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Proc-Type: 2001,MIC-CLEAR
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
For the month September 2003 QUEENSTAKE RESOURCES LTD. 712C 12th Street, New Westminster, B.C. V3M 4J6 (Address of principal executive office) (indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40 F. Form 20-F X Form 40 F __ (indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes X No __ (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-565 (20-F Registration Commission File Number: 0-24096) DOCUMENTS FILED: Material
Change Report Relating to Press Release NR2003-20 DESCRIPTION:
Jerritt Canyon
Resources and Reserves updated to June 30, 2003 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
QUEENSTAKE RESOURCES LTD.
(Registrant)
Date September
25, 2003
By Doris Meyer
(Signature)
Doris Meyer, Corporate Secretary
Queenstake Resources Ltd. MATERIAL CHANGE REPORT Form 53-901F (formerly Form 27) Under Section 85(1) of the
British Columbia Securities Act 1. Reporting Issuer Full name of the Issuer: Queenstake Resources Ltd. The address of the principal office in Canada of the reporting issuer is as
follows: 712C - 12th Street 2.
Date of Material Change September 19, 2003 3. Press Release The date and place(s) of issuance of the press release are as follows: September 19, 2003 The Press Release was released to The Toronto Stock Exchange being the only
exchange upon which the shares of the Issuer are listed, and through various
other approved public media. 4. Summary of Material Change(s) A reconciliation of reserves and resources at Queenstake's
100% owned Jerritt Canyon property as at June 30, 2003, relative to those
previously stated as at December 25, 2002 has been prepared. Total proven and
probable reserves at June 30, 2003 are 524,168 ounces compared to 580,913
ounces at December 25, 2002. Measured and indicated resources stand at
1,952,590 ounces, compared to 1,837,685 ounces as reported at December 25,
2002. 5. Full Description of Material
Change(s) A reconciliation of reserves and resources at Queenstake's
100% owned Jerritt Canyon property as at June 30, 2003, relative to those
previously stated as at December 25, 2002 has been prepared and is reported on
the attached tabulation. Reserves have been calculated on the basis of a $320
gold price and are based on resources estimated by PAC Kriging, a method that
has produced highly reliable resource estimates in the past. The Jerritt
Canyon resource and reserve estimates are reported as part of an ongoing
rigorous data review program supervised by Mr.
Donald Colli, Chief Mine Geologist, and Mr. Mark Odell, Mining Manager, who
are appropriate qualified persons as defined by Canadian National Instrument
43-101. Production by the previous owners in the first half of the
year totaled 152,000 ounces while proven and probable reserves for the period
decreased by only 56,745 ounces. Total proven and probable reserves at June
30, 2003 are 524,168 ounces compared to 580,913 ounces at December 25, 2002.
Measured and indicated resources stand at 1,952,590 ounces, compared to
1,837,685 ounces as reported at December 25, 2002. The net change in reserves relative to December 2002 is
comprised of depletion due to production, additions due to increased
definition drilling and inclusion of some blocks of resource which previously
met reserve criteria but which were not included in the December 2002 reserve
statement. In addition, reevaluation of the stockpile and cessation of
stockpile screening have brought additional material to the reserve category
while lowering the overall grade of the reserve. Depletion has been at a lower rate than that of production
as some resource material and some material that was neither resource nor
reserve was mined during the period. Non reserve resource material provided
24,929 ounces. This is typical of the production pattern at Jerritt, where
mineralized material additional to resource is routinely discovered by
underground drilling and is frequently developed and mined before being
brought to the reserve category. The pace of development is increasing at Jerritt and over
the next few months the results of definition drilling performed from newly
developed drifts will be incorporated into a new resource and reserve estimate
as at the end of this year. Queenstake is approaching the end of its first quarter as
owner of Jerritt Canyon. Third quarter production is expected at approximately
78,000 ounces. Revenues for the quarter from 73,000 ounces of gold shipped and
sold are expected to total $26,400,000, representing an average sale
price of $362 per ounce. Cash operating costs are expected to total $265 per
ounce. This is a little higher than budgeted and is due mainly to additional
administrative costs associated with the acquisition and to the
reestablishment of gold inventory post acquisition as inventory at closing was
for the account of the sellers. It is anticipated that cash operating costs
will normalize in the fourth quarter leading to cash costs of the order of
$250 per ounce. Not Applicable 7.
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Form 27 Under Section 118(1) of the Alberta Securities Act
Form 27 Under Section 75(2) of the Ontario Securities Act
Form 27 Under Section 81(2) of the Nova Scotia Securities Act
Form 27 Under Section 73 of the Quebec Securities Act
Form 25 Under Section 84(1)(B) of the Saskatchewan Securities Act
Form 27 Under Section 76(2) of the Newfoundland Securities Act
National Policy 40 Manitoba/New Brunswick/Prince Edward Island/Yukon
(Individually the "Act" and collectively, the "Securities Acts")
New Westminster, British Columbia V3M 4J6
PHONE: (604) 516-0566
Not Applicable
8. Senior Officer
The following senior officer of the Issuer is knowledgeable about the material change and may be contacted by the Commission at the following address and telephone number:
Doris Meyer, Corporate Secretary
712C - 12th Street
New Westminster, British Columbia
V3M 4J6PHONE: (604) 516-0566
9. Statement of Senior Officer
The foregoing accurately discloses the material change(s) referred to herein.
DATED at New Westminster, British Columbia, this 25th day of September 2003.
