DIO - Dioro Exploration
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NEWS RELEASE
6 July 2007 ASX: DIO
DIORO INCREASES RESOURCE BY 95% AT FROG’S LEG GOLD PROJECT
HIGHLIGHTS:
• Dioro confirms measured and indicated resource increases by 95% to 723,000 ounces of gold
• At midday today the portal development at Frog’s Leg commences.
• Drilling program continues at Frog’s Leg with an updated feasibility study expected for September
Dioro Exploration NL (“Dioro” or the “Company”), with joint venture partner La Mancha Resources Australia Pty Ltd (“La Mancha”), confirmed today that the Measured and Indicated (“M&I”) resource has increased by more than 95 per cent at the Frog’s Leg gold project, located near Kalgoorlie, in Western Australia.
After incorporating recent excellent drilling results the Frog’s Leg measured and indicated resource now stands at 723,000 ounces of gold, compared to 369,000 ounces of gold released to the market in March 2007. The total resource, including measured, indicated and inferred resources is now 933,000 ounces of gold.
The JV partners will commence portal development at the underground gold mine today after forming the view the Frog’s Leg deposit was economically robust enough to justify the recommencement of operations. It is anticipated the operation will be producing gold by early 2008.
The Frog’s Leg project is located 25km west of Kalgoorlie, in the eastern goldfields region of Western Australia, and represents the southern part of the six million ounce endowed Kundana gold field.
Dioro hold 49 per cent of the Frog’s Leg deposit, with the remaining 51 per cent held by La Mancha Resources Australia Pty Ltd, a subsidiary of La Mancha Resources Inc, a Toronto listed company.
Dioro Exploration Managing Director, Mr Rhod Grivas, said he was delighted at the significant resource upgrade at the Frog’s Leg gold project, which demonstrates the outstanding potential of the project.
“Both Dioro and La Mancha are very excited by the prospect of converting an excellent, robust resource into a very profitable underground mine, while at the same time continuing to grow the known resources at the project,” Mr Grivas said.
“Frog’s Leg is moving from being a very good project to a great mine.”
“We are very excited with the massive resource upgrade and are confident that the sharp increase in resource will have a significant impact on the profitability of the project”.
“The opening of the portal today at the project is also another significant milestone in our progress towards production at Frog’s Legs – and whilst mine development has commenced, we are continuing to get very encouraging results from our exploration program, which demonstrates the potential for further resource upgrades in the future.”
Tonnes
Grade
Ounces
Measured
972,000
7.1
222,000
Indicated
2,249,000
6.9
501,000
Total Measured & Indicated
3,221,000
7.0
723,000
Inferred
1,136,000
5.7
209,000
This increase in resources can essentially be attributed to two factors:
(a) the conversion of inferred resources to the M&I category due to the infill drilling that has taken place since October 2006; and
(b) the complete re-evaluation and interpretation of the Frog’s Leg Lodes during this same period.
This M&I resource primarily reflects the success of the continued drilling of the Frog’s Leg deposits since October, with the conversion of the large Inferred areas of the Fog and Mist ore bodies to the Indicated status. This drilling alone converted an additional 210,000oz in the northern extents of the Frog’s Leg Deposit. The drilling program comprised 20 holes, designed to give optimum coverage within previously sparsely drilled areas at the northern end of the Fog and Mist ore bodies.
In addition, a complete review of the geological information from all previous drilling has led to a new interpretation and modeling of the resource. The primary outcome of this systematic approach is the extension and widening of the three main ore bodies, “Mist” “Rocket” and “Fog”, as shown on the attached long section presented in appendix I. The new modeling approach, compared to the previous reported resource, now shows a decrease in the average grade and a large increase in the tonnes. The primary reason is that the modeled lodes reflect what will actually be extracted during mining. These lodes reflect the true geological mineralisation styles occurring at Frog’s Leg.
