As a Ben Folds result UME has looked at a number of
As a describes ben folds brick result, UME ben fold’s reasons has looked at a number of transactions though noneof these would, in management`s opinion, clearly lead to an increase inshareholder value. As the sector opens up for consolidation, however, managementcontinues to look at an accretive merger or acquisition 3. Dispose of non gold assets: UME is in advance stages of discussions with adiamond exploration company to allow them to earn a majority interest on theCinco Rios diamond properties and expects to reach a definitive agreement in thenear future. Results at Lascano continue to provide encouragement on thepotential of this system. Following the compilation of all data, the Companywill offer the project for joint venture in calendar 2009 4 Ben Folds concert tickets – wikipedia . Maximize cash position and maintaining balance sheet strength: During 2Q 2009UME took the following measures:* implemented a company-wide cost cutting program, including a 20% reduction inthe workforce and a reduction in owner operator mining from seven to six daysper week.
Further cost reduction initiatives are being evaluated in the secondhalf of fiscal 2009; * refocused exploration expenditure with a reduction of $US1.25 million to $US3.9 million in the second half Ben Folds . Future exploration will be focused on near minetargets, expenditure on non-gold projects including Lascano will be minimized,and new project generation will be restricted; and * further restrict capital expenditure and where possible sell non core assets.As a result, UME expects to close fiscal year 2009 with a cash balance in therange of $US 8 million to $US 10 million ben folds fau . The changes currently beingimplemented have been designed to achieve a more sustainable position for theCompany ben folds tabernacle . Summary of Exploration ResultsThe following table presents a description of key current prospects, targetstyles, work completed and results achieved during the first half of fiscal2009, along with work planned for the remainder of the fiscal year brick folds Ben Folds – benfolds . Description of Prospect Work Completed in 1H09 &Planned Work ConclusionsIsla Cristalina Belt: San Gregorio Near Mine Exploration Rincon de los Castillos District (“Rincon”Los Castillos target (7 km from Arenal) Los Castillos target or “Rincon District”) * Detailed geological mapping, soil sampling *District of 10 km by 5 km along strike toand IP geophysical surveys were completed Permits are in place and drilling to the east-southeast of the Arenal mine has during the quarter commence in January. the potential to deliver a bulk resource* Rock chip sampling has defined over one * Initial 2000 meter RC drill program Ben Folds tickets – benfolds .and/or high grade vein deposits.kilometer of anomalous gold mineralization with rock chip results up to 48g/t.* Interpreted as the south-eastwardcontinuation of the Arenal structural system* IP surveys to date have defined chargeability and resistivity anomaliesinterpreted to be zones of silicificationwith associated pyrite mineralization.
Rincon District (cont.) Rincon District Rincon District * Mapping and sampling have identified* Detailed mapping, sampling and geophysicaladditional prospective areas to the north IP surveys will continue to refine and northeast of the Los Castillos target additional targets in anticipation ofzone ben folds lyrics . drilling during the second half of fiscal2009 Ben Folds concert tickets .Peru & Esperanza Trend* Detailed mapping and rock chip sampling in * The remainder of the trend to the west is 1Q09 defined the general structural trend of expected to be drilled in the second half ofIdentification of high grade vein resources the Peru-Esperanza district.fiscal 2009 (Minas de Corrales & Picafloralong 4 km trend 3g/t), vein resources gracie folds . * Encouraging results were reported such as3 m at 4.86g/t Au from 26 meters in hole PRRCO27 ben heist Ben Folds tickets . Arenal Deeps* Fifteen diamond drill holes were completed * An independent resource estimate will beduring the first half of fiscal 2009 completed by March 2009 ben brick Ben Folds . Defining underground resources and reserves * Significant mineralization was encountered * Infill drilling will be required todown plunge of the current Arenal operation in six of the ten drill holes completed inconvert zones of inferred resource to(pit) with the objective of contributing to 2Q09 with results confirming a thick (>20m), indicated It is anticipated that a 25 by 25production in FY11. high grade (>3g/t) core to the main shoot.meter drill spacing will be necessary.
* Best results include 29 meters at 3.85 g/t * A feasibility study will be required.from 300 meters in hole ALDD098 and 20.15meters at 4.44 g/t from 374 meters in hole ALDD101 . Nueva Australia Trend * Five diamond drill holes were completed * Define orientation of structure and ore during 1H09, two of which were completedzone from oriented core and design follow-upDefinition of a deep resource that could be this quarter as offset holes to the program as necessary, potentially targetingexploited by open pit or underground mining mineralization previously reported in mineralisation closer to surface.located in a 3 km trend 1.2 km north of NADD003 (4.65 m at 8.57 g/t Au from 445.9m).Santa Teresa the luckiest folds . The trend is interpreted to be Both drill holes intercepted the shear the structural offset (down to the north) of zone/structure, however only NADD005 the main San Gregorio structure.intercepted significant values of 1m 4.67g/t from 260.55m & 0.5m 3.38g/t from 350.1m.* Drill hole NADD005 hosts fault breccia , moderate to locally strongly disseminatedpyrite magnetite and graphite mineralizationand associated silicification and quartz -sulfide veining.Santa Teresa* Resource definition drilling down dip and * Resource model/estimate update to bealong strike was completed during 1H09 completed by March 2009 brick benfolds . Definition drilling of the deposit(s) to * Significant results include 9m 2.4g/t Aufurther refine and hopefully augment thefrom 55m in hole STRC027, 2m at 6.78g/t Au resource model and step out drilling alongfrom 13 meters in hole STRCO29 & 10m strike and in the footwall (between Santa 1.5g/t from 63m in hole STRC043Teresa North and main pits) * Drill results have further defined the deposit and are expected to add modest additional resource . PolvorÃn* This small resource was exploited during* The resource remains open at depth under2Q09. the south edge of the current pit and aVein deposit discovered and added to minelimited drill program is planned for Januaryplan during FY09.
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