Company Profile

Capital Mining was formed in 2003 to consolidate the mineral property assets of Heemskirk Resources Pty Ltd (A.C.N. 085 881 232), Ablex Pty Ltd (A.C.N. 008 600 422) and later Chakola Gold Pty Ltd (A.C.N. 111 824 527).

Seed capital was raised privately to accelerate exploration in four promising gold, base metals and rare metals mineral properties in southern and central New South Wales. Work led to the discovery of a potentially extractable gold, copper, lead, zinc and silver mineral deposit at Chakola near Cooma.

Alluvial gold resources were identified in the Craigie project area and inferred zirconium, niobium, thorium and rare metal resources were outlined in the Temora area.

In the 2 years following listing in early 2007 effort was concentrated at Chakola where the gold and base metal mineralisation occurs along a 14km long volcanogenic massive sulphide (VMS) horizon. Extensive drilling programmes were completed in 2004, 2005 and 2007-2008. Resources were estimated and metallurgical testing was completed in 2008. Conceptual mine plans were drawn up with specialist input and an application for a mining lease was lodged ahead of completion of an Environmental Impact Study and the lodgement of a Development Application in early 2009.

At the Porters Mount prospect, new targets for copper and gold within a significantly larger area of interest were generated by the drilling of an 890m deep exploratory hole in mid 2008. The potential of the prospect was confirmed by the results of ground geophysical surveys completed over the 2008-2009 summer field season.

In early to mid 2009, two new gold projects, with significant resource potential in the Mayfield and Cowarra projects, were added to the Company's portfolio. An active exploration programme is being pursued and two small mine Development Applications are current for Chakola and Craigie .