CASTLEMAINE GOLDFIELDS LIMITED
Formation of Joint Venture Tenure For Tarnagulla Project
CGT - Tarnagulla Project Joint Venture - Mr Gary Scanlan, MD and CEO
Tue, 12 Aug 2008 03:30PM
Click to listen to audio on your default player or
Download the latest version of the Flash Player
Mr Gary Scanlan
Tue, 12 Aug 2008
03:30PM Australia/NSW
Boardroom Radio Tools
Select a tab above to display more information
 FLINDERS MINES LIMITED
(FMS)
|
FMS - 2008 Annual General Meeting - Mr Robert Kennedy, Chairman and Dr Kevin Wills, MD Fri, 28 Nov 2008 03:15PM |
    |
 MAXIMUS RESOURCES LIMITED
(MXR)
|
MXR - 2008 Annual General Meeting - Mr Robert Kennedy, Chairman and Dr Kevin Wills, MD Fri, 28 Nov 2008 03:30PM |
|
 RAMELIUS RESOURCES LIMITED
(RMS)
|
RMS - 2008 AGM: Chairman and MD's Address - Mr Bob Kennedy, Chairman and Mr Joe Houldsworth, MD Fri, 28 Nov 2008 03:30PM |
|
CASTLEMAINE GOLDFIELDS LIMITED (CGT)
ASX code: CGT
Website: http://www.cgt.net.au/
Industry: Materials
Principal Activities:
Gold mining exploration and development.
Address:
113 Adelaide Street
CHEWTON
VIC
Phone: (03) 5472 3411
Fax: (03) 5472 3002
Executives & Directors
Mr John C , Ian Goudie
Mr Gary F P Scanlan , Managing Director, CEO
Mr Peter L McCarthy , Non Exec. Director
Mr Robert H R Adamson , Non Exec. Director
Mr John W Jennings , CFO
Company Podcasts
Subscribe to current and future audio events for this company by clicking on the podcast icon:
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
CASTLEMAINE GOLDFIELDS LIMITED (CGT) Events
Australia/NSW
CASTLEMAINE GOLDFIELDS LIMITED (CGT)
| Web Site Update - Board Room Radio Broadcast | Thu, 4 Dec 2008 |
| Further Encouraging Castlemaine Gold Grades | Wed, 3 Dec 2008 |
| Shallow depth potential at Cappers continues to emerge | Thu, 27 Nov 2008 |
| Underwritten Non-Renounceable Rights Offer Mailed Today | Tue, 25 Nov 2008 |
| Company Presentation | Fri, 21 Nov 2008 |
| New Underwritten Non-reounceable Rights Issue | Tue, 11 Nov 2008 |
| Trading Halt | Fri, 7 Nov 2008 |
| Rights Issue | Thu, 6 Nov 2008 |
| Change of Director`s Interest Notice G F P Scanlan | Mon, 3 Nov 2008 |
| Change of Director`s Interest Notice P. L. McCarthy | Mon, 3 Nov 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH MR. GARY SCANLON, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER OF CASTLEMAINE GOLDFIELDS LIMITED (CGT)
“Formation of Joint Venture for Tarnagulla Project”
http://www.brr.com.au/event/49362
TUESDAY, AUGUST 12, 2008, 3:30 PM
BRR Good afternoon and welcome to Boadroom Radio. Today, were speaking with Mr. Gary Scanlan, managing director and chief executive officer of
10 Castlemaine Goldfields Thanks for joining us today, Gary.
CGT Thanks again, it's always good to talk to you.
BRR Gary, we see you've announced some fantastic news with the joint venture being entered into for your Tarnagulla Project. Do you want to give our
15 listeners an update and some details of this.
