23/05/2008 - 15:25

Energy and Minerals lists at premium

23/05/2008 - 15:25

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Energy and Minerals Australia Ltd has successfully listed on the Australian Securities Exchange today, with its shares closing at $0.60 cents, 50% above the issue price.

Energy and Minerals lists at premium

Energy and Minerals Australia Ltd has successfully listed on the Australian Securities Exchange today, with its shares closing at $0.60 cents, 50% above the issue price.

EMA commenced trading on the ASX after raising $5 million through its oversubscribed IPO. The company issued 12.5 million shares at $0.40 each as part of the IPO.

The Company has a large consolidated land package in the eastern Goldfields, with the primary focus being Mulga Rocks, 250km north east of Kalgoorlie.

Based on past exploration (which included approximately 2000 drill holes), Mulga Rocks represents Australia's largest uranium deposit not controlled by either BHP Billiton or Rio Tinto, and also has potential for cobalt, nickel and gold.

EMA Managing Director Chris Davis said EMA has put together an experienced management team to develop its exciting land package.

"We are hitting the ground running. We have put in place a team with outstanding exploration and project development experience, and have already completed our maiden exploration program to confirm past exploration data for uranium, nickel and cobalt."

"We look forward to reporting our first assay results this quarter," Mr Davis said.

EMA's immediate priorities include confirmation, to JORC Code standard, of the existing Mulga Rocks Deposit uranium deposits, and quantification of the base metal targets.

The Mulga Rock Deposit was discovered in 1979 by the Japanese Power and Nuclear Corporation (PNC), which undertook the initial exploration across the region.

 

 

 

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