The Financing and Development of the Nagamble Gold Mine, Victoria

The Nagambie heap leach gold mine commenced production of gold in September, 1989. The mine,120km north of Melbourne in Victoria, Australia, was developed by Perseverance Mining Cor- poration Ltd, a junior Australian mining company, with no other operating mines. Gold production to December 31, 1990 was 47,621 oz. The mine is now producing at the rate of about 45,000 oz per year. As of February 28, 1991, resources at the mine are 5.1 million tonnes measured, at 0.65g/t Au while reserves were 1.65 million tonnes at 0.86g/t Au of proven, heap leach ore, plus 0.37 million tonnes at 0.40g/t Au, of dump leach ore. Metallurgical recoveries expected are 80 per cent for the heap ore and 60 per cent for the dump ore. Perseverance Mining Corporation was listed on the Australian Stock Exchange on April 2, 1987, after a capital raising in March that year. At this time the company's issued capital was 4 million ordinary 25ó shares, 3 million of which were issued to the public to raise $0.75 million.