Gold is core our focus - Exploration: Uranium
Target mid 2009 to recommence production
HIGHLIGHTS FOR THE QUARTER ENDED 30 September 2008
• The Company announced that it has agreed to provide a $4m working capital finance facility to South Australian-based mineral sands miner, Australian Zircon NL. Further, the Company advised that Australian Zircon and Crescent Gold have also agreed to enter into negotiations and due diligence processes regarding possible corporate opportunities involving the two companies, including a potential merger.
• The Company closed out all of its forward gold sales, gold puts and gold call contracts for a net gain of A$850,000 22 July 2008.
• On 16 September 2008, the Company issued 15,100,000 Employee and Director options under the Employee Option Plan.
• On 7 July, the Board announced the temporary suspension of mining and milling operations at the Company’s Laverton Gold Project in Western Australia to remedy on-going design and operational inefficiencies of the plant. A development team has been appointed to review the Laverton Gold Project and recommendations will be given to management for the most efficient utilisation of this asset.
• An agreement was signed with Minepower, the Company’s mining contractor at Laverton, in relation to the early termination of the mining agreement associated with the temporary suspension of the Laverton operations. This agreement covered all claims and liabilities of Minepower
Company Info
CRESCENT GOLD has grown its 100% owned Laverton Gold Project from 0.67m ozs to 1.53m ozs resource since 2003. Its land holdings have quadrupled from approximately 400km2 to 1600km2.
A November 2004 feasibility study showed that the project was economic. Since then, reserves have nearly doubled to 400,000 ozs and the project economics have improved dramatically with additional reserves and an stronger gold price.
The Company recently announced production start-up in February 2007.
Corporate Outstanding Fully Diluted ~638m
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Cash A$30m
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Investments A$4.0m
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Gold & Cash Loan Nil - debt free / unhedged
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Market Cap ~A$44m (CRE @ 8.0c)
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Cash backing ~A$0.05cps
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Probable Reserves 200,000ozs (3.17mt @ 1.9g/t)
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(cut-off grade @ 1.1g/t)
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Inferred Resources 1.0moz (24.28mt @ 1.4g/t)
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Major Shareholder ~55% (Deutsche Bank)
Top 20 Shareholders ~93%
First Gold Pour was announced on March 20, 2007.
Crescent Gold has expanded its exploration portfolio to include projects in South Australia where it is targeting large scale iron oxide copper gold uranium (IOCG-U)mineralization in the Olympic Dam Area. Crescent continues to maintain a presence in Northern Territory where it holds interest in a number of prospective uranium projects.
The company is 6% owned by the Directors, who have personally invested $2 million into Crescent Gold.
In June 2008 the company announced the decision to temporarily halt operations at the Laverton Gold Project. This halt is intended to allow the company the opportunity to re-evaluate various parameters at Laverton which will allow for more efficient mining/milling practices in order to better provide company and shareholder value.
Crescent Gold has expanded its exploration portfolio to include projects in South Australia where it is targeting large scale iron oxide copper gold uranium (IOCG-U)mineralization in the Olympic Dam Area. Crescent continues to maintain a presence in Northern Territory where it holds interest in a number of prospective uranium projects