New Talisman Gold Mines Ltd (NZX & ASX: NTL), which is re-developing the historic Talisman mine at Karangahake, reported a loss for the financial year to March 31 of $1,005,468.
This was 34% higher than the loss for the previous year.
New Talisman said tenement expenditure for the year of $1.794 million was more than treble the previous year, and no exploration expenditure was written off for the reporting period.
At year end NTL had cash of $4.828 M.
Highlights for the year included:
- Refurbishment of underground workings more than 700 metres into the mine.
- Acquiring the shares in Newcrest New Zealand Ltd (renamed Rahu Resources) which holds the neighbouring Rahu permit, giving NTL 100% ownership of that project.
- Ore extraction from the Talisman commenced.
- A compressed air system was commissioned along with a water reticulation system for the mine.
- A pre-feasibility study update and scoping study were nearing finality, with a review being given by Geos Mining.
- Resources in the Talisman were virtually doubled to more than 469,000 ounces, with grades increased by 94% from the 2004 resource estimate.
- Completion of underground concentrator design and metallurgical testwork studies that gave similar recoveries of gold to ore treated at the gold plant in Waihi.
The financial report said on completion of technical studies by Geos should see the asset value of Talisman change considerably.
The company’s market capitalisation grew by over 30% during the year.