Monday, 7th November 2005 (2716 views)

Australasia Gold is seeking a listing on the Australian stock exchange in a bid to raise cash to find new gold deposits.

The Adelaide-based gold explorer lodged a prospectus on Friday (November 4th) detailing plans for a $3 million share offer.

The money would be used to finance the development of potential gold deposits in the Northern Territory, New South Wales and in New Zealand's south island.

The New Zealand site, located in Otago, could be the most lucrative of the three locations, with the company expecting to discover as much as one million ounces of gold in high grade mineralisation.

"It's no Gawler Craton, but I believe there are opportunities begging to be explored there," Australasia Gold's managing director, Trevor Ireland, told The Advertiser.

The company plans to spend $510,000 on the Otago site and a further $570,000 on a development in Darwin. It also plans to shell out $105,000 for fresh work in Orange, New South Wales.

If all goes well, the company will be listed on the ASX on December 16th.

 

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