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Dacian Gold continues share price acceleration

Last updated: 04:10 10 Dec 2012 GMT, First published: 03:10 10 Dec 2012 GMT

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Dacian Gold (ASX: DCN) is one of a group of very successful IPO's from the second half of 2012, with the stock changing hands at $0.75 intra-day today - which is a 50% premium to the prospectus which offered 40 million shares at $0.50 to raise up to $20 million.

The price acceleration has been building in Dacian, which was trading at around $0.55 after the IPO, then moved into the mid-$0.60 a couple of weeks later.

The current share price is the all-time high for the company which is coming up on its first month birthday as a publically listed company.

Dacian has some strategically listed assets, which are drawing the investor attention.

The company acquired the Mount Morgans project earlier this year, which is located in the south west of Laverton, with the area hosting numerous above one million ounce deposits, including the AngloGold Ashanti's (NYSE: AU) world-class Sunrise Dam and Barrick Gold's (NYSE: ABX) Wallaby gold mine.
 
Mount Morgans covers 320 square kilometres and hosts a JORC Resource of 842,000 ounces at an average grade of 3.1g/t gold, including JORC Reserves of 136,000 ounces at an average grade of 6.2g/t gold.

Dacian is planning an extensive exploration and resource definition drilling program over the next two years, with a view to developing the Mount Morgans Project into a stand-alone gold production centre - which would transition the company to gold producer.

Mount Morgans comprises 50 mining leases, ten prospecting licences, one exploration licence, several general purpose leases and two miscellaneous licences.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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