21 Sep 2009 15:36
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773
21st September 2009
Commencement of Gold Exploration Program
Review Of Operations
Spitfire Oil Limited ("Spitfire" or the "Company") is pleased announce that it has commissioned a gold exploration drilling program at its Salmon Gums tenements. The Company has been aware for some time of the activity of a significant number of mining companies seeking to peg ground on the south-west trending greenstone belt hosting the Tropicana gold deposit, a large portion of which greenstone resides on the Company's large tenement package at Salmon Gums. Spitfire's geological assessment of the gold prospectivity of its tenements has shown that the tenements host the intersection of two regional prospective gold trends and the intersection of two regional faults. Regional geological interpretations indicate a greenstone belt crossing the tenements. Consequently, the Company has commissioned a gold exploration program including 171 aircore holes into the granite basement on a 200m x 800m grid covering the intersection of the two faults. This program is expected to be completed early next year.
Ongoing testwork and investigations, have highlighted the expanding complexity and growth in the scope of research required in refining and finalising the Company's proprietary L2VTM lignite to oils process to extract distillate from the Salmon Gums lignite. The directors have consequently ordered a complete financial and technical reappraisal of the project, including an analysis of other competing coal-to-liquids technologies, the result of which will be communicated as soon as it is available.
The Company's results and annual report for the year to 30 June 2009 will be published by the end of the calendar year .
Further information
Mladen Ninkov - Chairman
Roger Goodwin - Director Telephone: +44(0)20 7629 7774
Spitfire Oil Limited
Gerard Kisbey-Green Telephone: +44 (0)20 7597 5167
Stephen Cooper Telephone: +44 (0)20 7597 5104
Investec Investment Bank
Guy Wilkes Telephone: +44 (0)20 77864370
Ocean Equities
Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol SRO)
The Company's news releases are available on the Company's web site: www.spitfireoil.com