Update
The last two months has seen CVR progress on a number of strategic fronts. The most significant being the capital raising, but we have also announced drill results at Altyntas and Uenke Bulak; progressed investigations regarding a land acquisition and appointed a new Chairman.
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Jason Stirbinskis
Managing Director
Central Asia Resources
Capital Raising
CVR recently completed a $13M Capital Raising. Based on current strategy and supporting budget, CVR now has sufficient funds to see us through to Q4 2009. During this period our key activities will be –
- Continue with drilling and feasibility studies at Uenke Bulak
- Progress our Altyntas JV prospects (Altyntas, Kengir, Kepken) through to commercial discovery and completion of a feasibility study for one or more of these prospects
- 20,000m of diamond drilling across our prospects
- Acquisition(s) should they be aligned to our strategy
Based on the above strategy and activity, the next time CVR undertake a substantial capital or debt raising exercise will be to fund the development of a processing operation at one of our projects.
Approaching General Meeting
The company will be holding a General Meeting at 10.30am on 6th August 2008. The primary reason for the meeting is to seek shareholder approval to roll Mr Reiser’s 40% interest in Golden Eagle into CVR . The roll in is a substantial milestone for CVR and part of strategy of preparing the company structure for CVR’s evolution to development and production. Mr Reiser is flying from Switzerland to attend the meeting.
There will also be a presentation on CVR activity and progress.
We encourage you to attend.
New Chairman
CVR recently announcement the appointment of Guy – Earl of Warwick as Director and Company Chairman. The Earl of Warwick has an impressive track record in exploration and mining company success at Board level including , until recently, Chairman of Windimurra Vanadium Limited. He also brings strong contacts, experience and access to overseas capital markets.
The Earl of Warwick is a significant shareholder in CVR, has visited our activities in Kazakhstan and was instrumental in our recent capital raising. His appointment is another strategic step as CVR continues to lay the foundations in preparation for our evolution to development and production. We are very excited about his appointment and the experience he brings to the Board.
Please take the opportunity to meet our new Chairman at our approaching General Meeting.
Our Drilling Program
CVR has made two very significant drill result announcements of late.
The first was in late May for our Altyntas prospect. In addition to other strong results this announcement included a spectacular 43.6m @ 19.3g/t Au , near surface. We at CVR continue to be very excited about the potential for Altyntas to be a very successful and substantial project and results such as these are very encouraging.
The second results announcement was for Uenke Bulak, where our investigations have revealed a mineralised halo around the epithermal lode that has the potential to dramatically increase overall tonnes at the prospect and reduce stripping ratios. The drill results also gave some impressive results from 3 holes drilled outside the northern limit of the current Resource Estimate boundary. We will re-visit our Resource calculation for Uenke Bulak later in the year.
CVR has also committed to a 20,000m drilling contract with an in-country provider. Virtually all of our drilling to date has been through this provider and we are very pleased that we have secured such a substantial contract with a trusted professional team. We currently have four diamond drill rigs on site, two based at Altyntas and two and Uenke Bulak.
Metallurgical Program
Over the last few months we have been in the process of collecting bulk samples for detailed metallurgical testwork at Ammtec in Perth, Australia.
We are particularly keen to understand the processing behaviour of Kepken, Altyntas and Kengir ores in order to consider any processing synergies that may exist between them. These 3 deposits are particularly close to each other and close to existing processing plant at Akbakai. It is therefore important to know which processing scenarios to consider or eliminate as we progress into feasibility studies later in the year.
We also have two bulk samples being shipped to Ammtec from our Uenke Bulak deposit. Our investigations into Uenke Bulak processing behaviour is more advanced and these domain samples will provide very valuable insight into viable processing scenarios.
Central Asia Resources Managing Director, Jason Stirbinskis
CVR has its own site office, core farm and sample preparation facilities.
CVR Technical Director Dr Waldemar Mueller and Jason Stirbinskis inspecting recent diamond core at the Kepken site.
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