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

Customs makes record drug seizures

1 Mar 2017 News
28 Feb 2017 Customs Minister Nicky Wagner is today congratulating Customs on a record number of drug seizures in 2016. “Customs... more

Victoria Square restoration underway

1 Mar 2017 Canterbury Earthquake
28 February 2017 The restoration of earthquake-damaged Victoria Square is now underway, Associate Minister supporting Greater... more

Business

Positive step forward for pay equity

1 Mar 2017 Business News
28 Feb 2017 State Services Minister Paula Bennett has welcomed an agreement with unions which will see the Government’s new pay... more

New Zealand companies impress at Dubai tradeshow

1 Mar 2017 Business News
1 March 2017 Minister for Primary Industries Nathan Guy has attended the world’s largest food tradeshow in Dubai today, as... more

Living

3rd Position, Louis Vuitton America’s Cup World Series

21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES more

Arts Foundation Award recipients for 2016

14 Nov 2016 Lifestyle
The Arts Foundation Next generation of internationally acclaimed talent among the Arts Foundation Award recipients for 2016Under ... more

Property

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

RBNZ sees pressures building in Auckland construction sector

11 Nov 2016 Property By Paul McBeth
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more

Migration

Recognised Seasonal Employers employ more Kiwis

8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more

Good progress on investment attraction strategy

8 Dec 2016 Migration
Economic Development Minister Steven Joyce has welcomed news that New Zealand is attracting a higher level of quality international... more

Travel

Weirdest things visitors Google before coming

6 Feb 2017 NZ Tourism
8 Feb 2017 Does New Zealand celebrate halloween?  Is Auckland a dangerous town- these are some of the subjects visitors Google... more

New campaign to get more Aussies to Northland

30 Jan 2017 Travel & Tourism
30 January 2017 A new marketing campaign starting this week to attract Australians to Northland is an excellent approach to... more

Sport

VALE: Tania Dalton 1971-2017

1 Mar 2017 Netball
VALE: Tania Dalton 1971-2017 March 1, 2017   The Netball community is deeply saddened to hear of the passing of Silver Fern... more

Silver Ferns wrap up Quad Series with big win

6 Feb 2017 Netball
6 Feb 2017 The Silver Ferns finished runners-up in the Netball Quad Series after completing a well-crafted 70-39 win over the SPAR... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

Spencer to be Acting Governor of Reserve Bank

8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more

Temporary Chairs appointed to Canterbury and South Canterbury DHB

1 Feb 2017 Appointments
30 January 2017 Health Minister Jonathan Coleman has today appointed temporary Chairs to the boards of Canterbury and South... more

Recruitment

New employment resource for young people

1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more

Record number of people in employment

1 Feb 2017 Recruitment
1 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith has welcomed the record number of New Zealanders now in... more

s