This updated resource calculation incorporates the results of all new holes completed between October 2006 and May 2007 that had not been included in the December 2006 calculation. Reported resource figures have been calculated using a Au cut off grade of 3.5g/t, consistent with the resource estimates reported from the previous resource update of December 2006.
NEXT STEPS
Significant results have been obtained since the beginning of the drilling program in October 2006 and drilling is now scheduled to continue for the rest of the year. The program for 2007 comprises 20,000m of diamond drilling at a forecast cost of approximately $5 million ($2.5 million attributable to Dioro). At the end of June, 24 holes had been completed for 10,500m at a cost of approximately $2.6M. Drilling planned for the remainder of the year will target the Rocket orebody and the area between Rocket and Mist.
The Frog’s Leg Feasibility Study is expected to be completed in September 2007. The previously completed positive pre-feasibility studies and the significant increase in resource observed since then, have justified the preliminary stages of portal development inaugurated this morning. The preliminary development work to be completed between now and September will not be impacted by the revised mine design but will avoid the delay of mine operations scheduled to start in the first half of 2008.
Editors Notes:
About Frog’s Legs
Dioro is a diversified minerals exploration company that has exposure to gold, uranium, nickel and copper through projects in located in Western Australia. The Company’s principal asset is the 49% interest in the Frog’s Leg project located 25km west of Kalgoorlie.
The company successfully opened the portal at the underground goldmine today which demonstrates the company’s progress towards gold production in early 2008.
The JV partners have recruited an experienced operations team and have purchased key underground mining equipment prior to completion of a bankable feasibility study, which will reduce the lead time for securing underground mining equipment to ensure that mining will proceed on time and budget. The JV partners have also acquired a second hand Altlas Copco M2D jumbo and are currently servicing and rebuilding the equipment.
Dioro has also acquired a 100% interest in a large gold and nickel package of tenements (Penfold Project) located adjacent to the Frog’s Leg project, between Kalgoorlie, Coolgardie and Kambalda. Gold exploration commenced late in 2006, with 14,575 metres of drilling completed.
Dioro also operates the Kunderong uranium project (741km²) which is pegged over 50km length of the Breshnahan unconformity that is prospective for unconformity style uranium mineralization, located near Newman in Western Australia.
QUALITY CONTROL
The drilling program was carried out by, and under the supervision of Martin Bennett Bsc. Hons. (Geol.), MSc. (ODG), M.AIG, Exploration Manager of La Mancha Australia. The program was conducted to industry best practice standards. Samples utilized for the resource update comprise half NQ2 diamond drill core sampled on a one-metre basis. No niche sampling took place. Samples were assayed at Genalysis Laboratories in Perth, using a 400g LeachWell cyanide leach, followed by solvent extraction and flame AAS.
The laboratory utilized a series of sample blanks, standards and check assays. In addition, La Mancha Australia routinely conducts check assaying programs utilizing alternative laboratories.
The Frog’s Leg geological re-interpretation was completed by La Mancha Australia staff, the block model, including the building of the wireframes for the model, resource estimation and classification was undertaken Trevor Eddie Bsc. (Geol.) MAusIMM, Chief Geologist, also of La Mancha Australia. The geostatistical work was carried out by David Williams Bsc.(Geol.) (Hons) MAusIMM Senior Resource Geologist of CSA Australia (a group of Geological and Management consultants). The updated resource review and estimation conform to the requirements of NI43-101 and the CIM Best Practices for Estimation of Mineral Resources and JORC Code.
ENDS
For further information please contact:
Rhod Grivas, Managing Director David Tasker/ John Williams
Dioro Exploration Professional Public Relations
Ph: +61 8 9389 8799 Ph: +61 8 9388 0944
The information in this report that relates to Mineral Resources is based on data provided by La Mancha Australia Pty Ltd and supervised by Mr Trevor Eddie MAusIMM an employee of La Mancha Australia Pty Ltd. Mr Eddie has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Eddie consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
6 July 2007 ASX: DIO
DIORO INCREASES RESOURCE BY 95% AT FROG’S LEG GOLD PROJECT
HIGHLIGHTS:
• Dioro confirms measured and indicated resource increases by 95% to 723,000 ounces of gold
• At midday today the portal development at Frog’s Leg commences.
