NTL - New Talisman Mine - New board & Directors

[Flugenbear]

how do we know this before the sampling takes place, happy for a link to what i missed along the way!

Hi Tommy,

Here is the entire announcement. It's from 7.5 years ago!

NTL
28/11/2013 15:52
MINE

REL: 1552 HRS New Talisman Gold Mines Limited

MINE: NTL: Talisman Mine Access Arrangement and Resource Consents

November 28th 2013

ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED (NTL and NTLOA or NTLO)
FOR IMMEDIATE RELEASE
TALISMAN MINE ACCESS ARRANGEMENT AND RESOURCE CONSENTS

o NTL concludes agreement for access arrangement at Talisman Mine with
Department of Conservation and Ministry of Business, Innovation and
Employment

o Hauraki District Council grants NTL resource consents for bulk sampling and
underground development work plan at Talisman Mine

o New Talisman Gold Mines Limited positioned to commence development of
Talisman

New Talisman Gold Mines Limited is pleased to announce that it has signed an
agreement with the Department of Conservation and Ministry for Business,
Innovation and Employment covering the access arrangement for its Talisman
Mine project. The terms and conditions of the access arrangement will enable
the company to complete the bulk sampling and development work programme NTL
proposes as a lead-in to full mining operations.

The company is equally pleased to confirm that Hauraki District Council has
granted NTL the resource consents necessary to undertake the same bulk
sampling and underground development work programme. The underground work
programme includes operations such as drilling and blasting and the consents
specify the terms and conditions on which these and other operations may be
undertaken.

Commenting on these developments NTL Chairman Murray McKee stressed just how
important the access arrangement and resource consents were to the company's
future. "Two years ago the new board set out for shareholders a bold plan
to transform the company from explorer to producer. At that time we
identified two critical milestones - completion of a Pre-Feasibility Study
and conclusion of an access arrangement and resource consents - on the
journey through development to production. Passing those milestones today
represents a huge achievement and I congratulate all those involved. NTL is
now well positioned for the challenge of earning full value from the gold and
silver resources contained on the Talisman mining permit while running a safe
and environmentally sound operation. I am confident the board and
management team are up to that challenge" said Mr McKee.

Completion of the access arrangement and grant of the resource consents
brings to a successful conclusion over 8 months of detailed, complex work for
NTL and officials from the principal agencies involved. These include the
Department of Conservation, the Ministry of Business, Innovation and
Employment, Hauraki District Council, Environment Waikato, the New Zealand
Transport Agency and Historic Places Trust. "The company appreciates the
professional and courteous way in which officials from all the agencies
processed the various applications and agreements" McKee said.

The company consulted a broad range of stakeholders during the process and is
acutely aware of the high regard New Zealand communities have for their
natural environment. The company shares that regard and has sought to address
concerns raised in consultation. The company further emphasises that its
proposed operations at Talisman are very small and effectively confined to
the footprint of the historic Talisman mine workings. The company is
confident that its own operational procedures together with the terms and
conditions of the access arrangement and resource consents will ensure that
conservation, recreation, historic and other amenity values will be protected
and maintained. NTL also notes that development of the Talisman mine will
offer new employment opportunities in a sector that has seen considerable
contraction in employment numbers in recent years.

Executive Director Matthew Hill said "Progress on the Talisman Project has
been very pleasing and further underlines the company's commitment to
delivering value to our shareholders. We are now in a position to establish
New Talisman as a recognised developer and producer of precious metals in New
Zealand and deliver the first ore from the mine since Southern Gold Ltd
ceased operations in the early 1990's."

Underground development work and bulk sampling operations during the next
twelve months will focus on the Mystery vein and the Dubbo Zone of the Maria
vein. It is intended to remove the bulk samples through a series of small
reef drives which will generate valuable information on the metal content and
metallurgical behaviour of the ore.

Initially the company will concentrate on refurbishing the primary access
tunnel and establishing the power, water, electrical and ventilation systems
required for safe and efficient operations underground. This is expected to
take approximately six months to complete, following which sample removal
will commence. Material recovery is expected to build up to a steady state
level of between 600 and 700 tonnes per month over the ensuing six months.

Highlights of the Talisman project include:-

o The Pre-Feasibility Study completed in March 2013 found that a first-stage
development of an underground mine could deliver 32,200 ounces of golf during
its five-year life. It also concluded that the mine would have an estimated
production cost (C2) of US$750 per ounce.
o Ore Reserves at the Talisman gold project, based on an average in-situ
cut-off grade of 1.7g/t, are 82,500 tonnes at 10.8 grams per tonne gold and
48.1 grams per tonne silver.
o Estimates of the ore reserves in the Mystery and Dubbo Zone, targeted for
initial development indicate that they will contain an average of 12.0g/t of
gold. Individual samples collected from the Dubbo BM37 Bonanza Zone have
previously assayed gold grades in excess of 1% (10,000g/t).
o The project is expected to generate between 180oz and 200oz of gold per
month at steady state.

