More at Eureka for Goldstar

摘要

The junior also completed a fully subscribed 5.1 million dollars share placement to accelerate its exploration and drilling programme for this year. The company was to raise an additional 2.9 million dollars through a further share placement of 7.25 million 400 shares which would bring total capital raised to 8 million dollars. Managing director Andrew King said the proceeds from the share placements together with existing cash reserves would increase the company's cash position to more than 11 million dollars, the bulk of which is being earmarked for the Walhalla project. The project, 180km east of Melbourne, covers 217sq km of the historic Walhalla-Woods Point goldfield. This has produced over 3 moz of gold at an average recovered grade of 26 g/t. The project area already contains defined resources and has the potential to deliver million ounce reefs similar to the original Cohen's Shoot.