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Additional Information
Market: AIM / ASX
Sector: General Mining - Gold
EPIC: NGL
Latest Price: 3.75p  (2.46% Ascending)
52-week High: 29.75p
52-week Low: 3.10p
Market Cap: 15.31M
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Norseman Gold
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.

Full Norseman Gold profile here
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Norseman Gold requests trading halt on ASX, shares jump 14.5pct in London

30th Jan 2012, 10:10 am by Sergei Balashov Shares in Norseman Gold rallied 14.5pct in London this morning

Norseman Gold (LON:NGL, ASX:NGL) said trading in its shares on the Australian Stock Exchange has been halted at its request pending an update on its operations and corporate restructuring.

The company has previously said that it is currently in talks with a potential strategic partner who are “looking to take an active role in the development of Norseman Gold”.

This potential partner has experience in operating at Norseman, particularly the Harlequin and Bullen mines, and understands the ore bodies and their potential.

Norseman, which also has a London quote, said its shares will not be suspended on the AIM market.

This morning, Norseman jumped 14.5 percent in London to trade at 6.35 pence, valuing the group at £22.75 million.

Norseman’s main project is the Norseman mine in Western Australia. Last month, the company reported that it had reached the targeted hard rock ore at the North Royal open pit, enabling more ore to be added to the overall treatment plant feed.

This should result in an increase in the ounces produced as more tonnes will be able to be treated.

With a direct focus on cost, the company has decided to suspend mining at the OK Decline to reduce expenditure and focus on the areas of the mine that are performing and/or producing profitable ounces.

A detailed review of both the Bullen and Harlequin underground mines and how production and profitability at these mines can be improved is also ongoing with an update expected this year.

The progress report on the Bullen and Harlequin review will also include guidance on gold production for the full year.

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