Proactiveinvestors United Kingdom Theta Gold Mines Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Theta Gold Mines Ltd RSS feed en Thu, 23 May 2019 15:54:28 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Stonewall Resources excited by open-cut potential at TGME gold project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8734/stonewall-resources-excited-by-open-cut-potential-at-tgme-gold-project-8734.html Mon, 12 Feb 2018 11:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8734/stonewall-resources-excited-by-open-cut-potential-at-tgme-gold-project-8734.html <![CDATA[News - Stonewall Resources Ltd to update on findings from Hong Kong ]]> https://www.proactiveinvestors.co.uk/companies/news/165485/stonewall-resources-ltd-to-update-on-findings-from-hong-kong-70788.html Stonewall Resources Ltd (ASX:SWJ) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.

Stonewall requested the halt pending the receipt of findings from the Hong Kong International Arbitration Centre (HKIAC) in respect to the notice of arbitration served by Stonewall on Shandong Qixing Iron Tower Co. Ltd.

The halt will remain in place until the opening of trade on Monday 5th September 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Sep 2016 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165485/stonewall-resources-ltd-to-update-on-findings-from-hong-kong-70788.html
<![CDATA[News - Stonewall Resources Ltd heads to market ]]> https://www.proactiveinvestors.co.uk/companies/news/165484/stonewall-resources-ltd-heads-to-market-70457.html Stonewall Resources Ltd (ASX:SWJ) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Thursday 18th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 16 Aug 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165484/stonewall-resources-ltd-heads-to-market-70457.html
<![CDATA[News - Stonewall Resources granted ASX trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/145880/stonewall-resources-granted-asx-trading-halt-65091.html Stonewall Resources (ASX:SWJ) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Stonewall requested the halt pending the outcome of funding and recapitalisation discussions.

The halt will remain in place until the opening of trade on Friday 16th October 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 14 Oct 2015 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145880/stonewall-resources-granted-asx-trading-halt-65091.html
<![CDATA[News - Stonewall Resources readies to reveal raising ]]> https://www.proactiveinvestors.co.uk/companies/news/145878/stonewall-resources-readies-to-reveal-raising-62910.html Gold-focussed Stonewall Resources (ASX:SWJ) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Stonewall requested the halt pending capital raising details.

The halt will last until the earlier of an announcement being made to the market, of the opening of trade on Wednesday 17th June 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 15 Jun 2015 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145878/stonewall-resources-readies-to-reveal-raising-62910.html
<![CDATA[News - Stonewall Resources granted halt pending Shandong Qixing update ]]> https://www.proactiveinvestors.co.uk/companies/news/145876/stonewall-resources-granted-halt-pending-shandong-qixing-update-58949.html Stonewall Resources (ASX:SWJ) has been granted a trading halt by the Australian Stock Exchange pending an update on the proposed acquisition of Stonewall Mining Pty Ltd by Shandong Qixing Iron Towers Co,. Ltd.

In October Stonewall confirmed that the parties are co-operating in satisfying the final condition precedent to the Share Sale Agreement.

Stonewall holds a range of prospective gold assets, most of which are located in the world-renowned South African gold mining regions.

The halt will remain in place until the opening of trade on Tuesday 18th November 2014, or earlier if an announcement is made to the market.

 

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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Fri, 14 Nov 2014 10:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145876/stonewall-resources-granted-halt-pending-shandong-qixing-update-58949.html
<![CDATA[News - Stonewall Resources moves closer to completion of subsidiary sale for US$124M ]]> https://www.proactiveinvestors.co.uk/companies/news/145873/stonewall-resources-moves-closer-to-completion-of-subsidiary-sale-for-us124m-54161.html Stonewall Resources (ASX: SWJ) should trade higher after it received Ministerial Consent from the South African Government to transfer shares it holds in Stonewall Mining to Shandong Qixing Iron Tower Co.

SWJ and minority shareholders are to receive US$141.55 million all cash consideration on successful completion, with Stonewall’s share being US$124.39 million.

This represents around $0.27 per Stonewall share on a fully diluted basis; Stonewall shares last traded at $0.20.

