Luiri Gold Limited: ASX-Quarterly Activities Report for the Quarter Ended 31 July 2011
August 31 2011 - 9:44AM
Marketwired
Luiri Gold Limited (TSX VENTURE: LGL)(ASX: LGM) -
During the July 2011 quarter the Company continued its
negotiations with all levels of the Zambian government and public
service and with the local Chief and relevant communities in an
endeavour to resolve the title issues surrounding the Company's
exploration tenements in Zambia.
By quarter end, although the new Company management was
developing positive relationships with all interested stakeholders
there had been no resolution to clarify the Company's title to
these areas and as such the Company's title to these areas remains
uncertain.
Notwithstanding the current tenement title uncertainty and as a
sign of commitment to our local employees and the project areas the
Company's new management team has commenced a trenching program on
ground within the P1209 license. This trenching program has
provided continuity of employment for over 40 full and part time
local employees. The trenching program has continued into the
October quarter. Assay results from this program have not yet been
received.
In the October quarter the Company will continue in its
endeavours to resolve the Zambian tenement issues.
In addition the Company has commenced a search to acquire
mineral projects outside of Zambia to provide alternative
exploration and development activities.
Since the end of the quarter the Company has received
subscription agreement commitments to raise AUD1,150,000 by issuing
10 million share at AUD0.115 (refer to the announcement dated
August 26, 2011).
Also the Company has today issued its exploration manager, Mr
Clint White, with 800,000 options exercisable at AUD0.17 on or
before 30 June 2015 as an incentive for his efforts on behalf of
the Company both within Zambia and elsewhere in the world.
On behalf of the Board of Directors of the Company,
Mike Langoulant
To view "Appendix 5B: Mining exploration entity quarterly
report," please visit the following link:
http://media3.marketwire.com/docs/LGL_appendix5B_aug31.pdf
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Luiri Gold Limited +61 8 6313 5155 +61 8 9324 2977
(FAX) info@luirigold.com www.luirigold.com
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