Chinese take 24% stake in Carrick

Chinese company Cross-Strait Common Development Fund has taken at 24 per cent stake in emerging gold producer Carrick Gold.

The company purchased the shares from Carrick's former chairman Frank Carr's wife.

Mrs Carr retains a 13.46 per cent stake in the company.

Carrick Gold chairman Laurence Freedman said the decision by Cross-Strait to invest in the company was a vote of confidence in its near-term potential.

Mr Freedman said Carrick had undergone substantial changes since the death of Mr Carr in June.

"Mr Carr's death left a gap in the corporate structure and leadership which has recently been addressed via my appointment and that of experienced international resource industry investment banker and public company director, Robert Schuitema," he said.

"Mr Carr's death left a gap in the corporate structure and leadership which has recently been addressed via my appointment and that of experienced international resource industry investment banker and public company director, Mr Robert Schuitema," he said.

See company statement below:

Emerging gold explorer and project developer, Carrick Gold Ltd (ASX Code: CRK), has seen a change in its substantial shareholders this week following the sale by private treaty of 24.1% of its shares on issue.

The sale was executed in two tranches of 19.21 percent and 4.89 percent.

The Company has received a substantial shareholder notice from Cross-Strait Common Development Fund Co. Limited of Wanchai, Honk Kong for 26,700,000 ordinary shares.
Carrick Gold Chairman Laurence Freedman, AM said Chinese investment into this under-valued and strategic Australia mineral company was viewed as a vote of confidence in the Company's near-term potential.

The seller, Mrs Susan Carr, is the widow of the Company's founder and Chairman Mr Frank Carr. Mrs Carr retains a 13.46 percent holding in Carrick Gold.

"Carrick Gold has recently been undergoing substantial transformation following the death of its entrepreneurial founder and Chairman, Frank Carr, in June this year," Mr Freedman said.

"Mr Carr's death left a gap in the corporate structure and leadership which has recently been addressed via my appointment and that of experienced international resource industry investment banker and public company director, Mr Robert Schuitema," he said.

"The Company is well-positioned with over four million ounces of JORC-certified gold resources, cash at bank of over $20 million and no debt as it continues to explore its gold tenements located north-east of Kalgoorlie."

"Carrick remains focused on its vision to deliver exceptional shareholder returns through the discovery, delineation and development of mineable precious metals."

"At our recent annual general meeting we announced out intention to bring our first producing asset online within the next 18 months."

"Carrick Gold has a solid base from which to execute its exploration and resource development strategy."

"Carrick Gold is in the process of establishing a senior executive team in order to add depth to management and to carry out its stated goals."

Additionally, Carrick Gold shares a common board representation and structure with emerging base metal explorer, Condor Nickel Limited (ASX Code: CNK). Condor Nickel also holds a substantial Chinese investor representation, with over 26 percent of the register based in that country.

Following recent board changes, Condor has also instituted a refreshed approach to the development of its nickel, manganese and iron ore assets. This was reflected by a change in company name from Condor Nickel to Condor Metal at the Company's annual general meeting on Monday, 22 November 2010. The formal change of name is currently awaiting ASIC ratification.

The Carr family no longer has any management or board role in either company.