Update on the Drill Program at the Segilola Gold Project and Appointment of Ron Clarke as Interim Chief Executive Officer

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/

PERTH, Western Australia, Nov. 3, 2011 /CNW/ - The Board of Ratel Group Limited ("Ratel", "the Company") (TSX Code: RTG) is pleased to make a progress announcement on the drill program (announced 8 June 2011), at the Segilola Gold Project in Nigeria and announce the appointment of Ron Clarke to serve as interim Chief Executive Officer of Ratel following the resignation of Geoffrey Jones. The changeover is effective from 1 November 2011.

Following a review of the current drill progress it was decided to drill a number of deeper holes in the southern section of the project area, where a previously interpreted 'southerly plunge to the mineralisation' is located.  It is anticipated that additional resources could be rapidly added to the previously reported resource inventory. To date, gold results reported  from the current drilling program within the south section  confirms that the mineralized zone  remains open-ended both along strike and at depth. Recently compiled longitudinal projections indicate a gentle 5º southerly plunge.

Drilling has confirmed a steep dipping normal fault cutting acutely through the northern-most upper portions of the mineralized zone and the mineralisation has been intersected below the fault. The main mineralized zone has been intersected between 5 and 25 metres above the footwall lithological contact and shows that mineralization continues for a further 300 metres south of the previous drilling. The most southerly of the new boreholes intersected gold mineralization grading 32.79 g/t Au over 1.10 metres confirming significant gold mineralization in the southern section of the project area and within hole SGD138, an intersection of 2.32g/t Au over a width of 7.30 metres at a depth of 25 metres vertically below surface, further confirming significant gold mineralization in the southern section.

The results of the diamond drill holes (SGD120 to SGD138) have been received and the various intersections are summarized in the table below. Compilation of QA/QC work is ongoing, and to date, the laboratory has not reported any unexplained anomalous assays.

As at 30 September 2011, 2,557 metres have been drilled comprising 26 holes in the southern portion of the project area.

Table of Significant Drill Intersections Received for holes SGD120-SGD138

Hole_ID Easting Northing Elevation Az Dip Total Depth From To Down
Hole
Width
(m)
TRUE
Width
(m)
Grade
(g/t Au)
SGD120
701593.00

830498.00

309.00

90.00

-60.00

65.40

44.20

49.00

4.80

4.60

2.55

SGD121

701564.00

830501.00

313.00

90.00

-75.00

112.20

80.00

82.00

1.00

0.80

2.15

SGD122

701553.00

830450.00

315.00

90.00

-75.00

100.00

79.85

80.10

1.25

1.00

5.90

SGD123

701589.00

830449.00

313.00

90.00

-60.00

57.00

33.00

36.00

3.00

2.70

1.18

SGD124

701610.00

830551.00

315.00

90.00

-60.00

55.80

40.80

45.90

5.10

4.30

2.51

SGD125

701580.00

830545.00

316.00

90.00

-75.00

110.45

53.00

55.00

2.00

1.40

3.38

 

 

 

 

 

 

 

96.00

98.00

2.00

1.40

0.59

SGD126

701594.00

830602.00

320.00

90.00

-75.00

101.00

86.00

90.00

4.00

2.80

1.49

SGD129

701607.00

830654.00

328.00

90.00

-75.00

106.67

71.00

72.60

1.60

1.10

32.79

 

 

 

 

 

 

 

96.00

100.00

4.00

2.60

2.22

SGD130

701624.00

830703.00

331.00

90.00

-75.00

130.60

47.00

49.00

2.00

1.40

1.38

 

 

 

 

 

 

 

87.50

89.00

1.50

1.10

2.52

SGD131

701623.00

830700.00

319.00

90.00

-50.00

74.00

31.00

33.00

2.00

1.70

1.18

SGD132

701619.00

830682.00

315.00

90.00

-75.00

97.15

44.00

48.40

4.40

3.20

2.07

 

 

 

 

 

 

 

83.30

90.15

6.85

5.00

1.09

SGD133

701619.00

830682.00

315.00

90.00

-50.00

70.90

64.00

67.00

3.00

2.90

1.54

SGD134

701603.00

830628.00

325.00

90.00

-75.00

104.70

92.20

97.00

4.80

2.80

0.85

SGD135

701603.00

830628.00

325.00

90.00

-50.00

69.00

37.00

38.00

1.00

0.90

3.71

SGD136

701588.50

830567.00

320.00

90.00

-50.00

79.25

67.00

71.00

4.00

2.80

1.86

SGD137

701588.00

830567.00

320.00

90.00

-75.00

110.15

94.00

96.00

2.00

1.40

2.97

SGD138

701606.50

830527.00

315.00

90.00

-60.00

116.00

34.00

42.00

8.00

7.30

2.32

(Datum WGS84 - Zone 31N).

