We will have this operational by November, and this promises another great leap forward in our services.

John Hemans

Webstream NewsDesk

The final transaction between GCR and Argent Minerals, completing the last tranche of the Kempfield Project Sale Agreement, has been completed. Argent now has a 100% interest in the Kempfield Silver Project.

As announced by both companies on 19 Apriol 2011, the following was received by GCR at settlement;

• $1.0 million in cash; and
• $1.0 million in fully paid Argent shares, issued at the VWAP over the 5 days prior to signing the Sale Agreement.

For more information, please download the pdf file of this release here

Oil Analysis Services

Oil Analysis is the analysis of a particular lubricant’s properties, suspended contaminants, and wears debris conducted by technicians within a laboratory. The testing of used oil and grease determines the wear characteristics of equipment, and measures the efficiency of the lubrication of internal components. Routine testing and analysis is performed on Lubricating Oils, Hydraulic Oils, Coolants and fuels. Oil Analysis also provides information about the condition of its engine or other oil filled compartments and what sort of repairs may be necessary in the near future.

Component wear trends can be established through regular analysis of used oil from engines, transmissions, hydraulic systems, compressors and other machinery. It can be used to indicate and identify any irregular working conditions and locate the causes. The appropriate corrective actions can then be planned and implemented.

Scientific testing of used oil and grease determines the wear characteristics of equipment, and measures the efficiency of the lubrication of internal components.

Regular analysis of used oil from engines, transmissions, hydraulic systems, compressors and other machinery allows component wear trends to be established. Information from oil tests to identify any abnormal working conditions and pinpoint the likely causes, for which corrective actions can be planned.

How Techenomics Oil Sampling is conducted
Samples are taken and sent to the Techenomics Laboratory where investigations and reporting are performed. Reports are then sent via email to the client. Reporting provides a breakdown of each breached element in wear metals, contaminants, additives and the physical properties of oils, coolants and fuels.

Oil Analysis is a preventative maintenance tool that is an essential and cost effective maintenance measure. It contributes to significant reduction in ongoing maintenance costs on plant and equipment. Oil Analysis reduces equipment downtime, increases component life and eliminates unnecessary oil changes.

Results of magnetic plug inspections can be examined and compared over time to determine wear patterns and enable technicians to predict when oil will need to be replaced. This can be used to establish the most effective regular maintenance routine.

Techenomics is a local lubrication and condition monitoring specialised Company that operates throughout Australia, Asia and in Madagascar. Techenomics laboratories have certified technicians who are able to analyse lubricant samples from many different sources including mining companies, power stations, agricultural machinery, paper mills, sea, road and rail freight. Techenomics has the capability to perform analysis on a wide range of liquid fuels, lubricants and associated products.

For further information please visit the Techenomics web site (http://www.techenomics-mining-services.com/services/oil-analysis-sampling-testing/)
or contact Jason Davis on 02 65712699 or jason.davis@techenomics.com

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The profit result for the full year included a $15.8 million loss on foreign currency denominated intercompany loans and bank accounts, $4.8 million relating to costs associated with the acquisition of Dominion Mining Limited (Dominion) and Laguna Resources NL (Laguna) and higher depreciation and amortization for the year of $27.8 million reflecting the inclusion of the Challenger gold mine assets.
EBITDA before significant items was $67.8 million down from $100.7 million in the previous year.

A final dividend of 5 cents per share, unfranked, was declared making a total of 15 cents per share for the year. The record date for the final dividend is 12 September 2011 with payment of the dividend on 30 September 2011.

Kingsgate underwent a major transformation in 2011 with the successful acquisition and integration of Dominion Mining Limited and the acquisition of 70% of Laguna Resources NL which owns 100% of the Nueva Esperanza silver and gold project in Chile.

Together with the addition of Bowdens silver project in NSW, these initiatives have taken Kingsgate to a company with two producing mines and two advanced development projects across three geographic regions.

Outlook
The outlook for the Group is for a much stronger production performance in fiscal year 2012 with Chatree benefitting from accessing the high grade ore in the C North deposit, expected from late in the September quarter 2011, and the contribution from the Chatree North expansion which is on schedule and under budget for practical completion in September 2011.

Group gold production for the full year to 30 June 2012 is expected to be in the range of 240,000 to 260,000 ounces. This includes 145,000 to 155,000 ounces from Chatree and between 95,000 to 105,000 ounces from Challenger.

Following the settlement with Sinphum Co Ltd, the holder of the preference shares in the Kingsgate’s Thai operating subsidiary, Akara Mining Limited, the Company can recommence preparations for an IPO of its Thai mining operations on the Stock Exchange of Thailand.

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View online version here.

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Kingsgate has agreed to meet outstanding financial obligations to Sinphum under the original shareholder agreement, including outstanding preference share dividends, up to the settlement date.
As part of the settlement, the Company will grant 1.5 million Kingsgate 3 year options that vest in 12 months at a strike price of $10.36 and 500,000 share performance rights that vest over the next 14 months to a company associated with the former preference shareholder, subject to the Chatree Mine meeting specified production targets.

This settlement will allow Kingsgate to recommence preparations for an IPO of its Thai mining operations on the Thai stock exchange.

Click here to download this ASX Release as a pdf file

Golden Cross Resources (GCR) holds over 3,400 km of area within the Gawler Craton of South Australia. The Gawler Craton, and the G2 Structural Corridor which traverses it, host Australia’s major Iron Oxide Copper Gold (IOCG)
deposits: Olympic Dam, Carapateena and Prominent Hill.

Interpretation of open-file and new GCR gravity data has yielded high quality drill targets within GCR’s tenements.

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Drilling has commenced on EPM 14906 Highlands Plains, northwest of Mount Isa, where established phosphate resources will be defined in more detail. The program should be completed this month.

The rig will then move to EPM 14912 Lily & Sherrin Creeks, due west of Mount Isa, where a program will be carried out over an area where moderate grade phosphate resources were identified in the 1960’s and 1970’s. Higher grade material from this project could be suitable for direct shipping. Access tracks and drill pads are in place and the program is scheduled for completion in September this year.

Resources within this project area, with elevated grades and proximity to Mount Isa, stand the best chance to be considered for early production.
EPM14905 Quita Creek, to the southwest of Mount Isa, will be the last of the GCR projects to be tested in the current program, scheduled for September-October, to better define the known mineralisation boundaries and to infill the previous drilling.

Queensland government compiled results from historical drilling* demonstrate that substantial (but not JORC-compliant) phosphate resources are located in each of GCR’s tenements. These resources make up approximately one third of the resource inventory quoted by GCR’s joint venture partner Legend International. It is hoped that Legend’s drilling program will raise the status of the existing deposit resources to meet JORC requirements.

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