BDI (ASX) Ann: Trading Halt

Originally posted by bevter: ↑

BLINA INVESTS IN CONDAMINE RESOURCES
Blina Minerals NL (ASX: BDI) (the Company) today announced it has subscribed
for 2,083,333 shares in Condamine Resources Limited (Condamine) through a
share placement at a price of 12 cents per share with a 1.25 for 1 free attaching
Option exercisable at $0.25 with a 3-year term. The $250,000 investment by
Blina represents a shareholding of approximately 11% in the New Zealandfocused gold explorer, Condamine.
Condamine is a public unlisted Australian gold exploration company, established
in May 2017 to acquire and develop a portfolio of highly prospective gold
projects in New Zealand.
Condamine’s four key gold projects include Alexander River, Big River, Reefton
South and Lyell (Condamine Projects), which are located respectively within and
near the historical 2.5Moz (Historical underground production of 3.9Mt @
15.8g/t for 2Moz (Technical Report on the Reefton Gold Project OceanaGold
May 2013) and open pit production of 0.6Moz (OceanGold Media Release 19
December 2016) ,Reefton Goldfield (Figure 1) in the West Coast region of the
South Island of New Zealand. The granted brownfield tenements are part of a
well-known mining region with an extensive history of high-grade gold
production. The combined estimated historical gold production from the
Condamine tenements is 327,000t @ 25.4g/t for 268,000oz of gold 1 . The
Alexander River project has outcropping gold mineralisation along a 1km strike
length. Trenching along the mineralised strike by CRA Exploration Limited
(CRAE) recorded a number of high-grade gold intersections including 7.8m @
14.4 g/t Au (Final Report on the Alexander River PL 31 2530, Macraes Mining
Company Ltd 1997)(Figure 2). The investment by Blina will provide Condamine
with additional working capital in preparation for the commencement of drilling
expected in the first half of 2019.
Director and experienced geologist Mr David Porter said the investment in
Condamine came at the right time for the Company and was a suitable strategic
opportunity for the Company.
“Condamine has a strategy to build a portfolio of high-quality gold assets
through exploration and acquisition and to realise value from projects by
considering all potential transactions at an appropriate time. This strategy, along
with their strong technical team, is consistent with Blina’s growth objectives,”
said Mr Porter.
“We have reviewed numerous projects over the past 18 months, searching for
the right combination of attributes to deliver value to our shareholders and we
believe Condamine represents an excellent investment opportunity for Blina at
a time of record gold prices,” he said.
1 Technical Report on the Reefton Gold Project OceanaGold May 2013 and 2010 Annual Technical Report for Lyell Auzex
Resources 2010

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