02/03/2007 - 15:17

Ironbark Gold rockets on Greenland zinc prospect

02/03/2007 - 15:17

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Shares in mineral explorer Ironbark Gold Ltd rocketed higher today after it agreed to acquire a zinc project in Greenland in a cash and scrip deal worth in excess of $20 million.

Ironbark Gold rockets on Greenland zinc prospect

Shares in mineral explorer Ironbark Gold Ltd rocketed higher today after it agreed to acquire a zinc project in Greenland in a cash and scrip deal worth in excess of $20 million.

It will purchase the Citronen zinc project, which has an estimated resource of 17 million tons at 8.3 per cent zinc equivalent.

Ironbark technical director Adrian Byass said the project is underexplored and provides a "rare level of exceptional exploration potential".

The company has engaged SRK Consulting to assist in the due diligence process and work with Ironbark to develop an exploration program.

Ironbark will pay $6 million in cash and issue 8 million shares. It will also issue 16 million Ironbark options with an exercise price of $1.50.

Ironbark shares had been trading at $1.85 prior to the announcement but rockerted to $2.70 in today's trading.

 

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