Clontarf Regulatory News (CLON)

23 Aug 2007 13:02

Persian Gold PLC23 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 haveacquired 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 andTakestan. At Chah-e-Zard, in central Iran, a second phase exploration programme is aboutto commence. The Southern gold zone will be trenched and drilled with theobjective of defining a near surface oxide gold resource. We will build on thepositive results of the first phase programme, where 13 of the 16 drill holescontained gold. Persian Gold has an option to acquire 70% of this project. At our wholly owned Takestan project we await environmental permits to trenchand drill the Twin Hill area located close to the city of Qazvin. Dalli, located 200kms south west of Tehran, consists of two copper-goldanomalies 1.7km apart. The southern hill has dimensions of 150 x 300 metres andthe northern hill 400 x 500 metres. A detailed sampling programme discoveredstrong 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 adrilling programme as soon as possible. Dustbiglu, lies 400kms northwest of Tehran. Persian Gold has identified a largearea, covering 10 kilometres of altered silica clay alunite volcanics. Once theprospecting licences are finalised, Persian Gold will undertake detailed rockchip and trench sampling. In the meantime, all known geological and geochemicaldata in the area are being compiled and analysed. This is a wholly ownedPersian Gold venture. Iran is a very large and highly prospective country which has been underexplored for the past 30 years. Persian Gold is one of the few, if not theonly, Western explorer currently operating in country. Our exploration isfocussed on the volcanic belt running through Iran, from Turkey into Pakistan.Both Turkey and Pakistan have seen recent large gold discoveries in thevolcanics. Persian Gold has early mover advantage in Iran. We see a constant flow ofpotential 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 600shareholders, and is capitalised at £10m. The company was formed by JohnTeeling, an Irish mining entrepreneur, together with a group of European andIranian investors. It was established to explore for gold in a silica clay alunite alteration zonein the Takestan area of north west Iran. Estimated reserves of alunite in thisarea are 1 billion tonnes. In recent years many of the largest gold discoveriesin the world have been made in silica alunite rocks in the Andes. The PersianGold strategy in Iran is to prospect for large South American style golddeposits in the Takestan silica alunite. The late stage Chah-e-Zard gold deposit, near Yazd, to the south of Tehran wasoptioned in 2005. Strong sampling results led to a drilling programme whichdiscovered gold in 13 of 16 holes including the southern zone containing holeswith commercial gold grades over significant lengths. This information is provided by RNS The company news service from the London Stock Exchange