Ironbark IPO closes early, oversubscribed

West Perth-based gold explorer and developer Ironbark Gold Ltd has closed its initial public offering, one week earlier than planned.

Ironbark issued 15 million shares at 20c to raise $3 million and at closing was heavily oversubscribed.

Ironbark managing director Jonathan Downes said the interest in Ironbark was a demonstration of market appreciation of the company's potential.

The company's technical director, Adrian Byass, said that following listing, Ironbark would seek out mineral deposits at its Belara, Stuart Town and Pambula projects.

Ironbark committed in a statement to be 'working at the coalface' to ensure the company had every chance of sucess, and said it would endeavour to expand the number of projects it controls.

The company plans to list on August 16, with share allocations being finalised in the coming week.

The full company statement is pasted below

Perth based Ironbark Gold Limited today announced the Company's initial public offering has closed today (31 July 2006) a week early due to overwhelming interest and support.

Ironbark issued 15,000,000 shares at $0.20 to raise $3 million and at closing was heavily oversubscribed.

Jonathan Downes, Managing Director of Ironbark said that the interest in Ironbark has been overwhelming. It confirms the markets appreciation for the Company's exciting zinc and gold assets, strong management and exceptional capital structure.

Adrian Byass, Technical Director said that following listing Ironbark plans to concentrate on defining a large, high-grade zinc/copper/silver/lead deposit at the advanced Belara Project, exploring Stuart Town for a large scale porphyry gold deposit and defining a gold deposit from the Pambula project.

The Company's Directors and Management possess a very strong technical background as well as strong corporate skills. These skills will be utilised with a philosophy of "working at the coal face" to give Ironbark every chance of success.

Jonathan Downes claims "the two executives are both geologists and intend to personally manage the projects, while the Chairman, Peter Bennetto has a wealth of investment experience and is well regarded in the investment community. Greg Campbell is the fourth director and is a process engineer with extensive experience in the minerals sector from metallurgical evaluation, right through to plant design and commissioning."

Ironbark seeks to build shareholder wealth through aggressive but sensible exploration and development of its projects and will seek to actively expand the number of projects it controls.

Ironbark expects to finalise share allocations in the coming week with statements to be mailed shortly thereafter. "We thank our long term supporters, welcome our new investors and look forward to an exciting future."

Subject to ASX approval, Ironbark will list on 16 August.