Post on 18-Dec-2015
April-May 2007 Private Equity FinancingApril-May 2007 Private Equity Financing
Exploring for GOLD in India
April-May 2007 Private Equity Financing
Indo Gold Mines Pvt Ltd
Indo Gold Limited70%
Metal Mining India Pvt Ltd30%
Free Carry to BFS (Bhukia)
Indian JV Company
April-May 2007 Private Equity Financing
Company Highlights
• 2 years since start of JV and incorporation of company
• A$5.8 million private equity financing (23.1 M shares)
• No JORC-compliant resources at outset
• Rapid build-up in JORC-compliant Inferred Mineral Resource gold inventory reported:
– 22nd Aug 2005 0.57 Moz– 8th Sept 2006 1.0 Moz– 3rd Oct 2006 1.74 Moz (1.22 Moz attributable)
• Huge upside; moving to list shares on AIM in 2007
April-May 2007 Private Equity Financing
Properties
• Rajasthan main focus– Jagpura Project
• Applications pending elsewhere
April-May 2007 Private Equity Financing
Udaipur – our regional baseEarly morning on Lake Fateh Sagar
Water infrastructure built circa. 1678 by Maharana Jai Singh
April-May 2007 Private Equity Financing
Geology
• Archaean – Proterozoic cratonic terrain similar to Australia
• World-class deposits– Iron ore– Base metals– Gold– Diamonds– Coal– Chromite
April-May 2007 Private Equity Financing
Large Mines/DepositsKhetri140 Mt @ 1.4% Cu, 0.5 g/t Au
Rampura-Agucha64 Mt @ 13.5%Zn,1.9%Pb,45
g/tAg
Rajpura-Dariba20 Mt @ 7% Zn, 2% Pb, 100 g/t Ag
Zawar69 Mt @ 4% Zn, 2% Pb, 50 g/t Ag
Ambamata8.3 Mt @ 2% Cu, 6% Zn, 6% Pb
Bhukia? >2 Moz Au
RajasthanMining Culture
Oil/gas, Lignite
April-May 2007 Private Equity Financing
Rampura-Agucha
World-class ProterozoicZinc-Lead-Silver mine
April-May 2007 Private Equity Financing
We are Exploring in ‘Elephant Country’!
April-May 2007 Private Equity Financing
Tenements 2,135 km²
2 RPs granted
2 RPs applied
1 PL applied, ‘in process’
April-May 2007 Private Equity Financing
Regional Geology
New Gold (Copper) Province
Ancient (?2000 years) gold and copper workings
Very limited modern exploration
April-May 2007 Private Equity Financing
Bhukia Prospect Geology
• Multiple zones defined by ancient workings, GSI/HZL drilling (wide-spaced)
• Geology dominated by dolomites, quartzites and calc-silicates
• Geology comparable to other Proterozoic terrains (e.g Mt Isa district )
April-May 2007 Private Equity Financing
Lithology• Dolomitic Marble
April-May 2007 Private Equity Financing
Lithology• Quartz Albite Alteration
April-May 2007 Private Equity Financing
Lithology• Calc Silicate Alteration
April-May 2007 Private Equity Financing
Lithology• Gossan
April-May 2007 Private Equity Financing
Bhukia
Gossan Outcrops
Panch Mahuri
Delwara South
April-May 2007 Private Equity Financing
Bhukia
Ancient Workings
Panch Mahuri
Delwara
April-May 2007 Private Equity Financing
Bhukia Prospect - Soils & Resource Zones
High-order soil anomaly, open
IGL’s soil sampling adds greater definition and discovers extensions
Soil sampling continuing
April-May 2007 Private Equity Financing
Bhukia Prospect JORC Mineral Resources
Zone Inferred Net
Attributable
Tonnes Au g/tAu
ouncesto IGL (70%)
Mahi24,100,00
01.3
1,010,000
710,000
Panch Mahuri
Main Domain 2,500,000 2.9 230,000 160,000
Low-grade Domain
11,900,000
1.3 500,000 350,000
Sub-total14,400,00
01.6 730,000 510,000
Total38,500,00
01.4
1,740,000
1,220,000
Notes:Rounded to the appropriate number of significant figures
Resource estimates by Golder Associates Pty Ltd, September 2006
April-May 2007 Private Equity Financing
IGL Drilling
at Panch Mahuri Zone
at Mahi Zone
April-May 2007 Private Equity Financing
Mahi Zone
• 24.1 Mt @ 1.3 g/t Au
• Resource outline extends around ancient workings
• More drilling required to close-off
April-May 2007 Private Equity Financing
Mahi Zone
• 200 Level Mineral Resource Blocks
April-May 2007 Private Equity Financing
Mahi Zone
• Section 6110 N Mineral Resource Blocks
April-May 2007 Private Equity Financing
Mahi Zone
• Section 6360 N Mineral Resource Blocks
April-May 2007 Private Equity Financing
Panch Mahuri Zone • Section 6960 N Mineral Resource Blocks
April-May 2007 Private Equity Financing
