Thursday, 28th July 2005 (3059 views)

Norton Gold Fields has announced plans to list on the Australian Stock Exchange.

The firm, based in Queensland, Australia, plans to start mining at the advanced Norton gold mine project after the listing.

Gold and copper producer Norton will use the cash raised from its flotation to fund development of the Norton gold mine and five other gold and copper projects in the Gladstone region of central Queensland.

Norton Gold Fields estimates that the initial public offering will raise AS$4.76 million (£2.1 million) and plans to offer 23.8 million shares at 20¢ a share, the Australian Financial Review reports.

Norton chief executive Tim Prowse said the Norton gold mine has a gold resource of 453,000 tonnes grading at 7.4 grams per tonne and was largely under-explored.

"We are different from other exploration companies in that we are able to generate early cash flow with first gold production expected by the end of the year," he said.

 

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