12 Mar 2014resource reserve update▲ GoodMajor
Besra reported improved results for the Bau Stage 1 Feasibility Study, updating the preliminary findings of December 2013. The excerpt shows only the headline, so the improved figures are not available.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2013resource reserve update▲ GoodMajor
Besra released preliminary Stage 1 Feasibility Study findings for the Bau Gold Project, with the headline of initial production of 120,000 oz per year planned from late 2015. This follows the Jugan feasibility expected mid-2013. Only the headline is visible; costs, reserves and funding are not in the excerpt.
22 May 2012drilling result▲ Good
Olympus reported more drill results at the Jugan Hill deposit in Bau, Malaysia, including 61.10m at 2.40 g/t gold in hole JUDDH-50, and says mineralisation remains open at depth and along strike. The release gives the Bau resource as 3.02M oz (up from 2.45M oz in 2011), and the company's stake in the Bau operating JV as 83.25% (up from 80.53%), with the plan to reach 93.55% unchanged. The expected resource expansion has not yet been published here.
12 Oct 2011drilling result▲ Good
Olympus reported trench results at Bau Central: Jugan trenches such as 41.35m at 3.47 g/t and 103.00m at 1.30 g/t gold, and Taiton trenches up to 7.00m at 11.84 g/t. The company says Jugan mineralisation extends beyond its modelled resource. A resource update is now expected in Q1 2012, moved from the end-2011 timing in the previous release. Jugan feasibility is targeted for late 2012, with construction in 2013 and a goal of 100,000 oz a year by 2014 (company expectations). The Bau JV stake remains 80.53%.
4 Oct 2011drilling result▲ GoodMajor
Olympus reported new drill results at Bekajang (Bau Central, Malaysia), including 40.00m at 4.79 g/t gold (headline 4.67), 47.35m at 4.53 g/t and 8.60m at 24.07 g/t, below and south of the old open pit. The company says this suggests the mineralised zone steepens, and step-out drilling continues. The existing resource is 2.45M oz (0.56M Indicated, 1.89M Inferred), and the company expects an updated estimate by end-2011. Its stake in the Bau operating JV is now 80.53%, with plans to reach 93.55% within about 2.5 years, versus 50.05% in earlier context. The company targets over 200,000 oz a year by 2014 (company expectation).
30 Sept 2011drilling result▲ GoodMajor
Olympus signed a formal joint venture agreement on the Capcapo gold property in the northern Philippines with AMIC, Jabel, its subsidiary Kadabra Mining and PhilEarth Mining. It gives Olympus an option to earn 60%, subject to Philippine foreign ownership laws. Olympus paid AMIC US$300,000 on signing and owes US$400,000 more on gaining unencumbered access. Earning in takes staged spending of US$1M, US$2M and US$4M. Jabel gets a royalty (the higher of 3% of gross production value or 6% of annual profit), and milestone payments to AMIC are due when reserve or production levels are reached. This resolves the open question of the Capcapo JV negotiations, which had halted work since 2009. The drilling cited dates from 2007.
12 Aug 2010resource reserve update● Neutral
Olympus filed a 265-page NI 43-101 technical report on the Bau Project in Sarawak, Malaysia, the asset gained through the Zedex amalgamation, prepared by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (resource estimates for Jugan, Pejiru, Sirenggok, Taiton, Bekajang-Krian and tailings; a joint venture with Gladioli Enterprises Sdn Bhd; recommendations on feasibility and exploration). No resource figures or conclusions are visible, so the numbers cannot be stated here. It follows through on the post-merger plan for a compliant resource estimate.
17 Mar 2009drilling result▲ Good
Olympus said it has restarted trucking high-grade Phuoc Son ore to the Bong Mieu plant as upgrades near completion, after the three-month trial concluded in December. The upgrades over six months were shaking tables, a second intensive leach reactor and an extra float bank. The CEO says this will generate positive cash flow until the main Phuoc Son plant is commissioned; the release does not mention the permanent permit sought in February, so whether it was granted is not stated.
17 Feb 2009drilling result● NeutralMajor
Olympus said December 2008 was its highest gold production month, and the three-month trial of treating Phuoc Son ore at the Bong Mieu plant was successful, with production up 50% to 1,500 oz/month after plant changes. However, its stock of high-grade ore ran out on January 18, 2009 and it has asked for a permanent trucking permit; it expects to resume higher production and become cash-flow positive later this year once permission is received. This continues the toll-treatment thread begun in August 2008, with permission still pending. (The release is dated 2008 in its text, apparently a typo for 2009.)
28 Aug 2008drilling result▲ GoodMajor
Olympus said Vietnamese authorities approved trucking high-grade Phuoc Son ore to its Bong Mieu plant for toll treatment, with trials that have recently begun and will run 3 months. The company says the added production could partly or fully fund Phuoc Son development costs; this is its expectation, not a result. This is a new route to cash flow bearing on the open question of how Phuoc Son would be financed, but no amounts or financing are stated.