Proceeds are intended to be distributed to Stonewall shareholders after adjustments for repayment of debt, tax, costs and an amount sufficient to maintain Stonewall while it pursues other business opportunities.

The receipt of Ministerial Consent satisfies a key condition precedent of the Share Sale Agreement with Shandong, leaving  Chinese regulatory approvals as the final hurdle.

SWJ is a gold mining company that holds a range of prospective gold assets in South African gold mining regions.

SWJ's three key projects are the TGME Project, the Bosveld Project, and the Lucky Draw Project, located in Australia, near the township of Burraga in New South Wales.

Beyond its current strategies, SWJ has access to nearly 40 historical mines and prospect areas that can be accessed and explored.

Shandong Qixing Iron Tower Co is part of the Qixing Group Company, a privately owned large-scale diversified industrial company with revenue exceeding US$2.3 billion in 2012.

SWJ is currently capitalised at $97 million.

 

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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Mon, 07 Apr 2014 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145873/stonewall-resources-moves-closer-to-completion-of-subsidiary-sale-for-us124m-54161.html
<![CDATA[News - Stonewall Resources completes placement for working capital ]]> https://www.proactiveinvestors.co.uk/companies/news/145871/stonewall-resources-completes-placement-for-working-capital-51469.html Stonewall Resources (ASX: SWJ) has completed the placement of 20,000,000 shares to a sophisticated investor at an issue price of $0.20 per share to raise $4 million.

The funds will be used to assist with the company’s working capital requirements.

These include working capital requirements of its South African subsidiary Stonewall Mining Pty Ltd until completion of the transaction with Shandong Qixing Iron Tower Co. Ltd which will see the company sell its shares in Stonewall Mining Pty Ltd to Shandong as approved at the recent general meeting of the company.

 

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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Fri, 27 Dec 2013 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145871/stonewall-resources-completes-placement-for-working-capital-51469.html
<![CDATA[News - Stonewall Resources to update offer by Shandong Qixing Iron Towers Co ]]> https://www.proactiveinvestors.co.uk/companies/news/145869/stonewall-resources-to-update-offer-by-shandong-qixing-iron-towers-co-50421.html Stonewall Resources (ASX: SWJ) is preparing to update details of the proposed acquisition of Stonewall Mining Pty Ltd by Shandong Qixing Iron Towers Co,. Ltd (002359.SZ).

Earlier in the month Stonewall Mining said that the transaction is making good progress, with Shandong Qixing looking to acquire other South African assets as well.

Shandong Qixing has received commitments for CNY2.4 billion (approximately US$300 million) through a private placement to certain shareholders, of which the funds will be used to acquire Stonewall Mining and other South African assets, and has set aside $70 million for the advancement of various projects.

The halt will remain in place until the opening of trade on Monday 25th November 2013, or earlier if an announcement is made to the market.

 

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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Thu, 21 Nov 2013 11:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145869/stonewall-resources-to-update-offer-by-shandong-qixing-iron-towers-co-50421.html
<![CDATA[News - Stonewall Resources shares move higher ]]> https://www.proactiveinvestors.co.uk/companies/news/145868/stonewall-resources-shares-move-higher-47940.html Stonewall Resources (ASX: SWJ) is a stock on the move with the company's shares jumping 25% Thursday to $0.15 on solid volume of 615,000 shares.

The company recently reached 2.8 million ounces of gold resource to add to its gold portfolio for two new areas at its South African projects at Duke’s Hill and the Beta Main Rock Dump.

Stonewall’s TGME Project is located around the towns of Pilgrims Rest and Sabie in the Mpumalanga Province of South Africa, which is one of South Africa’s oldest gold mining districts.

Stonewall owns 74% of TGME.

The company began production from the TGME Project tailings operations in the 2nd quarter of 2011 and commissioned the second tailings operation at the Bosveld Project in the 3rd quarter of 2012, and is currently earning revenue from both operations.

 

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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Fri, 13 Sep 2013 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145868/stonewall-resources-shares-move-higher-47940.html
<![CDATA[News - Stonewall Resources reaches 2.8 million ounces of gold resource in South Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/145866/stonewall-resources-reaches-28-million-ounces-of-gold-resource-in-south-africa-46457.html Stonewall Resources (ASX:SWJ) has reached 2.8 million ounces of gold resource to add to its gold portfolio for two new areas at its South African projects at Duke’s Hill and the Beta Main Rock Dump.

