silver city mining

There is a link to a new website www.b23.com.au on the Platsearch website.

Sounds like B23 is providing pre-IPO seed capital.

I remember a PTS director saying (quite a while ago) that he would like to be able to set up a business that provided funding to enable the drilling on a large number of worthwhile targets.

Don't really know too much about Bluestone atm.

The Bluestone About page has the following -

A wholly-owned subsidiary of PlatSearch NL (ASX Code PTS), Bluestone 23 Limited (B23), was incorporated in August 2007 to hold certain of the PlatSearch’s resource industry investments and to seek other investment opportunities.


It is hoped that the current strength of metal prices will continue and will enable the PlatSearch Group to negotiate favourable joint venture deals on its mineral exploration properties with an equity component.


It is intended that a proportion of such equity on a case-by-case basis will reside in B23.


B23 will actively monitor the PTS Group’s investment portfolio.


Such equity arrangements were achieved with:

• A third of the Western Plains Resources (ASX Code: WPG) and Chesser Resources (ASX Code: CHZ) securities will be transferred into B23, subject to ASX escrow restrictions;


• A significant proportion of PlatSearch’s equity in Eastern Iron Limited (ASX Code EFE) is owned by Bluestone (5 million shares);


• The PTS joint venture with Newport Mining (ASX Code: NMN) (Pathfinder JV) includes an equity component that is owned by Bluestone being 500,000 shares and 1 million options; and


• B23 is negotiating with recently incorporated Silver City Mining Limited (Proposed ASX Code: SIL) to enable B23 to provide some pre-IPO seed capital.