5 June 2008drilling result▲ Good
Olympus reported three more Phuoc Son drill holes on the northern Dak Sa ore body, saying it now extends 400 m north of the current resource boundary, with the north deposit's strike length totalling 1,500 m. Best results were 6.25 g/t gold over 6.25 m (DSDH 254) and 6.40 g/t over 4.58 m (DSDH 251); the northernmost hole (DSDH 249) gave only 2.35 g/t over 0.47 m. The company says it is on track to add significantly to resources by year end (a company statement); no new resource figure is given. This continues the Phuoc Son drilling thread; 5,165 m in 12 holes drilled year to date.
17 Apr 2008resource reserve update● Neutral
Olympus filed the full 324-page feasibility technical report (dated March 26, 2008) behind the April 1 Phuoc Son release, by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (sections on reserves, mining, processing, capital and operating costs, financial evaluation, risk and recommendations); no new figures are visible. It is the supporting document for the April 1 results. The filing's index also describes the exhibit as a technical review of the Bong Mieu project, which does not match its content (an inconsistency in the filing).
1 Apr 2008resource reserve update▲ GoodMajor
Olympus released a feasibility-study technical report for Phuoc Son (85% owned) by Terra Mining Consultants/Stevens & Associates. It states proven and probable reserves of 430,010 t at 10.09 g/t gold at Bai Dat and 500,380 t at 5.82 g/t at Bai Go, with the 425,380 oz Inferred resource excluded. At an average gold price of US$889/oz, it gives pre-production capital of about US$48.1M, life-of-mine capital of US$52.4M, 189,992 payable oz, operating cost of US$423/oz, post-tax NPV of US$17.7M-US$21.5M (10%-7.5%), IRR of 27.9% and payback of 3.08 years. Stoping is expected to start around mid-2009 when the plant is ready, and the economics assume minimal income tax pending an applied-for four-year exemption. This delivers the feasibility study flagged as open, but the release does not say how the roughly US$48M would be funded, so the debt-funding thread remains open.
18 Jan 2008drilling result▲ Good
Olympus reported infill drilling at the Dak Sa shear zone, Phuoc Son: hole DSDH 238 in the Northern Section cut 7.75 m at 4.53 g/t gold and 9 m at 26.48 g/t gold (headline says 28.6 g/t; the text gives 26.48), with the width said to approximate true thickness and grades uncut. The company says the shear zone remains open along strike and down dip and that resources announced so far are a minor part of the property's potential (a company claim). This continues the Phuoc Son drilling thread; no new resource figure is given.
18 Jan 2008resource reserve update● Neutral
Olympus filed the full technical report behind the January 15 Phuoc Son resource upgrade: a 'Preliminary Assessment' by Stevens and Associates and Terra Mining Consultants. The excerpt shows only the table of contents (covering resource tables for Bai Dat and Bai Go, a mineable portion at a 3 g/t gold cut-off, mining, capital and operating costs, economics and risk), with no figures visible. It documents the earlier 637,000 oz announcement rather than adding new results.
15 Jan 2008drilling result▲ GoodMajor
Olympus announced a 110% upgrade of the Phuoc Son resource to 637,000 oz (from 304,000 oz), based on a technical report by Terra Mining Consultants and Stevens & Associates following about 10,000 m of drilling between November 2006 and October 2007. Measured and Indicated is 211,280 oz and Inferred is 425,380 oz, so most of the increase is in the lower-confidence Inferred category. The company says total published Vietnam resources (Bong Mieu and Phuoc Son) are now 1.48 million oz, and that its 2008-2009 drilling programs are expected to add 550,000 to 750,000 oz. The report recommends a feasibility study. This delivers on the northern-extension drilling thread, though the earlier mention of an update only after the Dak Sa feasibility study is superseded by this earlier release.
6 Nov 2007drilling result▲ Good
Olympus reported six more Dak Sa holes (DSDH 223-227 and 230) with narrow high-grade intercepts, e.g. 0.65 m at 40.65 g/t gold and 0.65 m at 20.35 g/t. Year to date the program has drilled 8,336 m in 24 holes, with three more in progress. The company says it is extending mineralization west and down-dip in both the north and south sectors, and plans to step up drilling as the dry season approaches. This continues the Phuoc Son drilling thread; the intercepts are mostly under 1 m wide and no new resource figure is given.
18 Sept 2007drilling result▲ Good
Olympus reported more Phuoc Son northern-extension drilling: DSDH 221 hit 7.75 g/t gold over 5.90 m (including 12.37 g/t over 3.65 m) and DSDH 222 hit 2.44 g/t over 4.50 m. Thirteen of 19 extension holes have shown significant mineralization, and seven holes have intercepts of potentially mineable width and grade. The announced resource is unchanged, and an updated estimate is expected about 7 or 8 months after the Dak Sa feasibility study is completed. The release gives Phuoc Son ownership as 86% in the boilerplate, against 85% elsewhere; the filing does not explain this, and the earlier 85% figure is retained here. It also names Rod Jones as VP Exploration and Qualified Person, where earlier releases named Roger Dahn and Rod Murfitt.
