(MENAFN- ProactiveInvestors)
() has been granted an ASX trading halt in relation to a proposed capital raising.
The halt will last until the earlier of the announcement being made or the commencement of trade on Thursday 29th January 2014.
Earlier this month the company mapped out exploration targets for near term exploration and development to develop greater than 10 years of mine life at the Matilda Gold Project in Western Australia.
It has defined and ranked over 70 exploration prospects with 8 drill-ready target areas.
This will build on the initial mineral inventory of 5 million tonnes at 2.8 grams per tonne or 454000 ounces of contained gold that will be process through the wholly-owned plant within the first four year.
Total costs to initially test the exploration targets and to define Inferred Resources if successful is estimated at $3.04 million.
Mine planning and development work is also ongoing on the total gold resource base of 42Mt at 3.3g/t for 4.4 million ounces of gold.
The Bulletin resource is currently being estimated with mining cutback studies to commence immediately.
All of the mineral inventory resources and exploration targets are within a 20 kilometre radius of the processing plant.
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