New Talisman starts life with $9.2M in funds   30 May 2012

New Talisman Gold Mines, the gold miner formerly known as Heritage Gold, is starting out with $9.24 million in equity as it prepares to develop the Talisman gold prospect on the Coromandel Peninsula.

New Talisman recently replaced Heritage on the NZX and ASX main boards, with Mongolian and Papua New Guinean projects hived off to a new entity to allow focus on the Talisman project, which a scoping study has identified as a "very robust and highly profitable project."

The Hauraki gold field project was assessed to have a net present value of more than A$150 million at a 7.5 percent discount rate over a 20-year life, subject to several assumptions.

The company has also identified "the possibility of additional underground resources for medium term development" at the adjacent Taukani Hill, and a survey in the nearby Rahu permit points to "the likelihood of feeder veins at depth that may be mineralised."

A pre-feasibility study is not underway for the rest of 2012, to consider options for each of the main asepcts of the project, with the company taking "a high regard for the community and the environmental, scenic and heritage values of the area," chairman Richard Pearse said.

In the 12 months ended March 31, New Talisman - then trading as Heritage Gold - recorded a loss on operations of $537,802, consistent with a mining company engaged in exploration activity.

Added to this was $313,997 of losses associated with its ongoing 21.7 percent holding in Broken Hill Prospecting, a cobalt prospect in New South Wales.

That took total equity at balance date to $9.24 million, compared with $10.1 million at March 31 2011.

New Talisman shares were up 12.5 percent today in trading on the NZX, at 1.8 cents apiece.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Archives New Zealand to rebuild Christchurch facility

22 May 2015 News
22 May 2015 The Budget confirms $6.1 million in operating funding over the next four years and $13 million of capital funding from... more

Budget 2015: At a Glance

21 May 2015 News
21 May 2015 Budget 2015 delivers careful management of public spending, hand in hand with investment in public services. (All... more

Business

NZ consumer confidence slips in May

22 May 2015 Business News By Tina Morrison
May 22 (BusinessDesk) - New Zealand consumer confidence slipped in May as sentiment about current and future conditions eased. The... more

Consumer NZ vs Qantas

20 May 2015 Business News
Article - BusinessDesk   Consumer NZ ramps up campaign to get Qantas's Jetstar to drop pre-ticked booking forms May 20... more

Living

Britain remembers the ANZACs - 100 years on

25 Apr 2015 ANZAC By Charlotte Everett
100 years after allied forces landed in Gallipoli, 25 April – ANZAC Day – has been commemorated in the UK officially for... more

A Kiwi's guide to ANZAC in Europe - our list of events across the UK, Ireland and beyond

24 Apr 2015 ANZAC By Charlotte Everett
Tomorrow marks the 100th ANZAC Day, and if you are a Kiwi or Aussie far from home there are plenty of events on to enable you both to... more

Property

New guidance on home construction

22 May 2015 Property
Building and Housing Minister Dr Nick Smith today released at the Certified Builders’ Association conference in Christchurch... more

Goodman Property lifts FY earnings 5.4% on revenue growth

20 May 2015 Property By Paul McBeth
  Goodman Property lifts FY earnings 5.4% on revenue growth, cost clamp down May 20 (BusinessDesk) - Goodman Property Trust,... more

Migration

Migrant exploitation Bill passed

30 Apr 2015 Migration
The Immigration Amendment Bill (No 2) which cracks down on employers who exploit migrant workers passed its final reading in... more

NZ migration hits new annual record in March

23 Apr 2015 Migration By Tina Morrison
April 23 (BusinessDesk) - New Zealand migration hit a new annual record in March, as more students arrived from India and China and... more

Travel

Two new tourism projects to receive funding

20 May 2015 NZ Tourism
  Prime Minister and Tourism Minister John Key has today announced the Government is investing in two new tourism projects in... more

Chinese tourists to NZ turning off package tours

19 May 2015 NZ Tourism By Anna Lu
May 19 (BusinessDesk) - China’s tourism market, which is officially expected to be worth over $2.6 billion to New Zealand by... more

Sport

BLACKCAPS tour of England: First Test at Lord's Cricket Ground

22 May 2015 Cricket
First innings at stumps on Day One: England 354-7 in 90 overs (Root 98, Stokes 92, Buttler 67, Ali 49*; Henry 3-93 on Test debut) DAY... more

Critical Moments Will Count For Mojo Pulse

22 May 2015 Netball
Assistant Coach Frances Solia is hoping for a repeat result when the Mojo Pulse come up against the Waikato Bay of Plenty Magic in... more

Columns

Gordon Campbell on Budget 2015

22 May 2015 Opinion By Gordon Campbell
From the outset, the slogan for yesterday’s Budget - “The Plan Is Working” – begged to be mocked.... more

Gordon Campbell Key’s abuse of secrecy over Iraq & The TPP

30 Apr 2015 Opinion By Gordon Campbell
  For the past week or so we’ve been hearing a lot about the child-like side of our Prime Minister. So I guess we... more

Kiwi Success

New High Commissioner to Tonga

15 May 2015 Appointments
Foreign Minister Murray McCully has today announced diplomat Sarah Walsh as New Zealand’s new High Commissioner to... more

IkeGPS's CEO Milnes and CTO Toorenburg move to US

15 May 2015 People By Suze Metherell
  IkeGPS's CEO Milnes and CTO Toorenburg move to US to chase growth May 15 (BusinessDesk) - IkeGPS, the remote measurement... more

Recruitment

NZ's growing ICT sector drives more diverse economy: Joyce

15 May 2015 State of the Market Report By Paul McBeth
  NZ's growing ICT sector drives rapid economic diversification, Joyce says May 15 (BusinessDesk) - New Zealand's information... more

5,500 more doctors and nurses in our hospitals

15 May 2015 Recruitment
  Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the... more