Gold production for Auroch in mozambique There’s plenty of exciting news around gold explorer and developer Auroch Minerals NL (ASX:AOU) as the company closes in on production at its 3Moz gold project in the Manica Province of Mozambique. Near-term production has become the As part of the company’s near-term parallel during first half 2013 at the immediate focus for Auroch at Manica, production strategy and ongoing Mutambarico and Boa Esperanza where exploration to date has indicated feasibility studies, further infill drilling Project sectors (data capture). The that mineralisation follows two distinct at the Guy Fawkes and Dot’s Luck combined scout drilling and data lateral structural trends within the projects was undertaken during July to capture at Mutambarico and Boa highly prospective and relatively September 2013. This data, compiled Esperanza were used to identify unexploited Odzi-Mutare-Manica gold with the scout drilling campaign further targets on the Northern belt, which extends 160km from the undertaken at Guy Fawkes, will be Shear. Access to significant historical Save River in Zimbabwe eastwards. used to upgrade existing resources data from cornerstone shareholder Auroch recently completed a deal during the fourth quarter of 2013 at the Pan African Resources PLC, which to expand its footprint in the highly Guy Fawkes and Dot’s Luck projects. initially acquired the project in 2002, prospective belt. further bolsters the exploration upside In addition, airborne VTEM and potential of the project. A recently completed scoping study at aeromagnetic survey trenching Manica provided Auroch with a clearly and mapping were undertaken in The Manica Gold Project was granted a defined development strategy and mining concession in March 2011, route to production by the first which is valid until March 2036. quarter of 2015. DIRECTORS Pan African spent $25 million on The scoping study assumed a exploration expenditure focused Glenn Whiddon Jan Nelson throughput rate of 720,000tpa, on the Southern Shear, which Non-Executive Chairman Non-Executive Director processing ore at an average head included 35,000m of diamond Dean Cunningham grade of 2.23g/t gold, producing and reverse circulation drilling, Managing Director 40,000oz a year. and comprehensive geological modeling. Total cash cost of production, excluding capex and before Auroch is also currently finalising Registered Office Contact depreciation, tax and royalties, due diligence on a binding joint was estimated at US$642 an venture heads of agreement Level 2, Office J ounce with an assumed long-term with Capitol Resources, the P: + 61 (0) 8 9486 4699 1139 Hay St average gold price of US$1,200 an Mozambique subsidiary of AIMF: + 61 (0) 8 9486 4799 West Perth, WA 6005 ounce. listed Baobab Resources PLC. AUSTRALIA In addition, the company Under the terms of the JV, Auroch E: admin@aurochminerals.com completed scout drilling at its Guy will make a two-stage investment Fawkes Project Sector (refer to fig), of US$1.5 million in exploring for ASX:AOU comprising a total of 7,445m from gold on Capitol’s mining concession 33 drill holes during the first half to earn an 80 per cent interest in www.aurochminerals.com of 2013. the project. 18
THE PICK October 2013