Persian Gold PLC
23 August 2007
Highlights of the Chairman's Statement
Persian Gold AGM
Acquisition of 2 new projects
London
23 August, 2007
I am pleased to announce today an expansion of our activities in Iran. We have
acquired two additional gold projects.
• Dalli - an advanced stage gold/copper porphyry which will be drilled in the
coming weeks.
• Dustbiglu - a very large silica clay alunite anomaly, where initial
sampling indicates the presence of gold.
Meanwhile we are progressing on our two current gold projects: Chah-e-Zard and
Takestan.
At Chah-e-Zard, in central Iran, a second phase exploration programme is about
to commence. The Southern gold zone will be trenched and drilled with the
objective of defining a near surface oxide gold resource. We will build on the
positive results of the first phase programme, where 13 of the 16 drill holes
contained gold. Persian Gold has an option to acquire 70% of this project.
At our wholly owned Takestan project we await environmental permits to trench
and drill the Twin Hill area located close to the city of Qazvin.
Dalli, located 200kms south west of Tehran, consists of two copper-gold
anomalies 1.7km apart. The southern hill has dimensions of 150 x 300 metres and
the northern hill 400 x 500 metres. A detailed sampling programme discovered
strong surface gold and copper grades. The property has never been drilled.
Persian Gold has an option to acquire 70% of the property. We intend to start a
drilling programme as soon as possible.
Dustbiglu, lies 400kms northwest of Tehran. Persian Gold has identified a large
area, covering 10 kilometres of altered silica clay alunite volcanics. Once the
prospecting licences are finalised, Persian Gold will undertake detailed rock
chip and trench sampling. In the meantime, all known geological and geochemical
data in the area are being compiled and analysed. This is a wholly owned
Persian Gold venture.
Iran is a very large and highly prospective country which has been under
explored for the past 30 years. Persian Gold is one of the few, if not the
only, Western explorer currently operating in country. Our exploration is
focussed on the volcanic belt running through Iran, from Turkey into Pakistan.
Both Turkey and Pakistan have seen recent large gold discoveries in the
volcanics.
Persian Gold has early mover advantage in Iran. We see a constant flow of
potential deals, and are constantly evaluating new additions to our portfolio.
All resolutions were passed at the meeting.
Persian Gold Plc
John Teeling +353 1 833 2833
College Hill
Paddy Blewer +44 (0) 20 7457 2020
Nick Elwes +44 (0) 20 7457 2020
Blue Oar Securities Plc
John Wakefield +44 (0) 117 933 0020
Simon Moynagh
www.persiangoldplc.com
Notes to Editors:
Persian Gold was formed in 2003 and listed on the AIM in June 2005. It has 600
shareholders, and is capitalised at £10m. The company was formed by John
Teeling, an Irish mining entrepreneur, together with a group of European and
Iranian investors.
It was established to explore for gold in a silica clay alunite alteration zone
in the Takestan area of north west Iran. Estimated reserves of alunite in this
area are 1 billion tonnes. In recent years many of the largest gold discoveries
in the world have been made in silica alunite rocks in the Andes. The Persian
Gold strategy in Iran is to prospect for large South American style gold
deposits in the Takestan silica alunite.
The late stage Chah-e-Zard gold deposit, near Yazd, to the south of Tehran was
optioned in 2005. Strong sampling results led to a drilling programme which
discovered gold in 13 of 16 holes including the southern zone containing holes
with commercial gold grades over significant lengths.
This information is provided by RNS
The company news service from the London Stock Exchange