Genesis raises funds for Ulysses drilling
PERTH (miningweekly.com) – Gold developer Genesis Minerals has raised A$5-million through a share placement to fund ongoing resource drilling at its Ulysses gold project, in Western Australia, in an effort to expand the project.
The company will issue up to 178.57-million new shares, at a price of 2.8c each, to institutional and sophisticated investors. The shares will be placed under Genesis’ existing capacity, and will not require shareholder approval.
MD Michael Fowler said on Thursday that he was pleased with the strong level of investor support received for the placement, which reflected the quality of Ulysses.
“Drilling has been continuing since the October resource update, with additional results expected over the coming weeks, and we intend to increase the pace of drilling in early 2019, targeting extensions of the deposit both along strike and down plunge,” Fowler said.
“We will also test a number of priority regional targets, and aim to drill out a potential oxide resource at Orient Well.”
A recent scoping study on the Ulysses gold project found that an underground operation could produce some 358 000 oz over a four-year period, with capital costs for the project estimated at A$84.4-million.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation