20/12/2011 - 11:08

Goldphyre lists on ASX after $3m IPO

20/12/2011 - 11:08

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Goldphyre lists on ASX after $3m IPO

Following a successful $3 million initial public offering, WA minerals explorer Goldphyre Resources today listed on the ASX, with shares dropping from an initial price of 20 cents to close at 16 cents.

Goldphyre said in a statement the funds from its IPO would be utilised in exploring its four project areas in WA, in particular its Lake Wells and Yamarna projects.

Goldphyre executive chairman Ron Punch said he was delighted with the strong support the Company received for its IPO.

“The high level of support we received from well-credentialed investors reflects the strong interest in gold exploration plays in general and the prospectivity of our four project areas,” he said.

“There is particularly strong market interest in our Yamarna and Lake Wells exploration projects and their proximity to Gold Road Resources’ high grade gold discoveries north-east of Laverton.”

The Yamarna prospect lies just to the north of Gold Road’s high-grade Central Bore project where numerous assays of one ounce per tonne have been reported and a maiden Measured, Indicated and Inferred mineral resource of 595,000 tonnes at 7.9 g/t Au for a total of 150,000 contained ounces of gold was announced earlier this year.

Mr Punch, said the company’s close proximity to Gold Road’s exciting discoveries has already seen it attract a Chinese cornerstone investor, and will continue to prove an attractant for Goldphyre’s stock.

Goldphyre had traded 71,950 shares at 16 cents each at close.

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