Burey to raise $5m for Guinean gold exploration

Balcatta-based Burey Gold Ltd, formerly Mamba Resources Ltd, aims to raise $5 million for exploration of its Guinean gold interests through an initial public offer on the Stock Exchange.

Selling 25 million shares at 20c each, the company will offer a priority right to shareholders of WA oil explorer Caspian Oil and Gas Ltd, under the terms of its joint venture agreement.

Having already granted Caspian 500,000 shares as reimbursement of past exploration costs incurred under the Mansounia farmin and exploration joint venture agreement, Burey has set aside 5 million shares solely for Caspian shareholders.

Burey, which changed its name in March this year, will earn an interest in 70 per cent of the project through solely funding exploration
expenditure up to completion of a bankable feasibility study.

The company has also been granted an option by Kalgoorlie Boulder Resources Ltd to acquire a number of uranium prospective mineral interests in Western Australia and South Australia.

Burey will be chaired by former Contact Resources Ltd chair Ron Gajewski, with Bruce Stainforth serving as managing director. They are joined on the board by Condor Resources plc chief executive Nigel Ferguson and chartered accountant Susmit Shah.

The company has employed Horwath Securities Ltd and Horwath Audit Ltd as independent accountant and auditor respectively, with Delta Securities acting as corporate adviser.

The offer, which is not underwritten, will open on October 30 and close November 30.