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Vector Resources Accelerates Towards Near Term Mining At Gwendolyn East

Vector Resources (ASX: VEC) has achieved the milestone granting of a mining lease for its Gwendolyn East tenement marking a major step towards potential near term mining.

Also bolstering the project is the removal of a previous restriction on the tenement relating to an old airstrip and its 100 metre buffer zone on the western side.

Gwendolyn hosts a JORC Inferred Resource of 1.21 million tonnes at 2.71 grams per tonne (g/t) for 106,000 ounces of contained gold, following two consecutive resource upgrades in the December quarter of 2011. The project also has 103,000 unclassified ounces.

Historical mining was carried out at the project, with a near surface oxide pit mined to a depth of about 28 metres for 73,077 ounces of gold production.

Earlier this month Vector delivered assays from phase 3 drilling of 13 metres at 6.8g/t gold from 98 metres, including 3 metres at 26.3g/t gold; 3 metres at 1.1g/t gold from 78 metres; and 2 metres at 1.6g/t gold from 56 metres.

Mineralisation at Gwendolyn East remains open in all directions.

Next steps

Vector has received approval to go ahead with phase 4 drilling which will continue exploring the extensional potential of the mineralisation in all directions.

The company also commissioned independent consultant Niche Environmental Services to conduct an Autumn Flora Survey of the tenement.

The vegetation in the survey area was not considered to have a high conservation value and is not considered likely to be a threatened or priority ecological community.

Niche will undertake a Spring Flora Survey in September in conjunction with the necessary Fauna Survey to enable Vector to progress to a mining proposal application.

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