14 Aug 2007drilling result▲ Good
Olympus reported two more Phuoc Son northern-extension holes: DSDH 219 cut 19.46 g/t gold over 3.90 m (including 30.04 g/t over 2.50 m) and DSDH 218 cut 5.70 g/t over 1.70 m. Eleven extension holes have shown mineralization, the structure has been extended over 800 m beyond the resource limit, and the shear zone is now said to be well over 2 km long. This resolves the pending hole 218 assays from July 26 and continues the northern-extension thread; holes 220-221 await assays and 222-223 are drilling. The existing resource (209,500 oz M&I, ~94,700 oz inferred) is unchanged.
26 July 2007drilling result▲ Good
Further step-out drilling at the Phuoc Son northern extension says the mineralized structure runs more than 800 m beyond the previously defined resource limit. Hole 217 returned 20.74 g/t gold over 2.15 m, but holes 214-216 had low grades (e.g., 0.29 g/t over 2.5 m in hole 216), and the company says grade and width vary considerably and close-spaced drilling is still needed. Assays for hole 218 are pending and holes 219-220 are in progress. This continues the May 22 northern extension work.
25 June 2007drilling result▲ Good
Hole DDH07-12 at Capcapo, a 50 m step-out east of hole 11, returned 3.06 g/t gold and 0.67% copper over 28 m, including 4.43 g/t gold over 18 m. The company says the deposit is open and step-out drilling continues, extending the Capcapo results from earlier releases. The release signs David Seton as Executive Chairman rather than Chairman and CEO as in earlier filings; the filing gives no explanation.
6 June 2007drilling result▲ Good
Two more Capcapo holes, both 50 m step-outs from the first, hit gold-copper mineralization: DDH07-10 had 2.07 g/t gold and 0.60% copper over 41 m, and DDH07-11 had 1.53 g/t gold and 0.35% copper over 47 m. The company says the deposit is open for expansion and drilling continues, following up on the April 24 first-hole result.
23 May 2007drilling result▲ Good
New step-out drilling on the Phuoc Son northern extension returned 3.84 g/t gold over 14.95 m (including 8.56 g/t over 5.75 m) in hole 213. The company added another drill rig and aims to upgrade the extension to formal resource status; this mineralization sits outside the March 7 resource estimate. This continues the northern extension drilling thread, and the company refers to a million-ounce target.
25 Apr 2007drilling result▲ GoodMajor
Olympus reported the first drill hole (DDH07-09) at the Capcapo project in Abra Province, northern Philippines: 1.49 g/t gold, 0.31% copper and 5.6 g/t silver over 94 m from surface. This is a new area for the company, outside its Vietnam properties. Under a November 23, 2006 option agreement with Abra Mining & Industrial Corporation and Jabel Corporation, Olympus and associated Philippine interests can earn 60% of the 43 sq km project; the drilling is the final due diligence phase. Drilling continues.
17 Apr 2007drilling result● Neutral
Olympus reported surface sampling of a new upper vein about 100 m above the Bong Mieu underground deposit, exposed over 650 m of strike with chip samples up to 68.6 g/t gold over 1.2 m, and plans a nine-hole first-phase drill program. It also said the Bong Mieu East resource update, expected around April, is delayed because of minor revisions to the report submitted to Micon International, and is now expected within 4 to 6 weeks. The filing describes Bong Mieu as 80% owned.
7 Mar 2007resource reserve update▲ GoodMajor
Olympus updated the Phuoc Son resource to 209,500 ounces Measured and Indicated (about a 42% increase) plus 94,750 ounces Inferred, delivering the update promised in the February 22 release. It also gave a conceptual, non-compliant estimate of 190,000 to 210,000 ounces for the northern extension, and said a Bong Mieu resource update should follow in 4 to 6 weeks.
22 Feb 2007drilling result▲ GoodMajor
Hole 210 at Phuoc Son, a 300 m step-out from hole 209, returned 12.24 g/t gold over 1.95 m, taking the defined mineralized length to about 900 m, still open. Olympus says it has finished a feasibility study for a second gold processing plant in Vietnam (under independent NI 43-101 review, based on the pre-drilling resource), expects a resource update within about two weeks, and is adding drill rigs.
9 Feb 2007drilling result▲ Good
Olympus Pacific Minerals (the filer, shown as Besra Gold in this record) reported new drill results at its 85%-owned Phuoc Son gold property in central Vietnam, including 6.94 g/t gold over 8.01 metres in hole 209. The mineralized zone now has a defined length of about 600 m and is still open, and the company says it will keep step-out drilling.