"Doris Meyer" |
|
Doris Meyer, Corporate Secretary |
I
T IS AN OFFENCE UNDER THE SECURITIES ACT AND THE ALBERTA SECURITIES COMMISSION RULES FOR A PERSON OR COMPANY TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE FILED OR FURNISHED UNDER THE ACT OR THE RULES THAT, AT THE TIME AND IN LIGHT OF CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A MISREPRESENTATION.A
NY FEE PAYABLE TO THE ALBERTA SECURITIES COMMISSION UNDER THE SECURITIES ACT, THE SECURITIES REGULATION AND THE ALBERTA SECURITIES COMMISSION RULES SHALL BE PAID TO THE ALBERTA SECURITIES COMMISSION IN ACCORDANCE WITH THE REQUIREMENTS OF THE FEE SCHEDULE TO THE SECURITIES REGULATION. ANY FAILURE TO ACCOMPANY A FORM OR APPLICATION WITH THE PRESCRIBED FEE SHALL RESULT IN THE RETURN OF THAT FORM OR APPLICATION.I
T IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT REQUIRED TO BE FILED OR FURNISHED UNDER THE SECURITIES ACT OR THIS REGULATION THAT, AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A MISREPRESENTATION. [NOVA SCOTIA]IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQURIED TO BE FILED OR FURNISHED UNDER THE ACT OR THESE REGULATIONS THAT
, AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE IS A MISREPRESENTATION. [SASK/NWFD]
JERRITT CANYON TOTAL MINERAL RESOURCES - JUNE 2003 | |||||||||||||
Total Measured and | |||||||||||||
Deposit /area | Measured | Indicated | Indicated Resources | Inferred | |||||||||
Tons | Oz/st | Con'd Oz | Tons | Oz/st | Cont'd Oz | Tons | Oz/st | Cont'd Oz | Tons | Oz/st | Cont'd Oz | ||
Murray | 221,479 | 0.369 | 81,714 | 557,606 | 0.285 | 159,002 | 779,085 | 0.309 | 240,716 | 482,560 | 0.278 | 134,364 | |
MCE | 15,925 | 0.486 | 7,738 | 57,602 | 0.331 | 19,043 | 73,527 | 0.364 | 26,781 | 63,389 | 0.365 | 23,143 | |
SSX | 456,954 | 0.378 | 172,598 | 1,913,434 | 0.279 | 534,290 | 2,370,388 | 0.298 | 706,888 | 1,516,578 | 0.235 | 356,041 | |
Smith | 146,092 | 0.416 | 60,813 | 569,396 | 0.280 | 159,616 | 715,488 | 0.308 | 220,429 | 346,745 | 0.233 | 80,880 | |
B-Pit | - | - | - | 63,453 | 0.261 | 16,574 | 63,453 | 0.261 | 16,574 | 64,822 | 0.245 | 15,849 | |
Smith East | - | - | - | 252,769 | 0.333 | 84,172 | 252,769 | 0.333 | 84,172 | 83,127 | 0.256 | 21,280 | |
Mahala | - | - | - | 212,729 | 0.342 | 72,753 | 212,729 | 0.342 | 72,753 | 263,574 | 0.239 | 63,122 | |
Subtotal | 840,451 | 0.384 | 322,863 | 3,626,989 | 0.288 | 1,045,450 | 4,467,440 | 0.306 | 1,368,313 | 2,820,795 | 0.246 | 694,679 | |
Stockpiles | 48,999 | 0.121 | 5,927 | 1,409,721 | 0.060 | 84,014 | 1,458,720 | 0.062 | 89,941 | - | - | - | |
Underground | |||||||||||||
(Polygonal) | |||||||||||||
- | - | - | 1,458,374 | 0.265 | 386,333 | 1,458,374 | 0.265 | 386,333 | 420,012 | 0.273 | 114,512 | ||
Open Pit | |||||||||||||
(Polygonal) | |||||||||||||
- | - | - | 683,546 | 0.158 | 108,003 | 683,546 | 0.158 | 108,003 | 76,388 | 0.127 | 9,734 | ||
TOTAL | 889,450 | 0.370 | 328,790 | 7,178,630 | 0.226 | 1,623,800 | 8,068,080 | 0.242 | 1,952,590 | 3,317,195 | 0.246 | 818,925 | |
JERRITT CANYON TOTAL MINERAL RESOURCES - DECEMBER 2002 | |||||||||||||
TOTAL | 1,102,744 | 0.370 | 412,896 | 5,875,010 | 0.243 | 1,424,789 | 6,977,754 | 0.263 | 1,837,685 | 3,867,388 | 0.268 | 1,034,652 |
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - JUNE 2003 (Included in Resources) | |||||||||
PROVEN | PROBABLE | TOTAL PROVEN AND PROBABLE | |||||||
Mine | Tons | Oz/St | Cont'd Oz | Tons | Oz/St | Cont'd Oz | Tons | Oz/St | Cont'd Oz |
Murray | 147,624 | 0.334 | 49,281 | 206,553 | 0.266 | 54,849 | 354,177 | 0.294 | 104,130 |
MCE | 16,394 | 0.401 | 6,570 | 20,511 | 0.358 | 7,339 | 36,905 | 0.377 | 13,909 |
SSX | 255,162 | 0.356 | 90,931 | 558,987 | 0.265 | 148,321 | 814,149 | 0.294 | 239,252 |
Smith | 93,672 | 0.412 | 38,585 | 141,552 | 0.271 | 38,351 | 235,224 | 0.327 | 76,936 |
Stockpiles | 48,999 | 0.121 | 5,927 | 1,409,721 | 0.060 | 84,014 | 1,458,720 | 0.062 | 89,941 |
TOTAL | 561,851 | 0.340 | 191,294 | 2,337,324 | 0.142 | 332,874 | 2,899,175 | 0.181 | 524,168 |
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - DECEMBER 2002 (Included in Resources) | |||||||||
TOTAL | 668,635 | 0.375 | 250,474 | 1,794,885 | 0.184 | 330,439 | 2,463,520 | 0.236 | 580,913 |
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