Augur offers SPP to advance Wonogiri gold project
Saturday, August 4 2012 - 01:43 AM WIB
ASX-listed resource development company Augur Resources Ltd has launched a share purchase plan (SPP) for shareholders with the issue price 0.04, a 17 percent discount to average price for five business days starting August 3.
It said that the SPP would help the company to further advance the Wonogiri project and in particular the Randu Kuning prospect within the Wonogiri licence area where Augur has defined a 1.54 million ounce gold equivalent.
?The funds raised by the SPP will be used to support the company?s ongoing operational costs, advancing the Wonogiri project in central Java , Indonesia, and increasing the company?s interest in the project to 80 percent,? the company said in the statement submitted to the ASX.
It said the fund will be directed to continuation of a prefeasibility study of the Randu Kuning deposit with the aim of determining options for the mining and processing of the mineralisation. This work will include an initial pit optimization study, mine plan layout and initial economic modeling of the deposit.
In addition, the funds will also be allocated to further advance gold, gold-copper and gold-silver targets within the Wonogiri project.
Editing by Adianto P. Simamora