings Pty Ltd | 67,652,118 | 25.209 |
| 2 |
HSBC Custody Nominees (Australia) Limited | 45,211,836 | 16.847 |
| 3 | National Nominees Limited | 29,071,092 | 10.833 |
| 4 | Macquarie Bank Limited | 15,959,999 | 5.947 |
| 5 | ANZ Nominees Limited | 14,031,334 | 5.228 |
| 6 | Merrill Lynch (Australia) Nominees Pty Limited | 9,421,502 | 3.511 |
| 7 | Macquarie Bank Limited | 9,154,764 | 3.411 |
| 8 | Citicorp Nominees Limited | 8,825,806 | 3.289 |
| 9 | CIM Special Situations Fund Limited |
8,318,830 | 3.100 |
| 10 | Mortsan Nominees Limited | 7,310,000 | 2.724 |
| 11 | Bow Lane Nominees Pty Ltd | 5,674,200 | 2.114 |
| 12 | Macquarie Bank Limited | 5,518,182 | 2.056 |
| 13 | The Bank of New York | 5,000,000 | 1.863 |
| 14 | BNY Mellon Nominees Limited | 3,897,366 | 1.452 |
| 15 | Jarden Custodians Limited | 2,096,549 | 0.781 |
| 16 | Asian Lion Limited | 2,047,299 | 0.763 |
| 17 | Teawood Nominees Limited | 2,000,000 | 0.745 |
| 18 | J P Morgan Nominees Australia Limited | 2,000,000 | 0.745 |
| 19 | Standard Bank PLC |
1,969,937 | 0.734 |
| 20 | Adam & Company International Limited |
1,500,000 | 0.559 |
| 246,660,814 | 91.913 | ||
|
The percentage of shares not in public hands is 20%. |
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Contact Information
Head Office
Level 22, Allendale Square
77 St Georges Tce
Perth WA 6000
Postal Address
GPO Box 2536
Perth WA 6831
Telephone: +61 8 9221 7729
Facsimile: +61 8 9221 7866
Email: enquiries@tianshangoldfields.com.au
Corporate Information