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30/10 - Cortona Activities Statement, Sept Quarter


Australian gold company Cortona Resources Limited (ASX: CRC) received very encouraging results from a detailed, independent Scoping Study at Dargues Reef, while further exploration and resource drilling continued to deliver a number of highly significant results.

Positive Independent Scoping Study completed on potential
development of Dargues Reef, NSW:

  • Initial 188,000oz of gold production over 4.5 years
  • Scoping level cash operating costs of approximately A$470/oz
  • Estimated A$68.4M pre-tax profit, 68% IRR (at A$1,150/oz gold price)
  • Estimated pre-production capital cost of approximately A$30M
  • Early Cash Flow
  • Considerable `mine life' and production upside within emerging gold
    province at Majors Creek
  • Further significant intercepts from Dargues Reef and Tory Boy, including:

  • 9m @ 5.2g/t from 51m (Tory Boy, EXEX028)
  • 19m @ 6.62/t gold, 7.0g/t silver, and 0.13% copper from 114m, and 3m
    @ 7.3g/t gold from 179m (Dargues Reef, DREX167)
  • Encouraging drilling results at Dreadnought and Snobs.

  • 1m @ 8.75g/t gold and 2m @ 4.30g/t gold (Dreadnought)
  • 1m @ 7.70g/t gold with 15.4g/t silver and 0.14% copper (Snobs)
  • Australian gold company Cortona Resources (ASX: CRC) maintained a high level of activity at its 100% owned Majors Creek Project in the Lachlan Fold Belt, NSW, where the Company received very encouraging results from a detailed Scoping Study on its 100% owned Dargues Reef deposit (1.44Mt@ 6.2g/t for 286,000oz Au). A total of 5,391m of drilling were completed, which returned further significant intercepts at Dargues and at a range of new targets within the `Shadow of the Headframe'

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