Update on Nueva Esperanza Project
Update on Nueva Esperanza Project
Kingsgate Consolidated Limited (ASX: KCN) (“Kingsgate” or the “Company”) confirms that as disclosed in its Quarterly Report released to the market on 30 April, the Company has appointed an investment bank to advise and assist it in identifying advantageous options to monetise its Nueva Esperanza Project in Chile (“Project”).
Following comment in this morning’s “Australian” newspaper, the Company confirms that the investment bank is Investec Australia Limited.
Kingsgate continues to explore opportunities to capitalise on the value of the Project, including by way of a possible sale. However, no decision has yet been taken to do so, and all options remain on the table.
Ross Smyth-Kirk
Executive Chairman
Kingsgate Consolidated Limited
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March 2018 Quarterly Report
Quarterly Report
For the period ending 31 March 2018
HIGHLIGHTS:
Chile:
- Work continues on the Feasibility Study for the Nueva Esperanza Project, and as it enters its final stages, it remains on schedule to be completed in the first half of calendar 2018.
- Work also continues on the Environmental Impact Assessment (“EIA”) for Nueva Esperanza, and following the Chilean regulatory agencies request to better outline measures to ameliorate the impact of noise and dust on flora and fauna in the project footprint, it remains on schedule to be submitted in the first half of calendar 2018.
Corporate
Political Risk Insurance (“PRI”) Claim
- In October 2017, Kingsgate commenced proceedings in the New South Wales Supreme Court against Zurich Insurance Australia Ltd, and other named insurers, under a Political Risk Insurance Policy (with a maximum liability of US$200 million) that was held by the Company when the Thai Government expropriated the Chatree Gold Mine in May 2016.
- On 27th March 2018, Kingsgate engaged in the confidential Court-ordered mediation of its claim against Zurich Australia Limited and other named insurers for recovery under its Political Risk Insurance Policy.
- The dispute was not settled during the course of the mediation.
- Kingsgate remains open to achieving a settlement, but in the meantime will continue to prosecute its claim against the insurers in the Supreme Court of New South Wales. Following an initial directions hearing a further directions hearing is scheduled for 1st June 2018, where the trial dates should be determined.
Australia-Thailand Free Trade Agreement (“TAFTA”) Claim
- The Arbitral Panel which will determine the TAFTA Claim has now been constituted.
- The Tribunal has adopted a Procedural Calendar which provides that the merits of the TAFTA Claim will be heard on the 18th November to the 29th November 2019. However, the Tribunal has also ordered that the proceedings are to be kept confidential, except where disclosure is required to fulfil a legal duty.
- Kingsgate remains committed to seeking a settlement of the matter with the Thai Government.
Financial:
- Cash at 31st March 2018 was A$3.5 million.
- There was no corporate debt at 31st March 2018.
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Political Risk Insurance Update – 6 April 2018
Political Risk Insurance Update
6 April 2018
Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate” or the “Company”) advises that Kingsgate and the Defendants to Kingsgate’s Claim under its Political Risk Insurance Policy have consented to Orders by the Court in relation to the service of expert evidence and discovery, with the matter to come back before the Court on 1 June 2018 to obtain a hearing date.
Kingsgate currently expects that the matter will go to trial some time prior to the end of calendar year 2018.
Ross Smyth-Kirk
Executive Chairman
Kingsgate Consolidated Limited
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PRI and TAFTA Claim Update 27 March 2018
PRI and TAFTA Claim Update
27 March 2018
Kingsgate Consolidated Limited (ASX: KCN) (“Kingsgate” or the “Company”) provides the following update with respect to its claim under its Political Risk Insurance Policy (“PRI Claim”) and its claim against the Kingdom of Thailand under the Australia Thailand Free Trade Agreement (“TAFTA Claim”).
PRI Claim
On 27 March, the Company engaged in the confidential Court ordered mediation of its claim against Zurich Australia Limited and other named insurers for recovery under its Political Risk Insurance Policy.
The dispute was not settled during the course of the mediation.
Kingsgate remains open to achieving a settlement, but in the meantime will continue to prosecute its claim against the insurers in the Supreme Court of New South Wales.
TAFTA Claim
The Arbitral Panel which will determine the TAFTA Claim has now been constituted The Tribunal has adopted a Procedural Calendar which provides that the merits of the TAFTA Claim will be heard on 18 November to 29 November 2019. However, the Tribunal has also ordered that the proceedings are to be kept confidential, except where disclosure is required to fulfil a legal duty.
Kingsgate remains committed to seeking a settlement of the matter with the Thai Government.
Ross Smyth-Kirk
Executive Chairman
Kingsgate Consolidated Limited
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Appendix 4D and Annual Financial Statements for the half year ended 31 December 2017
Appendix 4D and half year Financial Statements
for the six months ended 31 December 2017
Kingsgate Consolidated Limited present their ASX Appendix 4D and Annual Financial Statements for the six months ended 30 December 2017.
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December 2017 Quarterly Report
Quarterly Report
For the period ending 31 December 2017
HIGHLIGHTS:
Chile:
- Kingsgate continues to progress its 100%-owned Nueva Esperanza Gold-Silver Project in Chile
- Nine Reverse Circulation (“RC”) follow-up drill holes totalling 1,136 metres were completed on the Cerro Blanco West target in late 2017, following up on eight initial exploration holes previously reported (See Kingsgate ASX Release titled “New Silver Discovery at Nueva Esperanza, Chile” dated 17 July 2017). The best holes were:
- KRCO66, intercepted 18 metres at 207.54g/t Ag;
- KRCO58, intercepted 42 metres at 41.58g/t Ag;
- KRCO59, intercepted 30 metres at 32.26g/t Ag;
- KRC063, intercepted 12 metres at 44.35g/t Ag; and
- KRCO65, intercepted 22 metres at 46.01g/t Ag.
- Full details of these drill results can be found as reported (See Kingsgate ASX Release titled “Step-out Drilling Expands New Silver Rich Zone at Nueva Esperanza, Chile” dated 8 January 2018).
- These results follow a number of encouraging drill intercepts in calendar 2017. The principal focus of the spring exploration program remains to further unlock the excellent potential of the Cerro Blanco West exploration target.
- Work continues on the Feasibility Study for Nueva Esperanza, and as it enters its final stages, it remains on schedule to be completed in the first half of calendar 2018.
- Work also continues on the Environmental Impact Assessment (“EIA”) for Nueva Esperanza, and following the Chilean regulatory agencies request to better outline measures to ameliorate the impact of noise and dust on flora and fauna in the project footprint, it remains on schedule to be submitted in the first half of calendar 2018.
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