Southern Cross and Polymetals halt shares on merger talks
PERTH (miningweekly.com) – The shares of ASX-listed junior Southern Cross Goldfields went into a trading halt on Friday as the company readied to make an announcement regarding a potential merger.
Share trading would be halted until April 8.
Meanwhile, fellow-listed Polymetals Mining had also suspended share trading until April 8, also quoting the reason for the suspension as a potential corporate merger.
Polymetals is an emerging gold developer, which in September last year successfully acquired Lansdowne Resources, and a 75% interest in the Turner River gold project, which has a resource estimated at some 6.8-million tons, grading 1.6 g/t gold for 345 000 oz of contained gold.
The company also holds equity in the White Dam joint venture, in South Australia, and the Mount Boppy gold development, in New South Wales.
Southern Cross Goldfields, in turn, is targeting its first gold production from the Marda project, in 2013, with initial production forecast at some 30 000 oz/y from a Joint Ore Reserves Committee-compliant resource of 600 000 oz of gold.
The company also holds tenement packages covering some 4 000 km2.
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