New Talisman starts life with $9.2M in funds 30 May 2012
- MARKET CLOSE: NZ energy stocks rally on Shane Jones effect Business
- NZ dollar gains as RBNZ lifts rates, sees faster growth Business
- Deloitte says Ruataniwha assumptions "reasonable" Business
- UPDATE:Southern Cross Forest lures foreign, local interest Business
- What really happened in Ukraine News
- Southern Cross Forest receiver to close mill, exit Australia Business
- Brownlee takes hard-hitting rebuild report on the chin Business
- CORRECT: Chorus faces up to $10 mln earnings hit in 2014 Business
- FMA joins probe into interest rate swap sales to farmers Business
- Chorus faces up to $10 mln earnings hit in 2014 Business
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.
23 Apr 2014 News
An East Coast iwi says they are concerned the Crown has not made good on its promise to return their wharenui – the oldest... more
23 Apr 2014 Business News
Article - BusinessDesk Equity crowd funding, latest step in much-hyped social capital, carries risks, high failure rate By... more
22 Apr 2014 Entertainment
Film and Stage Producer/Director Craig Hutchison, is pleased to be representing New Zealand at the Sunset Film Festival in Los ... more
17 Apr 2014 Entertainment
The winner of the fourth annual Taite Music Prize 2013 is Lorde for her album ‘Pure Heroine’ released on Universal Music... more
7 Apr 2014 Property
April 7 (BusinessDesk) – New Zealand property values increased at the slowest annual pace in six months in March as lower... more
23 Apr 2014 Migration
April 23 (BusinessDesk) – New Zealand migration rose to an 11-year high in March, the second-highest gain on record, as fewer... more
28 Mar 2014 Migration
Citizens of Croatia aged between 18 and 30 will soon be eligible to apply for a New Zealand Working Holiday Visa, giving them the... more
23 Apr 2014 NZ Tourism
With 9,424 extra arrivals for the 12 months to the end of March, Germany has overtaken Japan to become New Zealand’s fifth... more
22 Apr 2014 Sport
The New Zealand Open team departs today to commence their World Cup campaign in Europe. Their first assault will be on the ICF Canoe... more
23 Apr 2014 Opinion
Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and... more
23 Apr 2014 Appointments
Prime Minister John Key today announced the appointment of Cheryl Gwyn as Inspector-General of Intelligence and Security. The... more
17 Apr 2014 Appointments
April 17 (BusinessDesk) – Bank of New Zealand, the local unit of Australia’s third-biggest mortgage lender, named the... more
15 Apr 2014 Recruitment
The average annual wage is expected to increase by $7,500 to around $62,200 a year by 2018 if New Zealand achieves its ... more