www.norsemangold.com
Norseman Gold plc is an AIM and ASX listed gold production and exploration company. Its key asset is the Norseman Project, which lies at the southern extent of the Norseman-Wiluna Greenstone Belt in the Eastern Gold fi elds Province of the Yilgarn Block, Western Australia. The Norseman Project is operated and managed by resource specialist, Tulla Resources Group Pty Ltd, which is focussed on producing 100,000 ounces of gold per annum by 2014 and increasing the resource base, currently standing at 3.4 million ounces of gold at an average grade of 4.7g/t. A review of operations is currently underway aimed at maximising future production and reducing costs.
Norseman Gold shareholder Au Mining raises stake
Australian gold miner Norseman Gold (LON:NGL, ASX:NGL) was notified that shareholder Au Mining Ltd last Friday bought 10 million shares in the group, thus taking its stake beyond the 3 percent mark to 3.8 percent.
Au Mining now holds 13,611,989 Norseman shares.
In a separate statement, the company told investors that non-executive director Peter Bilbe has resigned with effect from December 13 due to personal circumstances. The board thanks Bilbe for his contribution to the company since he joined the board in July 2009.
Ocean Research issued a note last week, saying the next major catalyst for Norseman will be the December quarter's activities report.
The three months report is due before the end of January next year and will show the company's production profile and operating cash flow following a sustained period of poor production performance and significant cash burn, said Ocean.
The key to returning Norseman to profitability remains the North Royal open pit, it said, and this has continued to ramp up, producing broadly in line with schedule.