The updated mineral resource is from Stonewall’s South African subsidiary, Stonewall Mining Proprietary Limited.

Stonewall’s TGME Project is located around the towns of Pilgrims Rest and Sabie in the Mpumalanga Province of South Africa (one of South Africa’s oldest gold mining districts).

Stonewall owns 74% of TGME.

The company began production from the TGME Project tailings operations in the 2nd quarter of 2011 and commissioned the second tailings operation at the Bosveld Project in the 3rd quarter of 2012, and is currently earning revenue from both operations.

Stonewall has shifted its focus from the drilling program to assessing and evaluating the new discoveries which would indicate that there are more resource increases and upgrades to mineral resources on the way.

Options

Stonewall and the South African resident vendors of Stonewall Mining entered into a put and call option agreement in June 2012 under which Stonewall agreed to purchase the remaining shares in Stonewall Mining from the South
African resident vendors.

The Option Agreement provided that if Stonewall Mining’s mineral resource increases by 300,000 ounces of gold, a further 14,601,629 fully paid ordinary shares and 4,994,990 options over fully paid ordinary shares would be issued to the South African resident vendors.

As this has not yet been satisfied, no shares will be issued.

 

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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Wed, 07 Aug 2013 11:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145866/stonewall-resources-reaches-28-million-ounces-of-gold-resource-in-south-africa-46457.html
<![CDATA[News - Stonewall Resources receives offer from Shandong Qixing Iron Tower Company ]]> https://www.proactiveinvestors.co.uk/companies/news/145864/stonewall-resources-receives-offer-from-shandong-qixing-iron-tower-company-43015.html Stonewall Resources (ASX: SWJ) is proof that demand for Australian gold companies is alive and well after it fielded an offer from China's Shandong Qixing Iron Tower Company Limited (Shandong) (002359.SZ) for the gold assets of Stonewall Resources.

Shandong is prepared to pay an indicative price of US$140 million or above for Stonewall Mining, a subsidiary of Stonewall Resources.

Stonewall Resources is currently trading at $0.135, the offer from Shandong values it at $0.257 a share based on total shares including restricted, deferred and South African shares.

Stonewall’s key assets are stakes in two South African projects and an Australian one.

The largest is the TGME project, located in the Sabie-Pilgrim’s Rest Goldfield, a district that’s produced an estimated 6 million ounces of gold to date.

In a coup for Stonewall's CEO Lloyd Birrell, the company has only been listed on the ASX for less than six months.

Shandong Qixing Iron Tower Company Limited is part of the Qixing Group Company Limited, group revenue exceeded RMB15 billion ($2.3 billion) in 2012.

Stonewall's South African assets include several surface and near-surface gold mineralisations, provide cost advantages relative to other gold producers in the region.

With significant infrastructure already in place, Stonewall is positioned to make the transition to producer through highly efficient utilization of capital and within short lead times.

Stonewall’s three key projects are the TGME Project, located around the towns of Pilgrims Rest and Sabie in the Mpumalanga Province of South Africa (one of South Africa’s oldest gold mining districts), the Bosveld Project, located in South Africa’s KwaZulu-Natal Province, and the Lucky Draw Project, located in Australia, near the township of Burraga in New South Wales.

Stonewall is currently processing gold from tailings dumps located within its TGME and Bosveld Projects, as well as the underground mining complex of Theta/Frankfurt from which it is earning revenue.

Stonewall aims to introduce two additional near term production targets during 2013.

Which proves that interest in acquiring gold assets from would be buyers is intact and interest from China in ASX-listed gold companies as they move from explorer to producer is not long gone.

 


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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Wed, 08 May 2013 16:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145864/stonewall-resources-receives-offer-from-shandong-qixing-iron-tower-company-43015.html
<![CDATA[News - Stonewall Resources to start underground gold exploration in South Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/145862/stonewall-resources-to-start-underground-gold-exploration-in-south-africa-42336.html Stonewall Resources (ASX:SWJ) has converted the Old Order Mining Right for the Klipwal and Kortnek farms in South Africa to New Order Mining Right, allowing it to start gold exploration and mining.