CGT Yes, we're very pleased and happy to do so. We've said for some time now that our purpose is on the Castlemaine field and we've indeed been doing just that. We do have 12 major projects, major historical producing fields, one of which is Tanaguila and this joint venture agreement will enable another party
20 to come in and sole fund expenditure. It will be great for the Tarnagulla field to have already dedicated exploration program where they are going to attack the potential of this Tarnagulla field while we continue to give our full and total focus to Castlemaine. So I think it's a very good deal for both parties. We believe in the enormous potential of the Tarnagulla field and we think this joint
25 venture and the terms of the joint venture may go a long way to evidencing the potential and the value, you know, that's attributed to this Tarnagulla field. As we've announced today under the terms of the farm-in, a new joint venture partner has to spend $2 million before they have any interests and upon their perfecting a $2 million spend, they've got themselves a 20% interest in the
30 Tarnagulla Project. They then have the right to spend a total of $5.8 million that will earn them a 75% interest in the project. At that point in time, we have the right to sell them the remaining 25% for all the agreed sum of $3 million or alternately, their option we can induce to come back in and farm their 25% of the ongoing activities. So you can see from those numbers that you're looking
35 at a figure of nearly $9 million being attributed to the Tarnagulla Project from the joint venture terms. In addition to that, we have acquired under the joint venture agreement a royalty, a typical sort of a smelter and net smelter return royalty. The agreement actually provides that we could set up royalty right back for the sum of half a million dollars. So, you know, one of the noteworthy
40 aspects of this agreement is that you add all these numbers up, you've got to figure a circuit of $10 million of value being attributed to this Tarnagulla Project which is in stark contrast to the market capitalization of Castlemaine Goldfields, you know, which is less than twice that figure so that it just points to the (inaudible) (00:03:21) market of a very undervalued nature of the
45 Castlemaine share price but, you know, this is a fairly good deal because we will see a very active exploration program on this project that we're taking a significant interest in. We want to see the field explored, we do believe in its potential but as we've been saying for some time now, we have to focus all of our attention on Castlemaine. It's the field with truly the multimillion dollars potential. We're a long way to evidencing this potential, we released an inferred resource just packing in 686,000 ounces just from the Chewton Deposit and drilling up and down the major northwest, north-south hurdle of the Castlemaine field has already shown up targets of (inaudible)(00:04:18)
5 northern part of the field and country drilling with one rig at this point in time south of Chewton Wattle Gully and that drilling there as we made an announcement only very recently, is evidenced by the continuation of the Wattle Gully structure and we're drilling now on the adjacent Chewton decline targeting the symmetry reef of gold, again at about a step out of a kilometer
10 (inaudible) (00:04:43) nearly south of the old Wattle Gully site. So there's potential in the Castlemaine field which is just enormous. It is an underexplored, underdeveloped major gold field, and while it’s getting our full attention but now with this joint venture agreement in the meantime, we can ensure that the Tarnagulla field equally gets a very active exploration
15 program. So, I think, it's a win-win in terms of both joint venture partners and gives them evidencing the value of one of our own, I'll say lesser in its own extent but the Tarnagulla Project is a valuable asset of Castlemaine evidenced by this agreement and (inaudible) (00:05:32) make reference to the inherent value of the Castlemaine field.
20
BRR Thank you for your time today, Gary. I am sure our listeners will appreciate that update. Thank you for your time and we look forward to speaking to you soon.,
CGT Thanks again, bye.
25
BRR That was Gary Scanlon, managing director and chief executive officer of Castlemaine Goldfields. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on BRR at brr@brr.com.au. I'm Eddie (inaudible) (0:05:58) and thank you for listening to
30 Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
DISCLAIMER: Transcripts made available by Boardroomradio.com is a free service whereby the transcripts are created by one or more third party contractors without any involvement or oversight by Boardroomradio.com or the respective company, firm, partnership or individual that is being transcribed. Boardroomradio.com and its contractors, client companies, firms, partnerships and guest speakers (paid or otherwise) do not invite reliance upon, nor accept responsibility for, the information they provide. Boardroomradio.com makes every effort to provide a high quality service. However, neither Boardroomradio.com, its transcript providers, nor the providers of any other written or oral data made available on the Boardoomradio.com site (and its partner sites) give any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided. Users should confirm information from another source if it is of sufficient importance for them to do so. Boardroomradio.com, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this site, or for any negligent misstatements, errors or omissions.
