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From: Nigel
ArtDate: 8th January 2007
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.114.115
Date: 27/01/07
Time: 10:17
8th January 2007
Peninsular Gold Announces 58% Increase on Malaysian Au Inferred Resources
News Item - Conduit PR
Peninsular Gold Limited announces 58% increase on inferred resources at its gold project in Malaysia Further 78,000 Ounces Gold Resources Identified for Total Resource of 213,000 Ounces with Reserves standing at 180,000 ounces 52,000 Ounces in JORC Measured & Indicated Categories Peninsular Moving Closer to its Objective of Discovering One Million Ounces of Gold at Raub Peninsular Gold (AIM: PGL) today announces an increase of the estimated Mineral Resource at its RAUB gold project in central Malaysia. The resources were estimated by Snowden of Perth, Western Australia using the data from 18,683 metres of drilling recently completed by the Company on the upper part of the primary deposit. The Raub gold deposit is a slate belt hosted gold deposit with multiple parallel lodes of mineralisation that occur over a strike length of several kilometres.
The drilling programme used grids of 15m by 15m and 20m by 20m and the maximum drillhole depth was 100 metres.
Dato' Sri Andrew Kam, Chairman & Chief Executive of Peninsular Gold, comments: 'This updated resource statement for the upper part of the Raub primary deposit represents an excellent 58% improvement on the previous resource statement of 135,000 oz of Inferred Resources, which was reported for the Malacca South zone of the deposit . The updated resource estimate is additional to the 180,000 ounces of Proven Reserves (8.02 million tonnes with an average grade 0.71g/t), that have been previously identified and reportedv, in the tailings deposits at Raub and will provide additional feed for the proposed Carbon-In-Leach plant, financing for which is currently in the due diligence phase.
Construction is expected to commence shortly, and today's results serve to underscore the economic case for the plant.'
Leesa Peters Conduit PR 76 Cannon St London EC4N 6AE Dir: + 44 (0) 20 7429 6600 Office: + 44 (0) 20 7429 6666 Mob: ++ 44 (0) 781 215 9885 Fax: + 44 (0) 20 7429 6699
www.conduitpr.com
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