Altius Mining Successfully Closes $12M IPO Friday , 17 Jun 2011 Emerging gold production and mineral exploration company Altius Mining (ASX:AYM) is pleased to announce the completion and closing of its $12 million Initial Public Offering (IPO), with a strong response from retail and institutional investors across Australia and overseas resulting in the offer being over-subscribed.
The company is expected to list on the Australian Securities Exchange in early to mid-July 2011.
Altius CEO Alexander King said "We are encouraged by the support we have received from investors in Australia and overseas for this IPO. This is a solid endorsement of Altius' growth prospects at both a production and exploration level.
"We now have the necessary funding to take the flagship Forsayth gold mine in Far North Queensland to the next stage of development, with first gold production expected to commence later this year, as well as providing the financial flexibility to fast track our exploration projects across New South Wales and Queensland.
"As previously indicated, we expect Forsayth to be a producing goldmine within the next four months after listing. In addition to this, we will initiate a drilling program at the Sofala gold project in the Lachlan Fold Belt in New South Wales to develop this near term gold resource and expand its scope. Altius holds 10 exploration projects in the Lachlan Fold Belt, regarded as Australia's leading gold producing region.
"We will also commence a sampling and drilling program on three identified anomalies at the 650km2 Huntingfield project, South of Broken Hill. This highly prospective project has the potential for magnetite and iron pistolites, nickel and rare earth elements.
"We are now working closely with the Australian Securities Exchange to ensure Altius Mining lists in an efficient and timely manner." Altius will list with a market capitalisation of $52.5 million at its listing price of 20c per share.
Project Information
Altius has over 3,000 km2 of wholly-owned mining and exploration projects located in highly prospective and world class mining districts across Queensland and New South Wales. All projects are located near to existing infrastructure and labour sources.
The company's flagship project is the Forsayth gold project in Far North Queensland, where AYM is currently engaged in trial mining and commissioning of its mill, processing plant and associated infrastructure.
AYM's additional exploration projects will also be actively explored. Planned immediate exploration activity will concentrate firstly on Iron-ore at Huntingfield, Copper at Mt Browne, Rare earth elements at Beehive, Gold at Sofala and then other prospects for gold, nickel, and platinum.
AYM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
