DRAGON MOUNTAIN GOLD LIMITED
Drilling Delivers Positive Assay Results
DMG - Drilling Program at Lixian Gold Project - Mr Andrew Richards, MD
Tuesday, 16 September 2008 9:00am
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Andrew Richards
Tue, 16 Sep 2008
9:00am Australia/Sydney
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DRAGON MOUNTAIN GOLD LIMITED (DMG)
ASX code: DMG
Website:
Industry: Materials
Principal Activities:
Gold exploration
Address:
, 62 - 64 Ord Street, Unit 4,
WEST PERTH
WA
Phone: 08 9215 6300
Fax: 08 9481 6799
Executives & Directors
Mr John Hopkins , Non Exec. Chairman
Mr Robert Gardner , Executive Director
Mr Paul Piercy , Non Exec. Director
Mr John Lewis , CFO
Mr John Lewis , Company Secretary
Company Podcasts
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
DRAGON MOUNTAIN GOLD LIMITED (DMG) Events
Australia/Sydney
DRAGON MOUNTAIN GOLD LIMITED (DMG)
| Unlisted Performance Options Cancelled | Thu, 18 Mar 2010 |
| Initial Drilling Results at Wa Wu Gou, Lixian Project | Thu, 18 Mar 2010 |
| Half Yearly Report and Accounts 31 December 2009 | Tue, 16 Mar 2010 |
| Notice under Section 708A | Thu, 11 Mar 2010 |
| Partial Conversion of Convertible Note and Appendix 3B | Thu, 11 Mar 2010 |
| Quarterly Activities Report December 2009 | Fri, 29 Jan 2010 |
| Quarterly Cashflow Report December 2009 | Fri, 29 Jan 2010 |
| Partial Conversion of Convertible Note and Appendix 3B | Fri, 29 Jan 2010 |
| Notice under Section 708A | Fri, 29 Jan 2010 |
| Notice under Section 708A | Thu, 21 Jan 2010 |
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 ANDREW RICHARDS, MANAGING DIRECTOR OF DRAGON MOUNTAIN GOLD LIMITED (DMG)
“Drilling Delivers Positive Assay Results”
http://www.brr.com.au/event/51535
TUESDAY, SEPTEMBER 16, 2008, 09:00 AM.
BRR Good afternoon and welcome to Boardroom Radio. Today, we’re speaking with Mr. Andrew Richards, Managing Director of Dragon Mountain Gold.
10 Thanks for joining us today, Andrew.
DMG Oh Eddie, I’m pleased to be here.
BRR Andrew, we see that today you’ve released a very significant announcement with returning some fantastic drilling results from your Lixian Project in China.
15 Could you give us some update on these results?
DMG Yes, certainly Eddie. Look, we’re very pleased these are -- we’re catching with our backlog with some of our assays that has caused -- have been in the lab for a while and these are the latest results that have come through, there are more that are being checked at the moment, but we’re very, very pleased
20 with these, they just keep adding confirmation of much as the size and scale and grade of this deposit, but the fact that within the resource we announced recently, the last two drill holes we released here were also the last three drill holes results here, really emphasize and support the significant high grade component that we’re seeing within that resource and which is open to the
25 eastern margin.
The one in particular we did obviously focused on because it’s the great result is the 172 m at 3 g, that also contained some very high grade within it, 68 m over 6 g. It also supports other -- some very significant results that we’ve
30 announced previously which is the 116 m at 4 g and 57 m at 6 g, 43 m at 4 g, just some great results from what is turning into a very, very good deposit.
Now, these are, as I’ve said, recently drilled and they were not included in the calculation for the JORC Resource that was announced in June and that was
35 a total 1.1 million ounces within that Inferred mineral resource. So again, what we’re seeing here is not just a confirmation of the size and scale, but also increasing confidence in terms of going from Inferred to Indicated and having some high-grade components to the overall grade.
40 BRR And Andrew, how is the overall progress of this resource currently going?
DMG Very well. It’s been very hard and I sympathize with our shareholders in terms of the current market situation, but I have to reiterate the fundamental sign evident that we’re doing on site significantly confirms what we have in terms of the deposit, we’re moving forward with our mining, our last application, our
45 first has been a mining area demarcation application which in channel is the first step towards the ML, that’s progressing through the approval system and we’re having the usual discussions on that as we go to the system, but nothing else has really changed to adverse effect to fundamentals. We now have a sizeable resource which we would like to have increase significantly. I think, we will do something towards that this year given the current kilometre and where we are at, we’re actually in a position that where we can reduce a number of rigs to continue our resource extension and exploration, but we just actually can now come into terms with getting into development so we’re
5 just having a bit of a natural hiatus here as we study our results and what it really means before we launch into the next phase of drilling and resource definition.
BRR Andrew, you spoke a little bit there that’s been well publicised that the market
10 is a bit tougher at the moment such as for the resources. I guess how does Dragon Mountain see itself positioned and where do they see themselves moving forward?
DMG Look, I don’t think anybody would deny that the market is now, we’re in a terrible situation and it just is a more of a perception as well. I guess, it
15 depends what is your view of gold is going forward. I think we are extremely well placed having fundamental asset as being so (inaudible) (00:03:40) and so strong. All the preliminary work we’re doing in the mining suggest that the cost here will be quite low and the throughput including eventually mill we end up with will be quite substantial as well. But right now the current market is
20 causing everyone concern. I don’t think they will doubt that we have a project and a good company half but there’s some nervousness that prevail the whole market, and we’re not the only ones that have been impacted by this. It will certainly have an impact from an inherent company’s valuation. And I think previously, the classic example of that – difference with our value and
25 our market cap. I think if you look at any recent transactions done in China or elsewhere, I would suggest that our resource and our basic assets would be worth far more than our market cap at the moment, but we’re not alone in that. I think if you look at a lot of companies in the market, everyone is on the same boat. And I think for many companies, it’s going to be quite difficult for
30 them going forward in terms of raising funds and develop new projects.
BRR Andrew, we thank you for your time today and congratulations on the good results and hopefully, we speak to you soon.
DMG Well, hopefully we speak to you very soon, yes. There are a lot of things
35 happening up there. We’re very proud of the project and the way it’s developing. We’re very happy with that.
BRR That was Mr. Andrew Richards, Managing Director of Dragon Mountain Gold. If you have any questions about this broadcast or any other broadcast, please
40 feel free to contact us on brr@brr.com.au. I’m Eddie Saade and thank you for listening to Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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