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Additional Information
Market: ASX
Sector: General Mining - Copper
EPIC: GUN
Latest Price: A$0.14  (3.85% Ascending)
52-week High: A$0.25
52-week Low: A$0.12
Market Cap: A$29.82M
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Gunson Resources
www.gunson.com.au

Gunson Resources is focused on exploration for and development of mineral deposits in Australia. Since its public listing in 2000, Gunson has discovered then completed a Definitive Feasibility Study, in January 2010, on its Coburn Zircon Project in Western Australia and completed a Pre Feasibility Study, in October 2009, on its Mount Gunson Copper Project in South Australia.

A 15 month Bankable Feasibility Study on the Mount Gunson commenced at the end of 2009, with strong interest being shown by several commodity trading houses in funding this Study and the subsequent mine development.

Full Gunson Resources profile here
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Gunson Resources reports on farm-in status at Mount Gunson

18th May 2010, 9:25 am

Gunson Resources (ASX: GUN) has reported that Noranda Pacific Pty Limited, part of the Xstrata Copper Business Unit, intends to suspend exploration in the immediate future on the Mount Gunson tenements in light of the Federal Government’s proposed 40 per cent resource super profits tax.

Noranda indicated that the suspension will continue, subject to meeting statutory minimum rates, until there is greater certainty on the fiscal regime for future mining developments.
 
Given the uncertainty created by the tax, Noranda has elected to only sole fund exploration at the statutory minimum spend rates, which for the current year to 30th June 2010 is $0.5 million.

Noranda has the right to earn a further 24% share of the Mount Gunson Project by spending another $6.5 million on or before 15th June 2013.

Noranda completed its initial earn-in expenditure at Mount Gunson on 26th March 2010. Gunson is presently arranging registration of Noranda’s 51% equity in the Farm-in Tenements, which excludes the MG 14/Windabout Excised Area.

Noranda has been exploring for large copper deposits on the company’s Mount Gunson Project in South Australia since 2006.

Expenditure at Mount Gunson in the current financial year to date is over three times the statutory minimum rate set by the South Australian Government agency PIRSA for the year to 30 June 2010.

The budget for the year to 30 June 2011 is currently being set by Noranda and Gunson and will be reviewed with PIRSA in July 2010.

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