The company will now re-open the underground sections of the Klipal Mine to facilitate exploration.

This will in turn allow the company to start full scale underground mining operations at a low capital expenditure.

Stonewall currently operates a tailings project at the Klipwal Mine and has the major infrastructure in place including shaft, winder, crushing and milling circuits, as well as an upgraded CIL plant.

The underground mine has been de-watered, exposing substantial available reefs.

These rights are part of the areas of gold mineralisation held by Bosveld Mines Proprietary Limited, a subsidiary of Stonewall.

Klipwal and Kortnek

Klipwal and Kortnek are located about 400 kilometres southeast of Johannesburg.

While historical data is not JORC compliant, reports indicate a very promising mining and exploration opportunity.

Intermittent mining (primarily during 1942/43) recorded production of 65,595 tonnes at a recovered grade of 5.72 grams per tonne for an output of 12,098 ounces gold and 1,546 ounces silver.

Bosveld re-commenced operations in 1981 and operated until September 2000 during which period
1,004,084 tonnes were milled, producing 142,000 ounces of gold, or an average recovery of 4.4g/t.

Underground workings at Klipwal are accessed by adits (down to 6 Level), a vertical shaft of 392m (with a Koepe winder) from surface to 12 Level, and a sub-vertical and subincline shaft for access to 15 Level (454m below Main Shaft collar).

The Kortnek reefs are highly prospective, with extensive artisanal activity having taken place over the last few years.

The ore body has been exploited from 13 Level to surface, with only limited development and exploration from 13 to 15 Level.

Given the strike extent of the primary shear and the known orebodies in the hanging- and foot-walls, it is unlikely that the mineralising system terminates at or about 15 Level.

An improved understanding of the structural regime and its controls on mineralisation through systematic exploration has good potential to locate additional resources, both within the limits of current underground infrastructure and at depth.

This understanding will lead to improved mine design (specifically stoping design and methods), optimal planning of future infrastructure in respect of ore handling systems, improvements in operating margins and will determine the potential to increase mill plant capacity.

Stonewall intends to expedite drilling and scoping studies at Klipwal and Kortnek to establish a JORC resource before conducting feasibility studies to determine appropriate mining plans to develop the underground resources.

The company is targeting production of 40,000 ounces per annum by the end of 2013, increasing to 155,000 ounces by the end of 2014 and 205,000 ounces by the end of 2016.

The company is operating at 70% of its 31 December 2012 cash backiing of about $10 million in cash. Its current market capitalisation is about $14 million.

 

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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Mon, 22 Apr 2013 16:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145862/stonewall-resources-to-start-underground-gold-exploration-in-south-africa-42336.html
<![CDATA[News - Stonewall Resources accelerates Rietfontein mine development, production set for 2013 ]]> https://www.proactiveinvestors.co.uk/companies/news/145860/stonewall-resources-accelerates-rietfontein-mine-development-production-set-for-2013--41510.html Stonewall Resources (ASX: SWJ) plans to re-open the Rietfontein underground mine in South Africa two years ahead of schedule following the completion of the Pre-Feasibility Study.

Mining is set to begin at a rate of 5,000 tonnes per month, targeting production of 1,294 ounces in 2013 and increasing to 8,200 ounces by 2014.

This is expected to generate revenue of around A$2.17 million in 2013 and about $13.73 million in 2014.

A capital cost of only $3 million is estimated to ramp up to 8,200 ounces per annum thereby producing a positive capital to gold ratio.

The Rietfontein mine is one of several areas of gold mineralisation held under the approved Rietfontein New Order Mining Right of Stonewall subsidiary Sabie Mines.

This Mining Right includes the farms, Rietfontein, Waterval, Maliveld Valley and Spitskop.

The Pre-Feasibility Study included a detailed mine work program based upon a JORC Resource of 1.2 million tonnes at 7.92 grams per tonne (g/t) for 316,700 contained gold ounces in the Indicated category and 657,000 tonnes at 7.23g/t for 152,500 contained gold ounces in the Inferred category.

