Balcatta-based gold explorer Burey Gold Ltd has raised $1.9 million through a placement to fund the acquisition of 26 uranium exploration licences from Northbridge-based Kalgoorlie-Boulder Resources Ltd.
Balcatta-based gold explorer Burey Gold Ltd has raised $1.9 million through a placement to fund the acquisition of 26 uranium exploration licences from Northbridge-based Kalgoorlie-Boulder Resources Ltd.
Balcatta-based gold explorer Burey Gold Ltd has raised $1.9 million through a placement to fund the acquisition of 26 uranium exploration licences from Northbridge-based Kalgoorlie-Boulder Resources Ltd.
The full text of a company announcement is pasted below
Perth-based Burey Gold Limited today announced a successful A$1.86 million placement to fund the acquisition today of uranium exploration assets in South Australia and Western Australia.
The Company has placed 6.78 million shares with clients of Delta Securities Pty Limited.
The placement proceeds will be used to fully fund the cash component of Burey's decision to exercise its options to acquire a suite of uranium exploration assets in both states, from Kalgoorlie Boulder Resources Ltd (KBR).
As well as paying KBR $1.75 million, Burey is also issuing that company 2 million shares in Burey, whose flagship project is the advanced 145-square kilometre Mansounia gold project in the west African state of Guinea.
"We are now in a position to build our gold and uranium interests as two distinct cornerstone businesses," Burey's Executive Chairman, Mr Ron Gajewski, said today.
"Australia is emerging as a highly active and increasingly favourable climate for uranium exploration and under the KBR transaction completed formally today, are now in a position to establish a beachhead in the sector," Mr Gajewski said.
Burey's uranium acquisition covers 26 exploration licences or applications over 5,040 square kilometres of highly prospective uranium projects in South Australia and Western Australia.
The key focus will be the 90% interest in the Jailor Bore property, 250 kilometres northeast of Carnarvon in Western Australia.
A previous ground radiometric survey and exploration drilling of some 245 Reverse Circulation holes at Jailor Bore has identified 6.5 hectares of uranium mineralisation within four to 10 metres of surface.
The total asset suite includes 10 Exploration Licences (ELs) covering 1,184 square kilometres of WA's Gascoyne region and joint ventures with Redport Limited over 4 ELs covering 868 square kilometres in the Kintyre East Project in the Gibson Desert region of WA.
In SA, the offering covers 12 ELs over nearly 3,000 square kilometres around Port Lincoln, Eyre Peninsula, Yankalilla south of Adelaide and Olary, Prospect Hill and Mirackina in the State's far north.