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02/06/2011

John Lawton at Auzex Resources believes there’s a 30-40% undervaluation

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Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: AZX
Latest Price: A$0.28  (0,00%)
52-week High: A$0.64
52-week Low: A$0.17
Market Cap: A$39.33M
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Auzex Resources
www.auzex.com

Auzex Resources (ASX:AZX) major project is the 50%-owned Bullabulling gold project, located 65km from Kalgoorlie in Western Australia. The project area has a proven history of discovery and new exploration techniques are leading to new discoveries.

Pdf

Auzex Resources A$4.6m rights issue to be underwritten by BBY Limited

1st Nov 2011, 11:42 pm

Auzex Resources (ASX: AZX) has entered an underwriting agreement with independent financial services group BBY Limited for the full amount of the rights issue announced on October 17.

Auzex will raise up to about A$4.6 million via a one for five renounceable rights issue. Pursuant to the rights issue the company will issue up to about 19 million shares at $0.24. The closing date for the offer is November 16.

Funds will be used to fund Auzex's share of expenditure on the Bullabulling Gold Project joint venture, transactions costs of the merger with GGG Resources (ASX: GGB; AIM: GGG) and general working capital.

Preparations for the merger with GGG are progressing well and the company expects the transaction to create Bullabulling Gold Limited to be completed in early 2012.

On October7 Auzex raised $A3.4 million through the placement of about 14.3 million shares at A$0.24 in the first part of the A$8 million capital raising.

Auzex  is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December. The company expects results to add further to the JORC Resource of 2.6 million gold ounces.

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