08/01/2007 - 12:04

New floats abound as markets watch commodities

08/01/2007 - 12:04


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The market may be getting the jitters over commodity prices but there are still a host of resources-related floats seeking to make the most of the buoyant capital markets.

The market may be getting the jitters over commodity prices but there are still a host of resources-related floats seeking to make the most of the buoyant capital markets.

The most recent prospectus lodged comes from Ironbark Gold Ltd and Graynic Metals Ltd which have spun out their NSW tin and tungsten assets in a new float, Wolf Minerals Ltd, which is seeking $3 million from the investing public.

Ironbark and Graynic will remain the biggest shareholders of Wolf, post-float.

Among others in the market are:

West Perth-based Warwick Resources Ltd is seeking up to $4.5 million to acquire a portfolio of exploration projects near Newman in the Pilbara region of Western Australia.

Warwick said it is focused on developing five projects covering gold, base metals, uranium and chromite, with two of the projects having previously been the subject of historical mining activities.

Chairman is investment banker Jack Griffin who is chairman of Nkwe Platinum Ltd and Nare Diamonds Ltd. Other board members aregeologist Bruce McQuitty (most recently exploration manager - manganese at Consolidated Minerals Ltd), former Clayton Utz lawyer Will Burbury (legal counsel and secretary to ASX listed Nkwe Platinum Ltd, director of Nare Diamonds Ltd and Wildkat International Pty Ltd, an importer and exporter of spare machinery parts in machinery) and Peak Drilling Services Pty Ltd manging director Richard Bennett.

Perth-based gold, copper, nickel and zinc explorer Windy Knob Resources Ltd is seeking $2.4 million to acquiring the CRC Murchison suite of tenements.

It was incorporated in October last year by the four founding directors - non-executive chairman Guy Leclezio (current directorships include Madagascar Resources NL and Running Water Ltd, formerly a director of Excalibur Ltd), executive director of boutique investment banking firm Delta Capital Pty Ltd and chairman of Erongo Energy Ltd Mathew Walker, stockbroker Russell Lynton-Brown and geologist William Withamand - and company secretary business analyst David Parker.

Perth-based Rubicon Resources, a spin-off from Ian Buchhorn's Heron Resources Ltd, is seeking $10 million to hold Heron's main gold and copper-zinc assets, mostly in the north-eastern Goldfields.

Galaxy Resources Ltd is seeking $3 million to develop its wholly-owend pegmatite hosted tantalum/lithium deposit located at Cattlin Creek in the emerging mineral province of Ravensthorpe.

Chairman is Craig Readhead, managing partner of specialist mining and corporate law firm Pullinger Readhead Lucas who is also chairman of Heron Resources Ltd, Agincourt Resources Ltd and Halcyon Group Ltd and a non executive director
of Mount Gibson Iron Ltd and Frankland River Olive Company Ltd.
His fellow borad members are geologist Michael Fotios, former managing director of Tantalum Australia NL, and prospector and mine manager Robert Wanless, a past founding director of Greenstone Resources NL (now Red 5 Ltd).

Burswood-based Empire Resources Ltd is seeking $6 million to develop a tenement package prospective for uranium, copper and gold. The package, which covers an area of 1,723 square kilometres, also contains targets for nickel and platinum group metals.

Empire chairman is mining industry consultant and geologist Adrian Griffin, managing director is David Sargeant a former senior geologist with Newmont Pty Ltd, former senior supervisory geologist with Esso Australia Ltd at the time of the Harbour Lights Gold Mine discovery and development and the first chief geologist at Telfer Gold Mine during exploration, development and production at that project. He has also been a technical director of Western Reefs Ltd.

Consulting geologist Adrian Jessup is also on the board. He was a founding director of Sylvania Resources Ltd and was managing director of Giralia Resources NL for eight years, from the company's inception in 1987.

Colonial Resources Ltd is seeking up to $2.8 million to explore and develop the Eldorado gold project near Kalgoorlie in Western Australia with an option to buy an 85 percent interest in the project from Goldencrest Pty Ltd and Raefen Pty Ltd.

Corporate lawyer Jeremy Shervington is chairman while other board members are Mark Hansen, Alec Pismiris and Duncan McBain non-executive director.

Perth-based 3D Resources Ltd is seeking $3 million to develop a colection of properties in the east Kimberley.

The float is being pulled together by managing director Dr Craig Rugless, a geologist. Other board members are chairman John Gow, a mining engineer and current councilor with the Cambridge City Council, and accountant John Chegwidden who is director of Hazelwood Resources Ltd.

Junior explorer Greater Pacific Gold is spinning off its uranium prospects into a new vehicle Yellow Rock Resources

Sydney-based Zamia Gold Mines Ltd is still yet to hit the boards after reportaedly completing its $4 million fund raising late last year oversubscribed.





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