Announcement

Quarterly Activities Report - March 2017

27 April 2017

Quarterly Activities Report 31 March 2017

Key Points

  • Cash building in the company: $7.5m received in March quarter, all debt repaid and another $3 million received late April;
  • Drilling season commenced: drilling at Glandore Project, WA, and at Weolyu Project, South Korea, commenced March-April;
  • Mapping unearthing new targets: fieldwork in March has unearthed encouraging results at both Weolyu and Kochang.

Cannon Gold Mine

  • Quarterly production of 17,898oz Au from the seventh and eighth processing campaigns with metallurgical recovery averaging 90.55%.

Exploration – Australia

  • Several drill targets being identified at multiple projects.
  • Excellent progress at the Glandore Gold Project with Aboriginal heritage surveys allowing exploration to proceed.
  • Diamond drilling at Glandore commenced.

Exploration – South Korea

  • Expert geological consultants completed second field programs:
  • Weolyu new rock samples show very encouraging epithermal textures, assays pending;
  • Kochang new rock samples on veins show >1km strike length extents on parallel veins, assays pending.
  • Commencement of diamond core drilling at Weolyu South.

Corporate

  • Cash position at quarter end was $2.8 million with further $3.0 million received in late April taking current cash balance to around $5.5 million.

To read the full report please download the pdf document.