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Southern Gold

Southern Gold is an ASX listed gold explorer operating in Western Australia (Bulong, Cannon Gold Resource, Cowarna) and Cambodia.

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Southern Gold Ltd is an ASX listed junior gold exploration company whose main focus is the Bulong Gold Project 30km east of Kalgoorlie WA, where small scale open pit mining has recently commenced at its flagship Cannon Gold Mine.

Southern Gold Limited (“Southern Gold”, ASX: SAU) was listed on the ASX in April 2005. The initial focus was on gold exploration around the Challenger Mine in South Australia, nickel at Bulong South, uranium/base metals in the Gawler Craton and gold and gold/copper in the Lachlan Fold Belt. The Company later added exploration tenements in Cambodia to its asset base. The bulk of these assets have now been disposed of, allowing the Company to concentrate on the Bulong gold assets.

A PFS conducted in 2013 demonstrated the economic viability of an open pit and underground operation, toll‐treating ore at a nearby mill. The estimated cash generation, based on a gold price of A$1,500/oz, was approximately $14m. At an estimated total cost of $1,150/oz (including the capital on the small pit), the buffer is considerable. An update to the PFS in 2014 further enhanced the project economics, boosting anticipated cash generation to around $18m.

The announcement that Metals X Limited would finance and operate (mine, haul and process) the early stage development of the Cannon Gold Resource was a major breakthrough for Southern Gold. Operational activities are to be charged on an open book, at‐cost basis, providing a high level of transparency. Surplus cash will be shared on a 50/50 basis. Metals X, an Australian top ten gold producer and Australia’s largest tin producer, is well funded and has extensive expertise and experience in operational management. This means that the normal risks associated with start‐up of small operations are significantly reduced.

Putting a value on a small resource such as Cannon can sometimes be difficult, but a recent transaction on a nearby property gives a good indication of the potential worth of the project. In July 2015, Metals X Limited (ASX: MLX) announced the acquisition of the Georges Reward deposit on exploration tenement E25/268 for $4.5m. Georges Reward has a publically announced JORC Inferred Resource of 375,000t at 1.89g/t containing 22,800 ounces of gold. While direct comparisons cannot effectively capture exploration upside, the Cannon Project has a resource of 846,260t at 3.57g/t containing 97,045 ounces of gold, more than four times the amount of gold at almost twice the grade.

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