• Drilling program continues at Frog’s Leg with an updated feasibility study expected for September
Dioro Exploration NL (“Dioro” or the “Company”), with joint venture partner La Mancha Resources Australia Pty Ltd (“La Mancha”), confirmed today that the Measured and Indicated (“M&I”) resource has increased by more than 95 per cent at the Frog’s Leg gold project, located near Kalgoorlie, in Western Australia.
After incorporating recent excellent drilling results the Frog’s Leg measured and indicated resource now stands at 723,000 ounces of gold, compared to 369,000 ounces of gold released to the market in March 2007. The total resource, including measured, indicated and inferred resources is now 933,000 ounces of gold.
The JV partners will commence portal development at the underground gold mine today after forming the view the Frog’s Leg deposit was economically robust enough to justify the recommencement of operations. It is anticipated the operation will be producing gold by early 2008.
The Frog’s Leg project is located 25km west of Kalgoorlie, in the eastern goldfields region of Western Australia, and represents the southern part of the six million ounce endowed Kundana gold field.
Dioro hold 49 per cent of the Frog’s Leg deposit, with the remaining 51 per cent held by La Mancha Resources Australia Pty Ltd, a subsidiary of La Mancha Resources Inc, a Toronto listed company.
Dioro Exploration Managing Director, Mr Rhod Grivas, said he was delighted at the significant resource upgrade at the Frog’s Leg gold project, which demonstrates the outstanding potential of the project.
“Both Dioro and La Mancha are very excited by the prospect of converting an excellent, robust resource into a very profitable underground mine, while at the same time continuing to grow the known resources at the project,” Mr Grivas said.
“Frog’s Leg is moving from being a very good project to a great mine.”
“We are very excited with the massive resource upgrade and are confident that the sharp increase in resource will have a significant impact on the profitability of the project”.
“The opening of the portal today at the project is also another significant milestone in our progress towards production at Frog’s Legs – and whilst mine development has commenced, we are continuing to get very encouraging results from our exploration program, which demonstrates the potential for further resource upgrades in the future.”
Tonnes
Grade
Ounces
Measured
972,000
7.1
222,000
Indicated
2,249,000
6.9
501,000
Total Measured & Indicated
3,221,000
7.0
723,000
Inferred
1,136,000
5.7
209,000
This increase in resources can essentially be attributed to two factors:
(a) the conversion of inferred resources to the M&I category due to the infill drilling that has taken place since October 2006; and
(b) the complete re-evaluation and interpretation of the Frog’s Leg Lodes during this same period.
This M&I resource primarily reflects the success of the continued drilling of the Frog’s Leg deposits since October, with the conversion of the large Inferred areas of the Fog and Mist ore bodies to the Indicated status. This drilling alone converted an additional 210,000oz in the northern extents of the Frog’s Leg Deposit. The drilling program comprised 20 holes, designed to give optimum coverage within previously sparsely drilled areas at the northern end of the Fog and Mist ore bodies.
In addition, a complete review of the geological information from all previous drilling has led to a new interpretation and modeling of the resource. The primary outcome of this systematic approach is the extension and widening of the three main ore bodies, “Mist” “Rocket” and “Fog”, as shown on the attached long section presented in appendix I. The new modeling approach, compared to the previous reported resource, now shows a decrease in the average grade and a large increase in the tonnes. The primary reason is that the modeled lodes reflect what will actually be extracted during mining. These lodes reflect the true geological mineralisation styles occurring at Frog’s Leg.
This updated resource calculation incorporates the results of all new holes completed between October 2006 and May 2007 that had not been included in the December 2006 calculation. Reported resource figures have been calculated using a Au cut off grade of 3.5g/t, consistent with the resource estimates reported from the previous resource update of December 2006.