In January and February 2013, mine management gained access to the mine and carried out extensive preliminary investigative work into the mining development and infrastructure available.

The Pre-Feasibility Study, which began in late 2012, yielded a mining plan that would fit in with available and existing plant infrastructure in Pilgrim’s Rest.

Meanwhile, Stonewall has begun resource drilling at its TGME and Sabie projects.

At the Sabie Mine complex, Stonewall is targeting an increase in the Inferred Resource of 110,000 ounces to 1.2 million ounces at 2.02 to 6.51g/t at Rietfontein.

The company is set to carry out additional exploration drilling and bulk test work as part of its extended feasibility studies at the Rietfontein mine.

Stonewall is working to increase the categorisation of its Resources, extend the life of the mine and increase the mine plan to target up to 40,000 ounces per annum by the end of 2014.

The company has cash backing of just over half of its market cap. of $17 million with around $10 million in cash at the end of the December quarter 2012.


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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Wed, 03 Apr 2013 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145860/stonewall-resources-accelerates-rietfontein-mine-development-production-set-for-2013--41510.html
<![CDATA[News - Stonewall Resources begins gold production at South African tailings project ]]> https://www.proactiveinvestors.co.uk/companies/news/145858/stonewall-resources-begins-gold-production-at-south-african-tailings-project-37338.html Stonewall Resources (ASX: SWJ), formerly Meridien Resources, has marked first production at its Klipwal Tailings Project in South Africa following the completion of commissioning of the operation in November.

The production from Klipwal will increase Stonewall’s total production from 6,000 ounces per annum to 11,000 ounces per annum, and will generate revenue of about $732,071 per month – growing monthly revenue by 88% to around $1.56 million.

The operation processed 12,000 tonnes of ore during the month, producing 158.73 ounces of gold and generating $280,700 in revenue, achieving a breakeven financial position during commissioning.

Importantly, the project was commissioned on time and within budget – with the total cost of commissioning coming in at $734,000, 26% below budget.

The operation will ramp up to full production targeting gold production of 424 ounces per month by the end of February 2013, a month ahead of schedule.

This will result in annualised production of 5,000 ounces per annum from surface operations.


Bosveld Mines

The Klipwal Tailings Project is one of the areas of gold mineralisation of Bosveld Mines Proprietary Limited, a subsidiary of Stonewall.

The Bosveld Mines rights area covers 7,837 hectares and has well-established existing infrastructure already in place.

The project contains two areas of gold mineralisation at the Klipwal Mine and Kortnek Mine prospect areas.

Klipwal has been mined since 1898 with estimated historical production of 250,000 ounces.

Stonewall has identified notable surface and underground exploration targets at both deposits.


Underground JORC resource

A dewatering program of the existing underground development at Klipwal is currently under way, enabling underground exploration to begin.

Stonewall intends to expedite drilling and scoping studies at Klipwal and Kortnek to establish a JORC resource before conducting feasibility studies to determine appropriate mining plans to develop the underground resources.

The company is targeting production of 40,000 ounces per annum by the end of 2013, increasing to 155,000 ounces by the end of 2014 and 205,000 ounces by the end of 2016.


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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Fri, 14 Dec 2012 12:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145858/stonewall-resources-begins-gold-production-at-south-african-tailings-project-37338.html
<![CDATA[News - Meridien Resources readying for capital raising details, granted ASX trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/145856/meridien-resources-readying-for-capital-raising-details-granted-asx-trading-halt-31230.html Meridien Resources (ASX: MRJ) has been granted a trading halt by the ASX pending the release of capital raising details, with the company's shares placed in pre-open.

Meridien has not yet indicated where the potential new funding will be allocated, but the company has been busy this year working on the acquisition of all the issued share capital of Stonewall Mining Proprietary Limited.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 16th July.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 12 Jul 2012 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145856/meridien-resources-readying-for-capital-raising-details-granted-asx-trading-halt-31230.html
<![CDATA[News - Meridien Resources to acquire 2.5Moz gold project in South Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/145854/meridien-resources-to-acquire-25moz-gold-project-in-south-africa--24428.html Meridien Resources (ASX: MRJ) has entered into a conditional agreement to acquire 100% of the issued share capital of Stonewall Mining, which holds an effective 74% interest in a Measured and Indicated gold Resource of 0.7 million ounces and an Inferred Resource of 1.85 million ounces.

