Friday 11th December 2020
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The directors are pleased to present the half year report for New Talisman Gold Mines Limited for the six months to 30 September 2020.
With the difficulties of the first half year behind the company, the second half of 2020 fared better with the arrival of all materials required to commence works, and the completion of the updated mine planning and principal hazard and risk assessments, required to commence the Mystery activities early in the new year as detailed further in this report.
The second half of the year saw the commencement and completion of the first stage of a strategic review of the business covering areas such as structure, board composition, and short term initiatives which can directly impact shareholder value. Initial recommendations resulted in a decision by the board to restructure the business into Exploration and Development entities to focus New Talisman Gold Mines Limited solely on activities underground which directly impact development and production at Talisman, including the underground exploration activities previously announced to build reserves and resources and to be undertaken in conjunction with development activities.
In December 2020 the company through its wholly owned subsidiary Coromandal Gold Limited entered into a binding term sheet with Canterbury Resources Ltd to acquire the Vanuatu Assets of Canterbury Resources held in Capella Vanuatu Ltd. The assets include the Tafuse prospecting license 1851 and Navaka Prospecting licence application.
The board has continued to maintain cost reduction measures including cutting the number of external consultant hours and increasing the use of in-house expertise for planning and permitting. To this end a number of suitable sites have been identified for a plant and these are being critically evaluated. The company has been able to end the year with a cash position of $1,869,706.
A market update on the development focussed New Talisman and the exploration focussed Coromandel Gold will be provided to shareholders early in the New Year.
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