UK's Archipelago raises funds for Sulawesi goldmine project
Thursday, May 12 2005 - 05:36 PM WIB
UK miner Archipelago Resources plc announced on Thursday that it had received acceptances for 23,216,560 Ordinary Shares of 1p each in the capital of the Company at an issue price of 34 pence per share to the value of GBP7,893,630.
The company said the funds raised will be used to meet the equity contribution required by debt financiers to allow development of the Toka Tindung Gold Project in North Sulawesi and for corporate working capital.
The Toka Tindung Gold Project has a resource of 1.75 million ounces of gold equivalent, of which at least 0.9M ozs will initially be mineable by open pit. The project is targeted to produce 160,000 ozs per annum for an initial 6 year mine life commencing in mid 2006.
The company has 85 percent stake at Toka Tindung. (alex)