NEXT STEPS
Significant results have been obtained since the beginning of the drilling program in October 2006 and drilling is now scheduled to continue for the rest of the year. The program for 2007 comprises 20,000m of diamond drilling at a forecast cost of approximately $5 million ($2.5 million attributable to Dioro). At the end of June, 24 holes had been completed for 10,500m at a cost of approximately $2.6M. Drilling planned for the remainder of the year will target the Rocket orebody and the area between Rocket and Mist.
The Frog’s Leg Feasibility Study is expected to be completed in September 2007. The previously completed positive pre-feasibility studies and the significant increase in resource observed since then, have justified the preliminary stages of portal development inaugurated this morning. The preliminary development work to be completed between now and September will not be impacted by the revised mine design but will avoid the delay of mine operations scheduled to start in the first half of 2008.
Editors Notes:
About Frog’s Legs
Dioro is a diversified minerals exploration company that has exposure to gold, uranium, nickel and copper through projects in located in Western Australia. The Company’s principal asset is the 49% interest in the Frog’s Leg project located 25km west of Kalgoorlie.
The company successfully opened the portal at the underground goldmine today which demonstrates the company’s progress towards gold production in early 2008.
The JV partners have recruited an experienced operations team and have purchased key underground mining equipment prior to completion of a bankable feasibility study, which will reduce the lead time for securing underground mining equipment to ensure that mining will proceed on time and budget. The JV partners have also acquired a second hand Altlas Copco M2D jumbo and are currently servicing and rebuilding the equipment.
Dioro has also acquired a 100% interest in a large gold and nickel package of tenements (Penfold Project) located adjacent to the Frog’s Leg project, between Kalgoorlie, Coolgardie and Kambalda. Gold exploration commenced late in 2006, with 14,575 metres of drilling completed.
Dioro also operates the Kunderong uranium project (741km²) which is pegged over 50km length of the Breshnahan unconformity that is prospective for unconformity style uranium mineralization, located near Newman in Western Australia.
QUALITY CONTROL
The drilling program was carried out by, and under the supervision of Martin Bennett Bsc. Hons. (Geol.), MSc. (ODG), M.AIG, Exploration Manager of La Mancha Australia. The program was conducted to industry best practice standards. Samples utilized for the resource update comprise half NQ2 diamond drill core sampled on a one-metre basis. No niche sampling took place. Samples were assayed at Genalysis Laboratories in Perth, using a 400g LeachWell cyanide leach, followed by solvent extraction and flame AAS.
The laboratory utilized a series of sample blanks, standards and check assays. In addition, La Mancha Australia routinely conducts check assaying programs utilizing alternative laboratories.
The Frog’s Leg geological re-interpretation was completed by La Mancha Australia staff, the block model, including the building of the wireframes for the model, resource estimation and classification was undertaken Trevor Eddie Bsc. (Geol.) MAusIMM, Chief Geologist, also of La Mancha Australia. The geostatistical work was carried out by David Williams Bsc.(Geol.) (Hons) MAusIMM Senior Resource Geologist of CSA Australia (a group of Geological and Management consultants). The updated resource review and estimation conform to the requirements of NI43-101 and the CIM Best Practices for Estimation of Mineral Resources and JORC Code.
ENDS
For further information please contact:
Rhod Grivas, Managing Director David Tasker/ John Williams
Dioro Exploration Professional Public Relations
Ph: +61 8 9389 8799 Ph: +61 8 9388 0944
The information in this report that relates to Mineral Resources is based on data provided by La Mancha Australia Pty Ltd and supervised by Mr Trevor Eddie MAusIMM an employee of La Mancha Australia Pty Ltd. Mr Eddie has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Eddie consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
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I was also suprised that it opened so low, though there were alot of sellers at .15c when I last looked this morning.
