11 July 2006
The Manager
Company Announcements Office
Australian Stock Exchange Limited
4th Floor, 20 Bridge Street
Sydney NSW 2000
By ASX Online Pages: 2
Dear Sir,
FORTNUM PRODUCTION COMMENCES
The Board of Gleneagle Gold Limited (“Gleneagle”Zwinkern is pleased to advise that the refurbishment
and commissioning of Gleneagle’s wholly owned Fortnum Gold Project (“Fortnum”Zwinkern has now been
completed, with the first commercial gold pour taking place early this week. This initial gold
production was sourced from low grade stockpile material which was used for the commissioning
phase of the operation.
Fortnum production is expected to ramp up to design capacity during the current quarter, with
treatment plant throughput to increase to the forecast 1.0 Million tonne per annum rate and the
open pit mining contractor, Mining and Civil Australia Pty Ltd, to be operating at full capacity later
in July 2006. Ore Mining is currently taking place in the Toms and Eldorado open pits.
Exploration
Gleneagle will commence follow up drilling at the Forrest Gimp prospect in late July 2006. Forrest
Gimp is located approximately 12km south of the Fortnum treatment plant on the Peak Hill
Regional Gold Project Joint Venture (owned 80% Gleneagle, 20% Jackson Gold Limited).
Results of first pass drilling at Forrest Gimp, reported to the ASX in late June 2006 (i.e. 28m at
2.02g/t from 53m including 11m at 3.26g/t from 64m), identified a wide zone of ore grade
mineralisation associated with a previously untested geochemical anomaly. Subsequent shallow
vacuum drilling has defined a coherent +20ppb geochemical anomaly associated with this
mineralisation. Follow up drilling will consist of a series of step out RAB drill lines across the
geochemical anomaly along strike of the previously defined mineralisation.
Near term exploration activity in the immediate Fortnum area will consist of RC and RAB drilling of
a number of targets adjacent to the Toms deposit, whilst regional exploration will consist of
surface sampling in the Doolgunna/Frenchy’s area to the south east of Fortnum.
Gleneagle currently has:
• 1.04 Million ounces of resource,
• an operating 1.0 Million tonne per annum treatment plant,
• over 2,500km2 of highly prospective tenements in the Peak Hill Goldfield,
• 77.6 million shares on issue, and
• 18.7 million options on issue.
Yours faithfully
Ian Prentice
Managing Director
-------------------------------
For further information contact:
Tel: +61 8 9476 4646
Fax: +61 8 9476 4600
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