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MENAFN - ProactiveInvestors - Australia - 10/10/2012

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(MENAFN - ProactiveInvestors - Australia) Orbis Gold (ASX: OBS) has been placed in pre-open this morning following the ASX granting the company a trading halt to finalise capital raising activities.

Orbis has not yet indicated where the potential new inflow of funds will be allocated, but the company has recently been busy with a diamond drilling at the Nabanga Gold Project, south-east Burkina Faso.

Nabanga is a high grade gold deposit with a maiden Inferred Mineral Resource estimate of 3.2Mt at 6.5g/t gold for 660,000 ounces.

A big plus for Orbis - recent results confirmed the extension of the high grade gold mineralisation below the limit of current drilling / resource model - which is around 200 metres.

A new drilling program is planned to target this deeper area after the wet season.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 12th October.

 






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