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MENAFN - ProactiveInvestors - Australia - 26/11/2012

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(MENAFN - ProactiveInvestors - Australia) Dacian Gold (ASX: DCN) is fast becoming one of the better performing IPO's of 2012, with the stock currently trading at 0.64, which is a 28% premium to the prospectus offer price.

Dacian hit the ASX boards less than a fortnight ago following an IPO of 40 million shares at 0.50 to raise 20 million.

The company has some strategically positioned assets, and has now commenced a reverse circulation drilling program at the wholly owned Mt Morgans Gold Project near Laverton in Western Australia.

The project has a JORC Resource of 840,000 ounces at 3.1g/t gold, including JORC Reserves of 136,000 ounces at 6.2g/t gold.

Drilling will start at the Morgans North prospect, to be followed by drilling at the Ramornie area.

At both prospects, holes from 120 metres to 200 metres in depth have been planned to test for extensions to previously defined high grade gold shoots which remain open and untested below 100 metres depth.

Mt Morgans covers 320 square kilometres and is around 300 kilometres north-east of Kalgoorlie.

The area is highly prospective boasting a gold endowment of over 70 million ounces, and includes world class deposits such as AngloGold Ashanti's (NYSE: AU) Sunrise Dam and Barrick Gold's (NYSE: ABX) Wallaby gold mine.

 






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