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Can it become another Gabriel?

  1. arthur

    7,396 Posts.


    IGF could be one to put your watch list

    International Goldfields set to list after raising $3.4 million

    THE team that bought gold investors Hamill Resources has struck again with the over-subscribed International Goldfields set to list on the Australian Stock Exchange early next week after raising $3.4 million.

    Tony Sage, Nathan McMahon and Kent Hunter are involved in both outfits, with Sage the managing director at International Goldfields and McMahon the main man at Hamill. Also looming behind both companies as major shareholder (and sometime consultant, in the case of International Goldfields) is investor Frank Timis.

    International Goldfields has two projects - the Evanston project north of Southern Cross in the centre of Western Australia's Yilgarn Craton, and an option over the SACU project in the famous Golden Quadrilateral of Western Romania.

    Evanston covers more than 1000sq.km and has identified gold resources of about 215,000oz contained in four deposits - Golden Orb, Mt King, Marda Central and King Brown. International Goldfields acquired the project (and SACU) with its acquisition of un-listed public explorer Evanston Resources.

    Mt King is the pick in terms of grade - 180,000t at 8gpt - though Sage said Marda Central, with 1.46Mt at 2.2gpt, has attracted interest from third parties. Either way, Sage is expecting gold production by the end of 2002.

    SACU is the "big picture" project. It was initiated back in 1998 by BHP - which at that time was searching for large base metal and gold projects - and is located 60km southwest of Gabriel Resources' multi-million ounce Eurogold Rosia Montana project.

    Covering 1265sq.km, the SACU project lies south of the Golden Quadrilateral - where mining reportedly stretches back a couple of thousand years and where as much as 1000t of gold may have been produced - and is said by International Goldfields to be "around" the four major porphyry copper deposits of the region.

    Soil samples have seen gold assaying in the range 0.1-0.35gpt (and zinc 0.1-0.46%), though Sage says that in his experience sampling by government bodies in Romania under-calls mineralisation by as much as half.

    Sage (through meeting Timis) was involved with Toronto-based Gabriel back when it was looking for cash and a stock exchange to list on in the 1990s.

    Interest from Australian brokers was evidently not forthcoming back then, and Gabriel subsequently found its home in North America.

    Sage, who has 18 years experience in advisory, funds management and capital raising capacities, told MiningNews.net that that lack of interest by Australian brokers was costly, with the $4 million then being sought now worth in the region of $600 million.

    No such lack of interest this time around, it would seem.

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