Exhibit 99.1
Form 51-102F3 Material Change Report
Under Section 85(1) of the Securities Act (British Columbia)
Under Section 118(1) of the Securities Act (Alberta)
Form 27 Material Change Report
Section 74(2) of the Securities Act (Ontario)
ITEM 1. NAME AND ADDRESS OF COMPANY
Goldbelt Resources Ltd.
372 Bay Street, Suite 1201
Toronto, Ontario
M5H 2W9
ITEM 2. DATE OF MATERIAL CHANGE
November 1, 2006
ITEM 3. NEWS RELEASE
Issued November 1, 2006 and distributed through the facilities of CNW.
ITEM 4. SUMMARY OF MATERIAL CHANGE
Goldbelt announced release of Belahouro Prefeasibility Study..
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
See news release attached.
ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
ITEM 7. OMITTED INFORMATION
No information has been omitted on the basis that it is confidential information.
ITEM 8. EXECUTIVE OFFICER
Contact: Collin Ellison, President & CEO
Telephone: (416) 364-0557
ITEM 9. DATE OF REPORT
November 6, 2006.
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Goldbelt releases prefeasibility study for Inata including acceptance of
environmental impact study
TORONTO, Nov. 1 /CNW/ - Goldbelt Resources Ltd. (TSXV: GLD) is pleased to
announce the completion of an independent Prefeasibility Study for the
Belahouro Gold Project in Burkina Faso, West Africa. The Study concludes that
Inata will process 633,000 ounces of gold, for an average annual gold
production of 106,500 ounces of gold for the first five years. The average
cash operating cost will be US$290 per ounce over a 6.1 year mine life.
The Prefeasibility Study is based on the resources published in April,
2006. GBM Minerals Engineering Consultants Ltd. ("GBM") was the lead
consultant engaged by Goldbelt to oversee completion of the Study. A technical
report entitled Prefeasibility Study Report for the Belahouro Gold Mine
Project dated September 18, 2006 (the "Prefeasibility Study") has been filed
on SEDAR.
The Study is based on mineable reserves of 9.2 million tonnes of ore with
an average grade of 2.15 grams per tonne calculated at an un-hedged gold price
of US$550 per ounce. The Study proposes open pit mining with the ore to be
processed through a conventional CIL (carbon-in-leach) plant with a design
capacity of 1.5 million tonnes per annum ("mtpa"). Oxide ore will be the main
mill feed for the early part of the project life, and average gold recoveries
are estimated at 95% for the first four years, and 93% thereafter. The Study
reports a Net Present Value of US$44 million at 5% discount rate and an
Internal Rate of Return of 28%. Total capital costs are estimated to be
US$65.8 million
<<
-------------------------------------------------------------------------
Belahouro Reserves
-------------------------------------------------------------------------
Proven Probable Proven & Probable
----------------------------------------------------------------
Deposit Tonnage Au ozs Tonnage Au Ozs Tonnage Au ozs
(Kt) g/t (Kt) g/t (Kt) g/t
-------------------------------------------------------------------------
INATA TREND
-------------------------------------------------------------------------
Inata/
Minfo 2,300 2.58 192,000 6,900 2.00 441,000 9,200 2.15 633,000
-------------------------------------------------------------------------
>>
Collin Ellison, President and CEO, said "Goldbelt is very encouraged by
the positive Prefeasibility Study results confirming strong economics for the
Inata Project, and we now look forward to initiating the process of bringing
the Inata Project into production. With this Prefeasibility Study, having been
in part compiled using test work undertaken to feasibility level standards,
Goldbelt anticipates completing a bankable Feasibility Study in early 2007. We
are now focusing on laying the groundwork for the dismantling and relocation
of a second-hand process plant (Brocks Creek, Australia), which was optioned
for Inata. Additionally, we are working to complete our 2006 drill program at
Inata and our other Belahouro resource projects."
Goldbelt intends to refurbish and upgrade the Brocks Creek gold plant in
order to increase its processing capacity and to better suit Inata's oxide
ore. The plant is currently rated for production at 1.5 mtpa. Goldbelt's
Feasibility Study will establish the final production rate, which is targeted
at approximately 2.0 mtpa for gold production of 140,000 oz/year, as well as
detailing the cost of upgrading the process plant. The Feasibility Study will
also incorporate an updated resource statement derived from the results of
Goldbelt's current 35,000 meter drill program.
A major component of the 2006 drill program included resource expansion
drilling at Inata. GBM has identified in the Prefeasibility Study that
significant potential exists to identify further resources at the Souma and
Ft Kol Trends. It is believed that mineralization controls on the Inata,
Minfo and Sayouba deposits are generally well understood, allowing effective
targeting for future exploration programs including further step out drilling
for the development of known resources along strike and down dip of the
current Inata North, Central and South deposits.
