18/12/2007 - 12:23

Jameson, Bellevue, Noah make modest ASX debuts

18/12/2007 - 12:23

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Emerging mineral explorers Jameson Resources Ltd, Bellevue Resources Ltd and Noah Resources NL have made modest debuts on the Australian Securities Exchange today.

Jameson, Bellevue, Noah make modest ASX debuts

Emerging mineral explorers Jameson Resources Ltd, Bellevue Resources Ltd and Noah Resources NL have made modest debuts on the Australian Securities Exchange today.

Based on an issue price of 20 cents, Jameson shares opened at 23 cents and Bellevue at 25 cents, before both traded as high as 29 cents during the day.

Shares in Jameson and Bellevue both closed at 27 cents.

Noah shares, meanwhile, opened 2 cents down on their issue price of 20 cents before climbing back to 20 cents at close.

Perth-based Jameson launched its initial public offer in November, issuing 12 million shares at 20 cents each to raise $2.4 million to fund a work program and further exploration of its tenements.

The company will acquire an 80 per cent stake in four Ora Banda gold and nickel projects, covering around 27 sq km of land located 65km north-west of Kalgoorlie.

Jameson has also applied for two exploration licenses over the Errabiddy Project, located in the Gascoyne Province of Western Australia and is prospective for palaeo-channel hosted uranium mineralisation.

West Perth-based Bellevue raised $3.5 million through its initial public offering.

The tin-focused company chaired by PPR executive director Paul Niardone, closed its offer of 17.5 million shares at 20 cents each fully subscribed after three weeks, due to high investor demand.

The company plans to use the money to progress exploration at its Running River Tin Project, which is located 120 kilometres northwest of Townsville in the prospective Kangaroo Hill mineral fields in Queensland.

Running River covers approximately 300 square kilometres and is located in a known historical mining area which has been mined for tin, in both hard rock and alluvial deposits (from 1870 to as recent as 1991).

Field exploration has commenced with first results due early 2008, due to Bellevue securing priority access to drill rigs and geologists.

Perth-based Noah Resources NL also launched its prospectus in November, aiming to raise $3 million in its initial public offer to fund exploration of its tenements in New South Wales.

The company, which issued 15 million shares at 20 cents each, has three 100 per cent-owned tenements in the Lachlan Fold Belt of New South Wales.

It also has the right to earn up to a 70 per cent interest in Monaro Mining NL's Mount Paynter and Wymah tenements in the same region.

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