will get to 10 cents in april, page-10

re: will get to 10 cents in april - happychappy Hi Happychappy

I had a quick look at Alcaston. They have a few interesting things going on

With regard tothat Fiji gold purchase from Emperor just to satisfy the cash component issing shares @ say 3c each that would be approx 320m shares + they are going to satisfy the balance (? how much) with more shares

As at 31/12/04 thay only had 400K in the bank

Here's the report on the Fiji purchase

Australia's Alcaston To Invest A$26M In Fiji Gold Proj
02/02/2005 4:18PM


SYDNEY (Dow Jones)--Perth-based Alcaston Mining (AMG.AU) expects to invest A$26 million to develop the Tuvatu gold project in Fiji, after having reached an agreement to buy it from Emperor Mines (EMP.AU).

Under a preliminary agreement, Alcaston will pay Emperor A$9.7 million in cash and stock for 100% of Tuvatu, the companies said Wednesday.

Tuvatu is adjacent to the Sabeto project, where Alcaston has a farm-in agreement with tenement owner Mincor Resources (MCR.AU).

Once the deal is finalized, Alcaston plans to spend 12 months on a bankable feasibility study and another six months developing the underground mine, including a mill and tailings dam, for a total expenditure of A$26 million.

Tuvatu has resources of 1.64 million metric tons at 8.5 grams a ton for 450,000 ounces of contained gold. Alcaston's due diligence envisages producing 60,000 ounces a year over a seven-year mine life, managing director David Porter said.

The project is expected to become Fiji's second gold mine alongside Emperor's namesake mine.

Sydney-based Emperor said the Tuvatu deal would allow it to expand its operating underground mine, which currently produces 120,000 ounces a year.

Alcaston said it is in advanced discussions with potential financiers for the purchase and proposed feasibility study.



-By James Attwood, Dow Jones Newswires; 612-8235-2957; [email protected]