2002-03-14 ASX Announcement
Company Announcements Office
Australian Stock Exchange Limited
20 Bond Street
Sydney NSW 2000
PROSPECTUS - CLOSING
Dear Sir/Madam,
We refer to the Gippsland Limited ("Gippsland"
or "the Company") Prospectus dated 7
February 2002 and the Supplementary Prospectus
dated 14 February 2002, in respect to an offer
of 10,000,000 ordinary shares at an issue price
of 12 cents each to raise up to $1,200,000. The
Prospects was due to close on 29 March 2002.
The Directors hereby announce that the Prospectus
will now close at 5.00pm WST today, 14 March 2002.
As at 6 March 2002, 5,971,837 shares had been
allotted pursuant to the offer raising the sum
of $716,620.44. A final allotment of shares is
expected to be made on 19 March 2002.
BANKABLE FEASIBILITY STUDY
The raising of the above funds will in part be
used to prepare the Abu Dabbab Bankable Feasibility
Study, which is expected to cost in the order
of $300,000. Negotiations are presently being
finalised with a Company which will undertake
the Bankable Feasibility Study.
The Abu Dabbab tantalite project, which is subject
to a 50:50 joint venture between Gippsland and
the Egyptian Geological Survey & Mining Authority,
contains the following resources.
|
CATEGORY |
TONNE |
GRADE |
CONTAINED
METAL |
| |
|
Ta2O5
|
Nb2O5 |
Sn |
Ta2O5
|
Nb2O5 |
Sn |
|
Measured |
12.00
M t |
274
g/t |
126
g/t |
0.130
% |
7.247 M lb |
3.333
M lb |
15,587
t |
|
Indicated |
2.1
M t |
260
g/t |
91
g/t |
0.16% |
1.18 M lb |
0.41
M lb |
3,340
t |
|
Inferred |
26
M t |
240
g/t |
110
g/t |
0.06% |
13.7
M lb |
6.4
M lb |
16,400
t |
|
Total
All
Categories |
39.9
M t |
252
g/t |
116
g/t |
0.089% |
22.1 M lb |
10.2
M lb |
35,300
t |
Note: minor mismatch in totals due to
rounding of tonnes and grade
The Directors are confident that Abu Dabbab will
prove to be a low-cost high-output operation,
which will become a major player in the world
tantalite scene.
Yours sincerely
John (Jack) Telford
Executive Chairman
Note: In accordance with Listing Rule 5.10 of
the Australian Stock Exchange Limited, the geological
information in this report that relates to mineral
resources and ore reserves is based on information
compiled by Gippsland Director Dr John Chisholm,
who is a Fellow of the Australasian Institute
of Mining and Metallurgy, with over 25 years experience
in the mining industry.
ASX 02.03.14
|
