🕐29.10.09 - 04:02 Uhr

Korab Resources Ltd [KOR] - New gold project to be developed in Western Australia



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Korab Resources Ltd [KOR] - New gold project to be developed in Western Australia

Highlights
Proposals and expressions of interest received from China, India, Europe and the Middle East to develop or to finance development of Melrose gold project
Melrose projects contains JORC code compliant resource base of 306,000 ounces in oxide and sulphide ores
The global average grade for Melrose sulphide mineralization is 4.1 g/t gold
Veins contain visible gold and grade up to 266 g/t Au
Mineralization extends from 10m to depths of 250m and remains open at depth.
Drilling confirms potential for additional high grade shoots and bulk low grade mineralization.
Gold production scheduled to commence in 2011.
1st year production to genrtae pre-tax profit of AU$8,000,000



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