N
0 m 500 m
Resource Zones
Plan Viewshowing ancientworkings
April-May 2007 Private Equity Financing
N0 m
500 m
Resource Zones
Isometric Viewshowing ancient
workings
April-May 2007 Private Equity Financing
N0 m
500 m
Bhukia Perspective Quickbird Satellite Imageshowing resource zonesat surface
April-May 2007 Private Equity Financing
Mahi Resource • Section 6300 N - Preliminary Pit Optimization
April-May 2007 Private Equity Financing
Grassy Hill
April-May 2007 Private Equity Financing
Drill Core• Early Barren Massive Pyrrhotite Breccia• 0.35g/tAu, 0.02%As, 0.04%Cu
April-May 2007 Private Equity Financing
Drill Core• Mineralised Massive Pyrrhotite Breccia, With Asp• 3.72g/tAu, 1.18%As, 0.11%Cu
April-May 2007 Private Equity Financing
Drill Core• Mod to High Grade Shear Controlled Asp Mineralisation• 1.63/2.64g/tAu, 0.38/2.62%As, 0.25/0.18%Cu
April-May 2007 Private Equity Financing
Drill Core• Low Sulphide Mineralisation• 2.51/7.49g/tAu, 0.07/0.01%As, 0.13/0.05%Cu
April-May 2007 Private Equity Financing
Drill Core• Late Cross-cutting Chalcopyrite Mineralisation• Tourmaline Flooding• 0.50/3.2g/tAu, 0.87/1.02%As, 0.33/0.27%Cu
April-May 2007 Private Equity Financing
Metallurgical Considerations
HZL Results:• Deemed partially refractory
• Maximum 75% recovery by direct leach (CIL)
• Flotation concentrate & regrind – up to 85% recovery
IGL Preliminary Results:• 3 composites tested so far, low, medium and high
sulphur types
• Recoveries 79% and 84% by combined gravity+leach (CIL) with conventional grind; expect 90% with fine grind
• 90% of gold reports to concentrates
April-May 2007 Private Equity Financing
Permitting Issues
Bureaucracy!
Environmental & Forestry approvals granted (first foreign company in Rajasthan)
Pioneering project so we lead, but suffer the steep learning curve!
Final approval of PL awaited
April-May 2007 Private Equity Financing
Targets
• Drill-out to commence first half 2007 subject to permitting approvals
• 65,000 metres in first phase
• Target +5 Mozs (+3.5 Mozs equity) in Meas + Ind + Inf Resources
Bhukia
Elsewhere • Explore 60 km along the Jagpura province where Bhukia-like targets are present
• Maximize our pioneering position in India
April-May 2007 Private Equity Financing
Bhukia Prospect - Soils & Target Zones
High-order soil anomaly, open
IGL’s soil sampling adds greater definition and discovers extensions
Soil sampling continuing
April-May 2007 Private Equity Financing
Bhukia
Ancient Workings
Timran MataLargest Ancient Open Pit
No GSI ‘Resource’ Estimates AvailableHigh order soil anomaly
Person standing at
edge of open pit here
April-May 2007 Private Equity Financing
Bhukia Prospect – Size Comparisons
Cadia Total 27.9Moz
Cadia Open Pit 11.9Moz
Telfer Open Pit 13.0Moz
Bhukia ???????
April-May 2007 Private Equity Financing
Bhukia Prospect – Size Comparisons
TELFER OPEN PIT
COWAL CADIA HILL OPEN PIT
BHUKIAPOTENTIAL
Strike (km) 3.0 1.0 2 >3
Width (km) 1.5 1.0 1 1.5
Depth (m) 650 360 450-1000 >200
Reserve (Mt) 340 57.7 120 >40
Reserve g/tAu 1.20 1.34 0.79 1.40
Reserve %Cu 0.11 - 0.17 0.14
Total Gold (Moz) 13.0 2.5 3.0 >2
Gold equiv. grade (g/tAu)
1.57 1.34 1.36 1.87
April-May 2007 Private Equity Financing
Indo Gold Limited• Exciting new gold (copper) province in India
• Multi-million ounce potential
• Growth by own exploration
• Bhukia – a possible very large, future mining centre?
April-May 2007 Private Equity Financing
IGL - Financials
• 23.1 M shares on issue, 8.65 M Options
• A$2.7 M cash
• Apr-May Private Equity Round Max A$10M at A$1.25 (8M shares) Planned Resulting in 31.1 M shares on issue (undiluted) New notional market cap. will be A$39 M
• Sets up company to commence Bhukia drill-out prior to IPO if necessary
April-May 2007 Private Equity Financing
IGL – Planned IPO
• Still on track for planned Admission London AIM in late-2007 or early-2008 subject to permitting and market
• In parallel, new Placement for +A$10 M
• Bhukia – target for first 2 years after permitting is +5 Moz (+3.5 Moz equity) in
resources
April-May 2007 Private Equity Financing
THE END?
Thank you