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mmm i went out and came back thinking nothing was happening for a while.. anyway reopen a bit disappointing. i guess the market being down as a whole doesnt help.. I am not to worried as i think I will hold longer term and hope this can now maintain at 15c .. Perhaps its worth buying more now at this price..
ANN
DIORO TO ASSIGN NICKEL RIGHTS TO SUBSIDIARY
AHEAD OF LIKELY SPIN-OFF
Australian resources company Dioro Exploration NL (“Dioro”) will assign the nickel rights over its recently acquired Penfolds tenements to a wholly owned subsidiary of the Company, ahead of a likely spin-off later in the year.
The consideration for the assignment of the nickel rights by Dioro will be the issue by the subsidiary of 25,000,000 shares at an issue price of 20 cents each.
It is Dioro’s intention to distribute the 25,000,000 shares by way of an in specie distribution to all its shareholders on a pro-rata basis. This distribution will require shareholder approval, as it constitutes a return of capital.
The subsidiary Company will then issue 25,000,000 shares at 20 cents each to raise $5,000,000 in capital. A priority allocation will be given to Dioro shareholders to apply for shares on a pro rata basis, for a minimum of 20,000,000 shares.
It is the intention to list the subsidiary on the ASX.
The Penfold Nickel Project is considered highly prospective due to;
• its location covering three nickel belts, 12 kilometres from Kambalda, a world class nickel province in Western Australia.
• its dormant exploration status with no nickel exploration undertaken on the project in the last 15 years due to the projects ownership by large gold-focussed explorers.
• its historical sulphide nickel intercepts including 3m @ 3.1% Ni at the Abattoir prospect (Marston 1984).
• the lack of modern geophysics with no documented evidence of any previous airborne, surface or down hole geophysical techniques. These techniques have led to the discovery of numerous nickel deposits in recent times.
The board of Dioro has decided to assign this nickel project to a subsidiary so as to allow for the creation of a focused approach to the exploration and development of this project.
This will also allow Dioro to focus on its gold assets including its 49% interest in the Frogs Leg gold project and its 100 % interest in the Penfold gold project.
DIORO TO ASSIGN NICKEL RIGHTS TO SUBSIDIARY
AHEAD OF LIKELY SPIN-OFF
Australian resources company Dioro Exploration NL (“Dioro”) will assign the nickel rights over its recently acquired Penfolds tenements to a wholly owned subsidiary of the Company, ahead of a likely spin-off later in the year.
The consideration for the assignment of the nickel rights by Dioro will be the issue by the subsidiary of 25,000,000 shares at an issue price of 20 cents each.
It is Dioro’s intention to distribute the 25,000,000 shares by way of an in specie distribution to all its shareholders on a pro-rata basis. This distribution will require shareholder approval, as it constitutes a return of capital.
The subsidiary Company will then issue 25,000,000 shares at 20 cents each to raise $5,000,000 in capital. A priority allocation will be given to Dioro shareholders to apply for shares on a pro rata basis, for a minimum of 20,000,000 shares.
It is the intention to list the subsidiary on the ASX.
The Penfold Nickel Project is considered highly prospective due to;
• its location covering three nickel belts, 12 kilometres from Kambalda, a world class nickel province in Western Australia.
• its dormant exploration status with no nickel exploration undertaken on the project in the last 15 years due to the projects ownership by large gold-focussed explorers.
• its historical sulphide nickel intercepts including 3m @ 3.1% Ni at the Abattoir prospect (Marston 1984).
• the lack of modern geophysics with no documented evidence of any previous airborne, surface or down hole geophysical techniques. These techniques have led to the discovery of numerous nickel deposits in recent times.
The board of Dioro has decided to assign this nickel project to a subsidiary so as to allow for the creation of a focused approach to the exploration and development of this project.
This will also allow Dioro to focus on its gold assets including its 49% interest in the Frogs Leg gold project and its 100 % interest in the Penfold gold project.
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Whats are peoples thoughts on this announcement and how do they interpret the effects they expect it to have on the share price.
