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Central Queensland grabs Midas buoy

CENTRAL Queensland Resources planned to be one of nine new ASX listings out of WA for the first month of the financial year.

But the company’s trio of central Queensland gold prospects failed to ignite Queensland investor interest, and initial plans for the prospectus offer to deliver an April listing were put on hold.

Management endeavoured to capitalise on Western Australian investor interest with some WA property, but a buoyant gold price unexpectedly sunk the gold company’s float plans.

Central Queensland Resources’ number one WA acquisition pick was withdrawn from sale as the gold price rose, and negotiations to acquire other tenements took too long for a supplementary prospectus to be issued under the revised July timetable.

Now, with a half dozen north-eastern goldfields gold projects also in the portfolio, chairman Don Boyer, managing director Rhod Grivas and non-executive directors Craig McGown, John Park and Terry Streeter are going for a new company name and a new $3.5 million offer to open by late August.

The WA projects package, acquired from a Leonora prospecting octet, and including Malcolm, Red Castle and Iron King, is expected to appease shareholders, who will determine the immediate future of the proposed Midas Resources Limited at a meeting to be held by early next month.

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