Wednesday, 18th January 2006 (3000 views)

Exploration company Australasia Gold has posted a strong showing after listing on the Australian Stock Exchange, AAP has reported.

The firm, which raised AU$3 million (£1.27 million) through its 20 cents a share initial public offering (IPO), saw its stock rise to 25 cents on opening. The company, which was only established recently, plans to begin drilling at its Wetherstones project in New Zealand.

"From our research, we believe that previous efforts to exploit deposits at Wetherstones terminated due to limitations of the technology of the times rather than exhaustion of the gold lode," said Trevor Ireland, managing director of Australasian Gold.

Mr Ireland had previously worked for exploration firm Normandy Mining, which has been credited with finding gold deposits at Granites and Callie, now mined by Newmont Mining.

The initial mining at Weatherstones will be funded by $300,000 of the IPO money. It is likely that the project will be followed by a feasibility study into mining the area.

Australasia is also working on projects in the Pine Creek and Lachlan areas of the Northern Territory and New South Wales respectively.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.