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New ann out.
ASX ANNOUNCEMENT
17 JULY 2007
DIORO AND CVRD JOIN FORCES
TO EXPLORE URANIUM PROJECT
Highlights:
• Dioro signs farm in agreement with the second largest mining company in the
world CVRD to explore the Kunderong and Kennedy Projects, Western Australia
• CVRD to spend A$4m over four years to earn 60 per cent of the uranium rights
in the projects
• Recent results of radiometric and magnetic surveys have identified numerous
uranium anomalies at project.
• Airborne electromagnetic survey planned for next quarter
Australian resource company Dioro Exploration NL (“Dioro or “the company”) has signed a
farm in agreement with Rio Doce Australia Pty Limited, a wholly-owned subsidiary of
CVRD,to progress uranium exploration at the company’s Kunderong and Kennedy uranium
projects, located near Newman in Western Australia.
Under the terms of the farm in agreement, CVRD will spend A$4m on exploration at the
project over the next four years, to earn an interest of 60 per cent in the uranium rights, with a
minimum expenditure of A$0.8m prior to withdrawal. Dioro then can elect to contribute to
further exploration or dilute to 80% and be free carried through to the completion of a pre-
feasibility study. Dioro maintains to rights to all other minerals including gold on the
Kunderong and Kennedy Projects.
Dioro will initially manage the uranium exploration and has engaged the services of Peter
Robinson as Project Manager. Peter is a uranium exploration expert with over 36 years of
Australian exploration experience and over 14 years with Australian uranium specific
experience.
The granted Kunderong project (741km²) is pegged over 50km strike length of the
Breshnahan unconformity that is prospective for unconformity style uranium mineralisation.
The region in which this project is located is one of the most prospective areas for this style of
mineralisation and includes two existing mineralized prospects Angelo and Turee Creek
(Noranda) located within 2 kilometres of the Kunderong tenements.
In November last year Dioro uncovered several uranium targets after the completion of an
initial radiometric and magnetic survey at the project. The survey, which covered a total area
of 741km², identified a number of large radiometric uranium anomalies over the Breshnahan
unconformity and within the calcrete channels draining from these unconformities.
In addition to the survey, the company has also pegged two new tenements, the Kennedy
Project, which covers 1123km². This project has the potential to host uranium. The Kennedy
Project is located 25km south west of the Kunderong Project.
Exploration is scheduled to commence as early as September with a detailed airborne
electromagnetic survey over the whole of the Kunderong Project and part of the Kennedy
project. This program will provide valuable structural, lithological and geophysical information
that will allow the partners to better target future ground-based exploration.
Unconformity related uranium deposits accounted for in excess of 30 percent of the world’s
total uranium resources and in Australia projects included the Alligator Rivers region in the
Northern Territory and the Rudall River region (including Kintyre) in Western Australia.
Dioro Exploration Managing Director, Rhod Grivas said the farm in agreement was an
outstanding result for shareholders that would enable the company to focus on progressing
its gold projects while providing an entrance for CVRD into Australia’s uranium sector.
“We are delighted to secure a farm-in agreement with one of the worlds largest mining
companies in CVRD. Not only do they have the financial backing and technical personnel to
further advance the Kunderong uranium project, but under the terms of this agreement they
will expend a large sum on exploration – which was very important for us,” Mr Grivas said.
“Australia is well-placed to capitalise on the huge increase in demand for uranium and Dioro
Exploration looks forward to working with CVRD to rapidly advance exploration for uranium at
Kunderong.”
The agreement will enable Dioro to focus on progressing the development of its 49 per cent
owned Frog’s Leg gold project and Penfolds gold and nickel projects which are located in the
goldfields region of Western Australia.
