(MENAFN- ProactiveInvestors - Australia) Silver Lake Resources (ASX: SLR) has a new substantial shareholder in the Blackrock Group, which holds 11.47 million shares or a 5.01% interest in the company.
Blackrock had acquired 8.9 million of its shares for about $39.7 million between 29 August 2012 and 28 December 2012.
Silver Lake is currently in the process of merging with Integra Mining (ASX: IGR) to create one of the largest all Australian gold producers, with a 6.6 million ounce Resource base and forecast production of over 400,000 ounces per annum in 2014.
The expanded Silver Lake will also have Reserves of 1.8 million ounces, mill capacity of 3.4 million tonnes per annum in the 2013 financial year and a landholding of 5,000 square kilometres.
Silver Lake's focus for 2013 will be the completion of the merger and the seamless transition of the multiple operations at Mount Monger in the Eastern Goldfields of Western Australia into one.
It also plans to optimise production from the merged Mount Monger assets to generate maximum cash flow.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.