Thursday, 16 February 2012

Kalgoorlie Mining Company receives vote of confidence as substantial shareholder increases interest

Kalgoorlie Mining Company (ASX: KMC) substantial shareholder Peter Bowman Nominees has acquired a further 3.75 million shares in the company between 1 February and 14 February for a total consideration of A$174,447.

The share purchase, which was done at an average entry price of around $0.046, increases Peter Bowman Nominees stake to 8.89%.

Kalgoorlie Mining recently upgraded the Measured Resource by 15.51% to 48,400 tonnes and the Indicated Resource by 5.2% to 109,100 tonnes at the East Lode zone of the Bullant Gold Mine.

These upgrades provide greater certainty on the resource inventory at the Bullant Mine, where Kalgoorlie Mining has intercepted high grades of gold, including a stunning 4.6 metres at 26.19 grams per tonne gold from 12.17 metres in the latter half of 2011.

The company also received approvals in late December for a crushing circuit at the Bullant Gold Mine, enabling it to crush its own ore and cease crushing by third parties.

The use of a crusher, which is expected to be commissioned in the later part of 2012, will enable Kalgoorlie Mining to reduce processing costs, increasing profit margins from gold production.

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