Western Australian-headquartered Mutiny Gold Ltd announced that its $5 million initial public offer has exceeded its minimum subscription level, and the IPO will now close ahead of the company listing on the Australian Stock Exchange in the near future.
Western Australian-headquartered Mutiny Gold Ltd announced that its $5 million initial public offer has exceeded its minimum subscription level, and the IPO will now close ahead of the company listing on the Australian Stock Exchange in the near future.
Applications for shares have been received from a number of national and international brokers, and the company is also concluding negotiations with several large investors.
Mutiny now plans to immediately commence a drill program at its 100 per cent owned Cassilis gold mine in the "Australian Alps" region of Victoria.
Following the completion of the drill program, a mine feasibility study will be completed with a view to commencing mining at Cassilis in the next 12 months.
Other activities included in the 12-month post-listing timetable include:
- Process plant design and optimisation to be completed
- Gold concentrate sales contracts to be completed
- Final bankable feasibility study to be prepared
Mutiny Gold managing director John Greeve said that the Cassilis gold mine had a number of quartz reefs which consistently sample high gold grades.
"Extensive mine infrastructure is already in place from its previous working life from the late 1850s to early 1900s. In addition to the original infrastructure, several kilometres of underground adits and drives were developed which provide access to ore from these systems," he said.
Mutiny aims to be an early producer of gold using simple and reliable mining techniques and to develop its tenements to the fullest potential to maximise shareholder returns.
The company has been provided with a tentative listing date of July 7, but the ASX will confirm and announce this to the market in due course.
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Mutiny reaches minimum subscription
based Mutiny Gold Ltd (Mutiny) is pleased to announce that, in the past seven days, applications as part of its A$5m Initial Public Offering(IPO), launched on 7 April 2006, have exceeded the minimum subscription level set out in the prospectus.
The company is currently working towards closing the Prospectus. Applications for shares from a number of national and international brokers that have been received in the past 48 hours are being processed. In addition, the company is concluding negotiations with several large investors and closing investor pledges.
As a result of confirmation that the IPO will close and Mutiny Gold shares will be quoted for trading in the near future, the company can confirm that it plans to immediately commence a drill program at its 100% owned Cassilis Gold Mine in the "Australian Alps" region of Victoria.
Following the completion of the drill program, a mine feasibility study will be completed with a view to commencing mining at Cassilis in the next 12 months.
Other activities included in the 12-month post-listing timetable include:
- Process plant design and optimisation to be completed
- Gold concentrate sales contracts to be completed
- Final bankable feasibility study to be prepared
Mutiny Gold Managing Director John Greeve said "the Cassilis Gold mine has a number of quartz reefs which consistently sample high gold grades. From 1886, when reliable production record keeping commenced, until the mine ceased operations in the early 1900s, Cassilis produced over 70,000 oz of gold at a grade of 29.9 g/t."
"Extensive mine infrastructure is already in place from its previous working life from the late 1850s to early 1900s. In addition to the original infrastructure, several kilometres of underground adits and drives were developed which provide access to ore from these systems," he said.
"In addition to the high-grade reefs around the Cassilis Mine, the Company has a number of other promising prospects in the area. These include the King Cassilis and Warden workings, both of which produced high-grade ore during earlier operations."
Mr Greeve said Mutiny Gold aims to be an early producer of gold using simple and reliable mining techniques and to develop its promising tenements to the fullest potential to maximise Shareholder returns.
"With factors such as the extensive infrastructure already in place, the results from the geotechnical and metallurgical studies already undertaken coupled with the current gold price, the Directors of Mutiny Gold are very excited about moving forward with the development of it's tenements.
"The Company also sees the securing of a joint venture partner, who is providing project finance for the construction of an ore processing plant, as another key milestone in fast-tracking its mining activities."
Mutiny plans to lodge an application with the Australian Stock Exchange (ASX) to have its shares quoted for trading in the near future. The company has been provided with a tentative listing date (7 July 2006), but the ASX will confirm and announce this to the market in due course.
The company is still taking subscriptions for shares, which can only be made by completing the application form attached to the prospectus, which can be obtained online at www.mutinygold.com.au
