Nagambie Mining (NAG)

Shares / Stock Code

NAG

Stock Exchange / Sharemarket

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Nagambie Mining (NAG) is an Australian gold exploration company managed by a Board of Directors with extensive experience in resource exploration and mining. The Board aims to maximise the returns to its shareholders from successful gold exploration, development and mining, along with utilisation of a strategically acquired mining lease (MIN 5412) with potential for production of significant amounts of construction materials while discharging its regulatory obligations and conducting the business in an ethical and responsible manner, identifying all areas of significant business risk and ensuring policies and procedures are in place to adequately manage those risks. Investors can trade Nagambie Mining shares on the Australian Stock Exchange (ASX).

Nagambie has established its Head Office and Operational base in Central Victoria as the focus of the company's operations is gold mineralisation with the "Melbourne Structural Zone" and is currently working predominantly in the Heathcote - Nagambie region. The company is concentrating its efforts in Victoria because Victoria has produced over 2,400 tonnes of gold (32 per cent of all the gold mined in Australia and 2 per cent of all the gold mined in the world) and on a yield per area basis, has produced an average of 10.8kg of gold / km2. An order of magnitude greater than any other Australian state.

The company believes that prospectivity is enhanced in Victoria as the state has been subject to very little modern exploration considering its history as a major gold producer and the western and central parts of the Melbourne Zone has been somewhat neglected by recent explorers. Nagambies' principal objective is to build a substantial but focused gold prospect inventory within Victoria for target drilling, to look for further exploration opportunities and develop the full potential of MIN 5412 as a competitive, low impact (in terms of required energy inputs) provider of construction materials for the Nagambie Bypass and other projects within Central Victoria.

Nagambie values the community and environment in which it operates. Nagambie acknowledges that the health, safety and welfare of its employees and the community is of paramount importance and is committed to pursue its goals through safe work practices. Excellence in environmental performance is essential to their business success. The company was listed on Australian stock market on 23 June, 2006.

Nagambie North Project

This project with an area of 34 km2 has 3 prospects identified so far is located within EL5023 and the northern portion of EL4887 approximately 2.5 kilometres north of the Nagambie Mine (MIN5412). Infill geochemical (A Horizon soil sampling) work on a 400m x 100m grid was carried during the year to define the shape of the surface geochemical gold and arsenic anomaly located in 2007 The anomaly is interpreted as reflecting mineralisation related to a buried reverse fault.

A review of the regional geological structures and existing soil geochemistry data has lead to the development of 5 discrete arsenic in soil anomalies and 4 discrete gold in soil anomalies between Racecourse Road and Kirwans Bridge Road The soil anomalies are roughly coincident, and have elevated antimony association.

The anomalies are parallel to regional structures, notably the east-west striking folds and reverse faults at the Nagambie Mine. Aeromagnetic and gravity interpretation have indicated a possible reverse fault (the Racecourse Thrust) extending across the Nagambie North Project area and parallel to the Nagambie Mine Thrust.

The Nagambie North Project proximity and parallels to the Nagambie Mine are very encouraging, and the company intends to carry out an aircore drilling program to determine the basement geochemistry. The aircore drilling program will consist of up to 77 drill holes over the two exploration licences with total drilling estimated at 7,700 metres.