The 2010 year has been one of achievements and advancements for Carrick Gold, albeit coupled with upheaval and transition.
The Company enhanced its asset base during the year through the acquisition of tenements at Spargoville and Kurnalpi. Carrick Gold also secured funding through an $18 million placement in January, 2010. It now holds a diversified portfolio of prospective tenements and is well-capitalised to pursue the development of these assets.
Sadly, the Company’s founder and former Chairman and CEO, Mr Frank Carr passed away in June 2010. I would like to take this opportunity on behalf of all of us to acknowledge the outstanding contribution which Mr Carr made to Carrick during his tenure and to pass on my condolences to his family and friends. This sad event has, however, led to a number of internal operational changes and a substantial strengthening of the Company’s Board of Directors.
I am confident that Carrick now has a very strong, unified and independent Board which has the appropriate mix of skills and experience necessary to deliver on our strategy.
The current Board consists of:
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Laurence Freedman AM, who brings substantial expertise in resources, investment management and as a director of public companies internationally;
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Elaine Carr, who has a knowledge of the history of the Company. Ms Carr is also Company Secretary;
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Ross Gillon, who brings a wealth of legal experience;
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Brian Martin, who holds a doctorate in geochemistry and brings to the board a significant career spanning mining consulting, project and resource financing, banking, research analysis and policy development; and
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Robert Schuitema, who is an experienced international resource industry investment banker and public company director.
The Company’s tenements, covering an area of over 450km2, are all in close proximity to the main Western Australian gold mining area of Kalgoorlie. This gives us the advantage as we develop our assets of being close to infrastructure, qualified people and transport. In addition, there are a number of gold processing plants in the area.
While continuing detailed exploration work on the Kurnalpi and Kalpini projects, we are concentrating on developing the Lindsay’s project towards production. The Board believes the Lindsay’s project will develop into a long term open pit mining operation.
Much was accomplished in the field during the year.
It remains the Company’s intention to proceed with resource definition to:
A. Increase Carrick’s indicated resource.
B. Focus on exploration at Lindsay’s, Kalpini and Kurnalpi.
C. Audit Carrick’s gold resource inventory to assess viable minable operations.
With this in mind, the expanded Board of Directors decided to halt the previously announced pre-feasibility study, as it is considered to be premature.
A scoping study is considered by the Board to be more appropriate as the Company is now considering its mining options.
During the year Carrick acquired a number of tenements, also in the Kalgoorlie region. These now form its Spargoville and Kurnalpi projects.
Carrick strengthened its balance sheet with a heavily oversubscribed $18 million share placement to institutional and sophisticated investors.
The Company is very well-positioned with cash at bank of over $22 million and no debt.
We are adding to our corporate staff and expect to recruit a number of resource specialists in the coming months.
It will be the charge of the Board and new management team to further prioritise projects for the coming year.
On behalf of everyone at Carrick Gold, I thank you for your continued support and look forward to reporting significant progress in the year ahead.
Yours sincerely,
Laurence Freedman AM
Chairman
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