Gold-producer Phoenix Gold (ASX:PXG) is heading to market with a capital raising, with the ASX has granting the company a trading halt.
Shares in Phoenix are up 45% since November.
In the December quarter 2014 the company poured its first gold from its Kintore project.
This included 5,591 ounces through mining of 113,000 tonnes of highly oxidised ore grading 1.5 grams per tonne gold from the upper levels of the Kintore pit.
The company has an extensive land holding on the Zuleika and Kunanalling shear zones northwest of Kalgoorlie in Western Australia, home to some of Australia’s richest gold deposits.
The wholly-owned Castle Hill gold project is emerging as a flagship asset with the potential to become a multi-million ounce gold mine.
The halt will remain in place until the opening of trade on Friday 6th February 2015, or earlier if an announcement is made to the market.
