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Indochine Mining Limited (ASX:IDC) provide the Quarterly Activities and Cash Flow Reports for the period ending 30 September.
Commenced Planning, Financing and Development of High Grade Gold Zones by Underground Adit
Drilling Commences on Underground Adit into High Grade Gold Zones
- Drilling commenced on the underground adit and portal, on 31 October, for direct access to wide, high grade gold/silver zones;
- Adit will access two high grade gold zones: 466,000 oz at 10 g/t Au, 52g/t Ag in 1.4Mt in the WRZ North and BZ zones;
- Drilling: targeting a rapid increase to +1 Million oz at 10 g/t Au;
- Bulk sampling for bankable results will also be undertaken;
- High margin, low cost production of 150-200,000 oz per year is targeted in 2015, with <$100M capex targeted.
Secondary Listing - Port Moresby Stock Exchange
- POMSoX listing, under IDC, demonstrates the Company's confidence in PNG's mining sector and investment community
Finance - Underground Drilling & Development
- Detailed planning of the drives and drilling required was completed after a reassessment of the high grade zones, with a capital raising required primarily to fund this rapid development;
- A 2 for 5 Accelerated non-renounceable Entitlement Offer and Placement to raise up to $26.3 million at $0.07 per share was launched on 3 October 2013.
- The institutional accelerated entitlement offer received strong support from major shareholders and raised $5.6 million.
- From 4 November 2013, any shortfall in the Entitlement Offer will be available for firm bids in accordance with the Offer.
Cambodia - Capital Mining Agreement
- Heads of Agreement signed with Capital Mining (ASX:CMY) to acquire up to 85% of the Cambodian exploration assets, in return for 40% equity in CMY and sole funding $10,000 on the projects over maximum term of 3 years. The agreement is subject to certain conditions, including due diligence and raising capital.
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-765063.pdf
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