Stonewall’s 74% interest is in the Transvaal Gold Mining Estates (TGME) and Sabie Gold Mines tenements, located in the eastern goldfields of South Africa.

The Sabie-Pilgrims Rest Goldfield is the oldest gold mining district in post-colonial South Africa, with historical production being estimated at 6 million ounces.

The project covers an extensive prospecting area of around 62,000 hectares, less than 10% of which has been explored in recent times.

Stonewall has already begun trial processing of TGME tailings which has proven commercial recoveries of 30%, demonstrating that once full scale mining begins in 2012 recovery rates will increase above historical levels of 65-70%.

Another defining factor of the project is that TGME and Sabie are located in proximity to established plant, mine and surface infrastructure.

Stonewall is fully funded to undertake further Resource drilling during the coming six months. The company is expected to spend about A$6million on exploration over a 12 month period.


TGME Resources

Total Resources for the TGME Project’s underground operation are 545,600 ounces in the Measured and Indicated categories and 1.8 million ounces in the Inferred category.

For surface operations the total Resource is 155,000 ounces in the Measured and Indicated categories and 27,900 ounces in the Inferred category.

The drilling program for 2012 will target an increase of 1-1.5 million ounces in the Inferred Resource and the upgrade of between 0.35 and 0.7 million ounces from Inferred to Measured and Indicated.


The Deal

To satisfy the deal, Meridien will issue 398 million shares in the company. Meridien shares are currently trading at around $0.12, valuing the transaction at about $47.8 million.

The company will also issue 25 million options to acquire one Meridien share exercisable at A$0.20, expiring three years from the date of settlement of the acquisition.

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Mon, 23 Jan 2012 16:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145854/meridien-resources-to-acquire-25moz-gold-project-in-south-africa--24428.html
<![CDATA[News - Meridien Resources in pre open pending an announcement on a transaction ]]> https://www.proactiveinvestors.co.uk/companies/news/145852/meridien-resources-in-pre-open-pending-an-announcement-on-a-transaction--24156.html Meridien Resources (ASX: MRJ) has been granted a trading halt pending the release of an announcement regarding a significant transaction, with the company’s shares placed in pre-open.

While no further details of the transaction were disclosed, Meridien is focused on gold exploration in New South Wales.

The company recently signed a mining operation agreement with Developed Resources to progress the Lucky Draw Tailings Project at Burraga, west of Sydney.

Meridien said at the time it intends to use the proceeds generated from the project to further develop the company’s current portfolio of assets and also continue to look for additional, more advanced gold projects.

The trading halt will be in effect until an announcement is made to the market or no later than the start of trading on Wednesday 18 January 2012.

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Mon, 16 Jan 2012 12:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/145852/meridien-resources-in-pre-open-pending-an-announcement-on-a-transaction--24156.html
<![CDATA[News - Meridien Resources targeting gold admitted to the ASX, trading starts at 11:00am today ]]> https://www.proactiveinvestors.co.uk/companies/news/145849/meridien-resources-targeting-gold-admitted-to-the-asx-trading-starts-at-1100am-today-15308.html Meridien Resources (ASX: MRJ) has been admitted to the ASX after a successful IPO offering 15 million shares at $0.20 to raise $3 million.

The company's securities will hit the boards at 11:00am this morning, with a total of 28.4 million shares on issue.

Meridien will initially focus on gold exploration in New South Wales, and recently acquired the Lucky Draw tailings dam tenement at Burraga, west of Sydney.

According to the company, recent drilling and geological assessment determined a JORC Resource of 21,400 gold ounces, but importantly 17,900 of these gold ounces are in the high confidence Measured category.

The company has also entered into an agreement to acquire up to an 80% interest in the Jaguar Minerals Springfield tenement which has a JORC Inferred Resource of 85,000 gold ounces.

 

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Thu, 07 Apr 2011 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/145849/meridien-resources-targeting-gold-admitted-to-the-asx-trading-starts-at-1100am-today-15308.html