Currently deeper vertical holes (approximately 170 metres in depth) are being drilled in the southern section of the project area in order to further test and confirm the down dip continuity of the mineralized horizon. The ore zone continues to be intersected in varying widths, with differing contents of sulphide mineralization and with or without visible gold in places.

The Company also announces the resignation of Geoffrey Jones as Chief Executive Officer and the appointment of Ron Clarke, to serve as Interim Chief Executive Officer.  Mr. Jones will continue to be available to the Ratel Group Limited as a consultant.  The changeover is effective from 1 November 2011.

Mr. Clarke has held senior financial and executive positions in many mining operations throughout the world. Mr. Clarke was born and educated in Zimbabwe and has significant experience in Africa, having lived and worked for 6 years in Tanzania and 2 years in Namibia. In these various roles he has been directly involved in the set-up of mining operations in these countries.  His experience and knowledge is ideal in the current development of the various projects of Ratel Group Limited.

Mr. Clarke is a member of the Chartered Institute of Cost and Management Accountants (CIMA), a member of the Australian Certified Practicing Accountants (CPA) and a member of the Chartered Institute of Secretaries and Administrations (ACIS).

Finally, the Company announces that the contract to acquire CAML Ghana Limited (the holder of the interest in the Obuasi Joint Venture) has been terminated due to Ghanaian Ministerial authorisation to a change of control not being obtained.

ABOUT RATEL GROUP LIMITED

Ratel is listed on the main board of the Toronto Stock Exchange and is a mining exploration company focused on developing gold and copper deposits in Africa.

The Company is earning a 51% interest in the Segilola Gold Project in Nigeria, the largest undeveloped gold resource identified in Nigeria and holds a 51% interest in the Mkushi Copper Project in Zambia.  At the Segilola Gold Project, Ratel has identified a maiden NI 43-101 compliant indicated resource of 520,000 ounces of gold contained in 3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of 97,600 ounces of gold contained in 790,200 tonnes at a grade of 3.8g/t from just the first pass 11,000m drill program.

Ratel has an experienced management team, and is further supported by CGA Mining Limited, a 19% shareholder in the Company. CGA is a member of both the S&P/TSX Global Gold and Global Mining Indices. Ratel will be focused on further developing its current resource interests and identifying new opportunities in Africa to both grow its reserve and resource base and enhance the Company's ability to move quickly to a producer.

For further information about the Company, please refer to the Company's filings on SEDAR (www.sedar.com).

NATIONAL INSTRUMENT 43-101 COMPLIANCE

Mr Geoff.G.Jones, F.Aus.I.M.M.CP Mng, a qualified person under NI 43-101, has reviewed the contents of this press release.

Mr. Alfred John Gillman of Odessa Resources Pty Ltd, an independent qualified person experienced in the style of mineralisation at the Segilola Gold Project, has completed the resource statement for the Segilola Project as referred to in this announcement, including verification of the sampling, analytical and test data underlying the estimate. Verification also included a site visit, database validation of historical drill results and a review of sampling and assaying protocols.  The qualified person was satisfied with all of the protocols used during the drilling, sampling and in the Segilola resource estimate compilation and computation.

With regard to the Mkushi Copper Project, Matthew Nimmo of Snowdens is the qualified person and has verified the resource statement as disclosed in this announcement, including sampling, analytical and test data underlying the estimate. Verification of the data included numerous site visits, database validation of historical drill results and review of sampling and assaying protocols.  The qualified person was satisfied with the verification process.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, exercise of the Company's option agreements, the plans of the Company and future development activities are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties related to fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainties relating to the completion of a bankable feasibility study; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need to meet certain conditions stipulated in the Segilola Joint Venture Agreement in order to maintain the Company's interest in the Segilola Gold Project; the need for cooperation of government agencies in the development of the Company's mineral projects; the need to obtain additional financing to develop the Company's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in Ratel's Annual Information Form for the year ended 30 June 2011 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.

 

 

 

 

SOURCE Ratel Group Limited

For further information:

Australian Contacts       US Contact 
Director - Michael Carrick     Independent Chairman - Mark Savage
Tel: +61 8 9263 4000       Tel: +1 505 344 2822
Fax: +61 8 9263 4020      Fax: +1 505 344 2922
Email: mcarrick@ratelgroup.com     Email: marksavage@comcast.net
www.ratelgroup.com

 

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Ratel Group Limited

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