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Batavia to refloat

WESTERN Australian explorer Batavia Mining is relisting on the Australian Stock Exchange after receiving strong support for its $2.7 million entitlement issue.

The company received applications well in excess of the available shortfall.

It has announced a further placement of up to 9.8 million shares at 10 cents that will allow the company to accelerate its current exploration and drilling programs at its Gullewa Project in WA’s south Murchison.

Batavia is expected to issue a new prospectus by September 19.

It aims to prove up a minimum of 300,000 ounces of gold equivalent prior to commencement of production at its Gullewa Project which incorporates the Deflector deposits and the nearby underground Monarch prospect.

Batavia has also announced a 22 per cent increase in resource estimates for the Deflector deposits following the results of drilling completed in July.

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