Current Belahouro resources as reported in Goldbelt's April 24, 2006
release are estimated as follows:
<<
-------------------------------------------------------------------------
Belahouro Resources
Resource Categories (at) 0.5 g/t
-------------------------------------------------------------------------
Measured Indicated
---------------------------------------------------------------
Tonnage Au ozs Tonnage Au ozs
Deposit (Kt) g/t (Kt) g/t
-------------------------------------------------------------------------
INATA TREND
-------------------------------------------------------------------------
Inata 2,480 2.6 203,000 12,544 1.8 718,000
-------------------------------------------------------------------------
Sayouba
-------------------------------------------------------------------------
Minfo 622 1.3 27,000
-------------------------------------------------------------------------
TOTAL 2,480 2.6 203,000 13,166 1.8 745,000
-------------------------------------------------------------------------
Measured & Indicated Inferred
---------------------------------------------------------------
Tonnage Au ozs Tonnage Au ozs
Deposit (Kt) g/t (Kt) g/t
-------------------------------------------------------------------------
INATA TREND
-------------------------------------------------------------------------
Inata 15,024 1.9 921,000 3,567 1.4 165,000
-------------------------------------------------------------------------
Sayouba 144 2.4 11,000
-------------------------------------------------------------------------
Minfo 622 1.3 27,000 347 1.2 14,000
-------------------------------------------------------------------------
TOTAL 15,646 1.9 948,000 4,058 1.5 190,000
-------------------------------------------------------------------------
>>
Concurrent with the 2006 drill program, Goldbelt has been working with
the Government of Burkina Faso on the issuance of the Mining Permit for the
Inata Gold Mine, which included an Environmental Impact Study ("EIS") for the
project. The Government recently approved the EIS by issuance of a Decree from
the Ministry of the Environment. Goldbelt is now awaiting final approval of
the Mining Permit which is expected before the end of the year.
GBM was responsible for the Project Management, process and engineering
design; RSG Global (now part of the Coffey International group) was
responsible for the mineral resource estimation. Metallurgical testwork was
performed by AMMTEC; AMEC provided tailings dam, infrastructure and barrage
design. Open pit optimization, mineral reserves and mining costs were provided
by Orelogy Pty Ltd.; Geotechnical design parameters were prepared by George,
Orr and Associates. Michael Short and Alex Mitchell are the Qualified Persons
who oversaw the Prefeasibility Study.
As required by National Instrument 43-101, Goldbelt has filed a technical
report detailing the results of this Prefeasibility Study on SEDAR and the
report is also available at the company's website www.goldbeltresources.com.
For additional information contact Laura Sandilands, Investor Relations or
Collin Ellison, President and CEO at (416) 364-0557 or by email to
lsandilands(at)goldbeltresources.com.
GOLDBELT RESOURCES LTD.
Per: "Collin Ellison"
Collin Ellison, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. Certain
statements contained in this disclosure document constitute forward-
looking statements which are not historical facts and are made pursuant
to the "safe harbor" provisions under the United States Private
Securities Litigation Reform Act of 1995. When used in this document,
words like "anticipate", "believe", "estimate" and "expect" and similar
expressions are intended to identify forward-looking statements.
Information concerning exploration results and mineral reserve and
resource estimates may also be deemed to be forward-looking statements, as it
constitutes a prediction of what might be found to be present when and if a
project is actually developed. These forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable at the time they are made, are inherently subject to a
variety of risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking statements,
including, without limitation: uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from logistical, technical or other factors;
the possibility that results of work will not fulfill projections/expectations
and realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of
gold and other risks and uncertainties.
The United States Securities and Exchange Commission permits mining
companies in their filings with the SEC to disclose only those mineral
deposits that a company can economically and legally extract or produce. We
may use certain terms in this disclosure document such as resources that are
prescribed by Canadian regulatory policy and guidelines but are not provided
for in the SEC guidelines on publications and filings.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management or its independent professional
consultants on the date the statements are made. The reader is cautioned that
actual results, performance or achievements may be materially different from
those implied or expressed in such statements.
%SEDAR: 00004199E %CIK: 0001013785
/For further information: please visit the Company's website
www.goldbeltresources.com or contact Laura Sandilands, Investor Relations or
Collin Ellison, President and CEO at (416) 364-0557 or by email to
lsandilands(at)goldbeltresources.com/
(GLDRF GLD.)
CO: Goldbelt Resources Ltd.
CNW 10:57e 01-NOV-06
