If they are able to raise the required amount mainly from the major holder (irrespective of the past) and the incoming team, one would assume it's in our ( shareholders' interest) to grin and bear the history on the basis the only way we will benefit is progress by the new management, sdo maybe give them a go.....they (the new ones) haven't done anything wrong yet.
Proactive........
Crater Gold Mining is focused on new strategy at Nevera Gold Mine
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14:10 14 Aug 2017
Alexander Molyneux is sub-underwriting the rights issue.
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Alexander Molyneux, proposed chairman, Crater Gold Mining Ltd
Crater Gold Mining Ltd (
ASX:CGN) has a re-invigorated strategic plan in Papua New Guinea, with the company resuming technical work on the development of the Nevera Gold Mine, located within the company's Crater Mountain Gold Project.
Mining Associates Limited has been retained to assist Crater confirm various mine planning parameters and develop a revised mine plan.
In particular, Crater will work with Mining Associates to identify stoping blocks with gold grades in excess of 10g/t, both above the 1960 level and between the 1930 and 1960 levels.
Support in Papua New Guinea
Crater's newly appointed country manager, Curt Church, has been on site at the project for the last few weeks taking care of various practical preparations for resumption of development works.
Crater said that during his time on site, Church met with local landowners who expressed their support for advancement of the project - including the clear potential for increased local employment.
Alexander Molyneux is part of the solution
The 'new' Crater has a proposed chairman in the highly-experienced Alexander Molyneux.
Molyneux has already thrown his financial support behind the project, and has personally sub-underwritten $530,000 of the company’s 11:2 renounceable rights issue targeting up to $15 million.
LATEST VIDEO - Alexander Molyneux speaks to Proactive Investors
Adding to Crater's new cash with be funds from the sale of the company’s non-core Croydon Project in Queensland.
Plans to drill
The company aims to resume drilling with two drill rigs on site and quickly ramp up to a drilling rate in excess of 10,000 metres per year.
Crater recently outlined plans to acquire two drill rigs as part of this strategy and significantly it has entered advanced discussions to purchase the first of two drill rigs.
The objective of drilling is a transformational increase in gold resources.
Circa 14,500 metres of drilling was conducted from 2010-2013, delivering Inferred Resources of 800,000 gold ounces.
Regards to all.
