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Luiri Gold Limited

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The current management team gained control of the Luiri Hill Gold Project in early 2011, following the Zambian Government cancelling the previous operator’s licence due to non-performance. In order to satisfy the Government, Luiri Gold has warranted that it will achieve 3 key milestones by November 2013. These are completion of a development plan, arranging project finance and commencing site works. Against a backdrop of challenging markets for project finance, Luiri Gold is implementing a low risk strategy of commencing gold production at a small scale of 10,000 to 13,000oz/pa. This should limit the initial capital cost to a relatively modest US$20 million.

Luiri Gold Limited (ASX: LGM) is focused on gold exploration in Central South Zambia where the company holds two Mining Licenses, 8074-HQ-LML and 14948-HQ-LML, that together cover 277km2. The historical Dunrobin and Matala mine workings are within 8074-HQ LML that covers 31.6km2.

The company has a strong management team, supported by Coffey Mining for mining studies and resource estimation. They are implementing a staged growth strategy, with low cost development of a modest sized operation at Dunrobin followed by incremental expansions supported from operational cashflow.

Infill and step-out drilling is expected to add to existing resources at Matala and Dunrobin of 568,000oz and 193, 000oz respectively. A resource inventory of 10.53 million tonnes at average grade of 2.2 g/t gold is a respectable start and provides a solid platform on which to build.

Luiri Gold has a Market Capitalisation of around A$5.9m. It has no debt and over A$2.0m cash, giving Luiri Gold an EV of around A$4.0m. This appears very cheap given the company’s exploration success and proposed near term transition to producer status.

The greatest challenge facing junior exploration and mining companies is raising capital to advance exploration and develop a mine. Luiri Gold has announced...

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