Yours faithfully
DIORO EXPLORATION NL
ASX ANNOUNCEMENT
17 JULY 2007
DIORO AND CVRD JOIN FORCES
TO EXPLORE URANIUM PROJECT
Highlights:
• Dioro signs farm in agreement with the second largest mining company in the
world CVRD to explore the Kunderong and Kennedy Projects, Western Australia
• CVRD to spend A$4m over four years to earn 60 per cent of the uranium rights
in the projects
• Recent results of radiometric and magnetic surveys have identified numerous
uranium anomalies at project.
• Airborne electromagnetic survey planned for next quarter
Australian resource company Dioro Exploration NL (“Dioro or “the company”) has signed a
farm in agreement with Rio Doce Australia Pty Limited, a wholly-owned subsidiary of
CVRD,to progress uranium exploration at the company’s Kunderong and Kennedy uranium
projects, located near Newman in Western Australia.
Under the terms of the farm in agreement, CVRD will spend A$4m on exploration at the
project over the next four years, to earn an interest of 60 per cent in the uranium rights, with a
minimum expenditure of A$0.8m prior to withdrawal. Dioro then can elect to contribute to
further exploration or dilute to 80% and be free carried through to the completion of a pre-
feasibility study. Dioro maintains to rights to all other minerals including gold on the
Kunderong and Kennedy Projects.
Dioro will initially manage the uranium exploration and has engaged the services of Peter
Robinson as Project Manager. Peter is a uranium exploration expert with over 36 years of
Australian exploration experience and over 14 years with Australian uranium specific
experience.
The granted Kunderong project (741km²) is pegged over 50km strike length of the
Breshnahan unconformity that is prospective for unconformity style uranium mineralisation.
The region in which this project is located is one of the most prospective areas for this style of
mineralisation and includes two existing mineralized prospects Angelo and Turee Creek
(Noranda) located within 2 kilometres of the Kunderong tenements.
In November last year Dioro uncovered several uranium targets after the completion of an
initial radiometric and magnetic survey at the project. The survey, which covered a total area
of 741km², identified a number of large radiometric uranium anomalies over the Breshnahan
unconformity and within the calcrete channels draining from these unconformities.
In addition to the survey, the company has also pegged two new tenements, the Kennedy
Project, which covers 1123km². This project has the potential to host uranium. The Kennedy
Project is located 25km south west of the Kunderong Project.
Exploration is scheduled to commence as early as September with a detailed airborne
electromagnetic survey over the whole of the Kunderong Project and part of the Kennedy
project. This program will provide valuable structural, lithological and geophysical information
that will allow the partners to better target future ground-based exploration.
Unconformity related uranium deposits accounted for in excess of 30 percent of the world’s
total uranium resources and in Australia projects included the Alligator Rivers region in the
Northern Territory and the Rudall River region (including Kintyre) in Western Australia.
Dioro Exploration Managing Director, Rhod Grivas said the farm in agreement was an
outstanding result for shareholders that would enable the company to focus on progressing
its gold projects while providing an entrance for CVRD into Australia’s uranium sector.
“We are delighted to secure a farm-in agreement with one of the worlds largest mining
companies in CVRD. Not only do they have the financial backing and technical personnel to
further advance the Kunderong uranium project, but under the terms of this agreement they
will expend a large sum on exploration – which was very important for us,” Mr Grivas said.
“Australia is well-placed to capitalise on the huge increase in demand for uranium and Dioro
Exploration looks forward to working with CVRD to rapidly advance exploration for uranium at
Kunderong.”
The agreement will enable Dioro to focus on progressing the development of its 49 per cent
owned Frog’s Leg gold project and Penfolds gold and nickel projects which are located in the
goldfields region of Western Australia.
Yours faithfully
DIORO EXPLORATION NL
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17/07/2007 12:25PM 3 Dioro and CVRD Join Forces to Explore Uranium Project
11/07/2007 1:09PM 3 Assignment of Nickel Rights
06/07/2007 11:07AM 5 Dioro Increases Resource by 95% at Frogs Leg
Things are looking good here, I am really surprised that the share price is still around 15c. I am jumping in today and hope for a Uranium update shortly!