Matthew Hill
Executive Director
027 555 7737

[Flugenbear]

I think this announcement shows how the board of NTL have completely failed from this point. That was 7.5 YEARS ago!

NTL is now well positioned for the challenge of earning full value from the gold and
silver resources contained on the Talisman mining permit while running a safe
and environmentally sound operation. I am confident the board and
management team are up to that challenge" said Mr McKee.

Well Mr. Mckee, you are partly correct with the statement above.
SAFE - Yes, because bugger all has been going on.
ENVIRONMENTALY FRIENDLY - Yes, same reason as above. The frogs and Greenies are very happy. Not to say if you had started mining it wouldn't be environmentally friendly, I suspect the resource consent would make it such. But hey, you've absolutely ensured it be so.

As far as earning full value from the gold and silver resources.....

[Brain]

Thanks for posting that Mr Bear. I like the sentence

“The Pre-Feasibility Study completed in March 2013 found that a first-stage
development of an underground mine could deliver 32,200 ounces of golf during its five-year life”


Clearly Mr Hill was thinking about how much time he could spend on the golf course in the following years.

[Landyman]

This was from the March quarterly:
"In the NZ mining industry, small scale operations (including those that have
restricted extraction approvals) have the same stringent health and safety
requirements as major operators and therefore are difficult to make economic
at low volumes. This highlighted the need for economies of scale while
Talisman is at the bulk sampling phase to warrant a full-scale solution
capable of processing ore at both bulk sampling and future peak mine volumes
(when approved). The acquisition of Broken Hill Historic Mine Limited (BHG)
would lessen development risk by having multiple sources of ore."

Took them 7 years to come to that conclusion, well, maybe not. Took them 7 years to admit it.

[haewai]

Regarding processing, it seems feasibility and testing of plant will be followed by a new build.
This is my main concern - despite the identification of processing options, they're still a plant build away from a revenue stream.
And the plant build requires investment, commercial agreements and resource consent. Not easy hurdles, and only approached if the testwork is successful which itself is not guaranteed:

In addition, during the quarter discussions progressed with a major New Zealand industry group that currently
have immediate capacity to process an initial batch of up to 100t of ore and a proposal has
been put forward which provides the potential for developing jointly or separately a permanent or
mobile treatment facility, following initial feasibility which is expected to commence in the near term for testwork.

[ThaiJohn]

The CEO needs to stand down or at the very least halve his salary.
If neither happens the board should sack him and find someone competent to take over and kick start the bloody thing into action.
Enoughs enough.

[Brain]

The CEO needs to stand down or at the very least halve his salary.
If neither happens the board should sack him and find someone competent to take over and kick start the bloody thing into action.
Enoughs enough.

The problem is that he is on the board and I am sure the other board members are his mates. The big problem with having a CEO on the board. Quite frankly I see no solution to this. The CEO and board are quite likely laughing at the comments on this thread because they know the shareholders are totally powerless.

[Weta]

The CEO and board are quite likely laughing at the comments on this thread because they know the shareholders are totally powerless.

I'm a share holder (hold very few now) & I'm not powerless. In the near future the postie will deliver a letter from them saying they are looking for money for this & that. My power is to rip it to shreds.

What has the board & management accomplished over the last 6 months or year that they couldn't have done many years ago? They're buying a mine that can't be mined because of health & safety issues & they're also buying interest in a time share holiday location in Vanuatu.

Finding a way to treat ore was started by spending our money on a toy mill that we were told worked wonders. When & where did that method fail? Processing was to be & should have been priority #1 after the last CR. I've read nothing since to make me believe the next CR will be any different, not with this lot at the helm. I'd rather lose what I now have in then give them more to support the income stream for the CEO.

[Brain]

I'm a share holder (hold very few now) & I'm not powerless. In the near future the postie will deliver a letter from them saying they are looking for money for this & that. My power is to rip it to shreds.

What has the board & management accomplished over the last 6 months or year that they couldn't have done many years ago? They're buying a mine that can't be mined because of health & safety issues & they're also buying interest in a time share holiday location in Vanuatu.

Finding a way to treat ore was started by spending our money on a toy mill that we were told worked wonders. When & where did that method fail? Processing was to be & should have been priority #1 after the last CR. I've read nothing since to make me believe the next CR will be any different, not with this lot at the helm. I'd rather lose what I now have in then give them more to support the income stream for the CEO.

Yes we have the power to ultimately have the company fail and that is the most likely outcome. I would much prefer the shareholders to take control and use the remaining money to get to a point where we know for sure if NTL can be a profitable company or if in fact this is a very difficult task and the best option is to close down and not take any more money from the long suffering shareholders. Right now management and board will be continued to be paid until the money runs out and there is nothing we can do about it.

[ThaiJohn]

Matthew Hill, how do you sleep at night??