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Research Report - DJ Carmichael
"Post our site visit in April, we believe the ability to bring additional ore sources into production exceptionally quickly provides operational flexibility unmatched by most ASX listed gold producers. We have reduced our valuation principally as a result of feed grade assumptions but maintain our Buy recommendation." Please read this report in its entirety.
Quarterly Activities Report
Way Linggo Gold Project (85% KRM) produced 7,609 oz of gold and 85,169 oz of silver (or 9,063 oz gold equivalent) for the Quarter.
Cash operating costs for the Quarter were US$298 per gold ounce after silver credits.
Clarification on Indonesian divestment process
New Talang Santo Results
The Board of Kingsrose Mining Limited (ASX:KRM) is pleased to advise that recent drilling at its Talang Santo Prospect continues to expand the dimensions of the deposit.
The latest three holes have all returned high-grade gold and silver intercepts at the extremities of the ore system. This has extended the strike of the vein to over 600m with excellent results at both extremities confirming the structure is still open, particularly on the Mawi Vein.
Talang Santo has now been drilled to approximately 350m vertical depth with the deepest hole, DDH 283, returning a solid quartz vein and further evidence that the silver to gold ratio is increasing with depth.
CNs708A(5)(e).App 3B Ex. 700,000 unlisted 33,003 listed opts
Boardroom Radio Presentation
Quarterly Activities Report
Way Linggo Gold Project (85% KRM) produced a record 11,576oz of gold and 126,495oz of silver (or 13,718oz gold equivalent) for the Quarter, a 19% increase in gold production from the previous Quarter.
Cash operating costs for the Quarter were US$287 per gold ounce. This falls to US$199 per gold ounce when allowing for unsold silver bullion inventory at end-‐December 2011 (sold in January).
The Way Linggo Project generated an unaudited cash operating surplus (EBITDA) of US$16.7 million for the Quarter.
A maiden resource was calculated for Talang Santo with a Total Inferred Resource of 879,000 tonnes at 5.89 g/t gold and 14.63 g/t silver containing an estimated 166,400oz of gold and 413,000oz of silver. A mine adit and separate inclined shaft for trial mining at Talang Santo was commenced.
Metallurgical testwork was completed on a composite of vein intercepts from Talang Santo and concluded a clean ore with gold recoveries of 92.3% and silver recoveries of 96% using parameters typical of the Way Linggo ore processing circuit.
Exploration focused was on the further infill and extension drilling of the Talang Santo vein system. In addition significant ground reconnaissance works and scout drilling commenced on high priority targets at Semung Kecil, Linggo-‐Sapta and Rowo Rejo Prospects.
Announced that Kingsrose had resolved to introduce a dividend policy, whereby it intends to pay an annual dividend to shareholders in the June Quarter of 2012, subject to capital expenditure requirements, acquisition activity and liquidity needs (see ASX announcement dated 21 December 2011).
Closing cash balance and bullion increased A$7m for the Quarter to A$39.2 million: no debt.
Kingsrose foreshadows maiden dividend
The board of PT Natarang Mining has advised of its intent to pay a dividend from profits to Kingsrose. This will follow the full (calendar) year audit and accounts and is expected to be complete by the end of April 2012.
As a result, the Directors expect to be in a position to declare and pay a maiden interim dividend in the June quarter of 2012.
Bell Potter Research
Talang Santo Maiden Resource
Maiden Mineral Resource Estimate at Talang Santo totals 879,000 tonnes at 5.89 g/t gold and 14.63 g/t Silver for a contained 166,400oz of gold and 413,000 oz silver.
The Talang Santo ore system remains open along strike and at depth and 6 (six) rigs continue to drill test the system.
The Total Mineral Resource for the Way Linggo Gold Project (Kingsrose 85%) increases to 1,589,000 tonnes at 7.89g/t Gold and 68.66 g/t Silver containing 396,430 ounces of gold and 3,489,800 ounces of silver.
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