11/07/2007 1:09PM 3 Assignment of Nickel Rights
06/07/2007 11:07AM 5 Dioro Increases Resource by 95% at Frogs Leg
Things are looking good here, I am really surprised that the share price is still around 15c. I am jumping in today and hope for a Uranium update shortly!
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Yeah, I was really suprised that the share price is at the current low level, especially after the 95% increase to resources at frogs leg. I still have an order in at .14 that I don't thik will get filled.
Is there any guess on the timeframe for the Nickel spinoff?
springhill
Make the drill work for YOU
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Possibly this announcement hasnt gained traction due to the tenemant being in WA?!? We all know Carpenter Govts stance on U mining. Thats my guess. Plus U doesnt seem to be the flavour of the month with all eyes on iron ore at the moment
Could be an interesting ride.
May have seen a bit of consolidation in the price in the last few days, it has risen quite sharply.
The nickle spinoff should see some more interest in it.
Company has been very busy with lots of positive projects in the pipe line, hopefully they can get some good news out to keep the share price going in the right direction.
Been some big buys in the last few days (also been some big sells).
Thought the Uranium news may have been the bang to see it over the 20c mark.
May have seen a bit of consolidation in the price in the last few days, it has risen quite sharply.
The nickle spinoff should see some more interest in it.
Company has been very busy with lots of positive projects in the pipe line, hopefully they can get some good news out to keep the share price going in the right direction.
Been some big buys in the last few days (also been some big sells).
Thought the Uranium news may have been the bang to see it over the 20c mark.
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Lots of interest today and reasonable rise considering the market overall I think we could see some strong rises here shortly and possibly some further news..
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DIO gone into a trading halt this morning - any ideas what news is on the horizon? Its lost a bit of gorund over the last couple of weeks.
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I have no Idea really, but it might have something to do with the Nickel spinoff?? Trading halt is till Wednesday.
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Announcement
Highlights:
• An acquisition of a suite of assets which currently produce approximately 80,000 ounces of gold a year and includes: o an efficient 1.2 million tpa mill o three years of reserves at current production rates o a resource inventory of 2.1 million ounces o a tenement package covering 1100sqkm in the heart one of the world’s most productive gold belts.
• Resource acquisition at a total cost of a $24 per gold resource ounce.
• Following the Harmony acquisition, Dioro will have total attributable resources of over 2.6 million ounces of gold.
• The acquisition of the Jubilee mill provides Dioro with an immediate processing option for its Frog’s Leg ore and a potential new profit centre.
Highlights:
• An acquisition of a suite of assets which currently produce approximately 80,000 ounces of gold a year and includes: o an efficient 1.2 million tpa mill o three years of reserves at current production rates o a resource inventory of 2.1 million ounces o a tenement package covering 1100sqkm in the heart one of the world’s most productive gold belts.
• Resource acquisition at a total cost of a $24 per gold resource ounce.
• Following the Harmony acquisition, Dioro will have total attributable resources of over 2.6 million ounces of gold.
• The acquisition of the Jubilee mill provides Dioro with an immediate processing option for its Frog’s Leg ore and a potential new profit centre.
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The Current Market mood has placed it's heavy hand on quite a few promising stocks today...methinks!
I bought into DIO on the strength of a few good rates by Fat Prophets.
Glad I did...the Greyhound as F P has tagged it, has a way to run.
I was watching the action today as it came back to trade after the ann....over 6 mil in the first 20 mins..Some people have been accumulating for a few days and profits were taken.
The couple few days will see the hound go free (I hope )
Cheers
I bought into DIO on the strength of a few good rates by Fat Prophets.
Glad I did...the Greyhound as F P has tagged it, has a way to run.
I was watching the action today as it came back to trade after the ann....over 6 mil in the first 20 mins..Some people have been accumulating for a few days and profits were taken.
The couple few days will see the hound go free (I hope )
Cheers
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