Terrain Minerals raises $5m in IPO, closes oversubscribed

Perth-based gold explorer Terrain Minerals has announced that the company's initial public offering of $5 million has closed oversubscribed.

"We have been very pleased with the response to Terrain's IPO. This reflects the quality of our projects, the strength in the gold price and confidence in Terrain's future," Terrain's managing director Keith Wells said.
"Terrain's focus has been on acquiring projects with immediate, high quality drilling targets and the potential to develop mining operations in a relatively short period of time"
The company holds four projects in the Eastern Goldfields of Western Australia including:

• Celtic, located 65 kilometres north of Leonora,
• Coogee, located 20 kilometres east of Kambalda,
• Redcastle, 55 kilometres southeast of Leonora and
• Euro, 12 kilometres south of Laverton.

"Collectively the projects we have acquired contain resources of 3.3mt @ 2.05g/t gold (219,000 oz)," said Mr Wells. "All the projects are significantly under-explored with known ore positions open along strike and down dip and we plan to drill test every project before the end of 2006."
Terrain's immediate plan is to complete before Easter 2006: the first 2000m drilling program at Celtic, targeting extensions to known gold ore positions; a TEM survey, at Coogee, to further define an attractive nickel target close to Kambalda and a geological mapping program to refine drilling targets at Redcastle.
Terrain expects to finalise share allocations in the week commencing 13 March 2006 with statements mailed shortly thereafter. Subject to ASX approval Terrain anticipates the company will list on or about 23 March 2006.