Kin Mining’s shares rise on Leonora valuation news
PERTH (miningweekly.com) – The share price of ASX-listed junior Kin Mining increased by more than 23% after an independent valuation placed a higher price tag on the Leonora gold mine, in Western Australia, which the company is buying.
Kin reached an agreement with the administrators of Navigator Resources in April to buy the Leonora gold project for A$2.7-million in cash.
The transaction was conditional upon a due diligence, shareholder approval, the execution of a formal share purchase agreement, and Kin completing a A$5-million fund raising.
Kin said this week that an independent valuation of the Leonora gold project had valued the project between A$3.8-million and A$14.5-million, with a preferred value of A$8.5-million.
Kin MD Trevor Dixon said that the independent valuation supported the company’s own conclusions and confirmed that Leonora was a valuable asset with an established gold inventory.
“We are looking forward to completing the acquisition and executing the next key steps of our strategy to become a significant Western Australia gold producer.”
It was hoped that the transaction would be completed by early July.
Kin had initiated technical studies aimed at upgrading the project’s existing indicated and inferred resource of 12.29-million tonnes, grading 1.9 g/t gold for 745 000 oz to a Joint Ore Reserves Committee-compliant resource.
Kin shares were trading at a high of 18.5 a share on news of the independent valuation.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
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
