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MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) Luiri Gold (ASX:LGM) has found more shallow high grade gold from in-fill drilling at Dunrobin in Zambia with hits up to 8 metres gold.

Luiri holds two mining licences in Zambia that cover the historic Dunrobin and Matala gold deposits that have a combined resource of 758,000 ounces of gold grading 2.2g/t gold.

The company would be extremely encouraged by these results which had good widths and good grades of gold.

Particularly, as it has a feasbility study underway and due for compeltion in November.

The shallow high grade nature of the mineralisation would assist with project economics with earlier cash flows at higher margin from a mine at Dunrobin.

Significant gold intercepts included:

- From surface: 33 metres at 7.92 g/t;

- From 2 metres: 17 metres at 3.77 g/t;

- From 7 metres: 26 metres at 3.31 g/t

Coffey Mining (Perth) has been engaged to produce a new JORC resource estimate for Dunrobin.

The feasibility study is based upon development commencing in Q1 2013 with the establishment of an open pit mining operation at the existing Dunrobin open pit.

This would be in tandem with construction of an initial, 10,000 tons per month processing plant.

Debt funding promising

Luiri has commenced discussions with debt funders specialising in providing project funding for African mining projects.

These preliminary discussions have been positive and financing applications will be lodged with a number of institutions during the next month.

 






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