Mill (GPP) commissioning began 29 Nov 2010
1st gold production mid-late Dec 2010
Mine site closed 24 Dec through 2nd Jan – security measures at site
Morning Star’s GPP re-‐operational 3rd Jan 2011
New winder installation begins Feb 2011 set to increase shaft haulage capacity
Drilling into “Gap Zone” underfoot from 9L (~270m U/G) starts late Jan 2011
Drilling at Reliance dyke prospect set for Jan 2011 (100% MCO)
Mapping and Sampling underway at Loch Fyne prospect (Shandong JV)
Shandong and Chille representatives to join MCO Board Q1 2011
Senior operational framework strengthened for 2011 – key personnel added
Revised Securities Trading Policy (RSTP) objectives:
Our directors, employees and other shareholders are encouraged to be long-‐term holders of Morning Star Gold NL (“MCO” or “the Company”) shares. Several directors and key employees already own shares. MCO acknowledges that care must be taken in the timing of any acquisition or disposal of securities of the Company. The objective of this RSTP is to ensure that the Directors and employees are aware of and at all applicable times, take reasonable care not to inadvertently breach the insider trading provision of the Corporations Act 2001 when dealing in securities in the Company (including MCO shares and listed options or other related listed securities). MCO believes this will assist in maintaining market confidence in the trading of the Company's securities.
MCO is being re-rated by the market, after a recent A$15m equity placement, and ahead of expected gold production at Morning Star Mine in December 2010. Initial output should be 15-25kozpa Au at 12-15g/t, with profit ~A$27m in 2011. Target A$0.79/share.
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