OAU 0.00% 2.2¢ ora gold limited

crouching lion

  1. 6,111 Posts.
    Seems all has been quiet at THX for the last Month with the start of exploration.
    Lionore seems to have filled its back pocket up.

    By Barry FitzGerald
    Resources Editor
    June 30, 2004

    LionOre hits high note with issue
    LionOre Mining, the Canadian-controlled miner with
    big ambitions in the Australian nickel industry, is to pull
    in $US125 million ($A179 million) from a convertible
    note issue.
    The raising by the locally listed gold and nickel group
    is believed to be earmarked for "general corporate
    purposes". Analysts read that to mean more action in
    the nickel sector, possibly among the key East
    Kimberley players - Sally Malay and Thundelarra.
    LionOre owns the Phoenix nickel mine in Botswana
    and the Emily Ann nickel mine and Thunderbox
    goldmine in Western Australia.
    It also owns the the Activox processing technology,
    which it plans to scale up at its recently acquired
    Bulong laterite nickel processing plant near Kalgoorlie.
    LionOre plans to return Bulong - built for $300 million
    but acquired for $30 million - to production as a 5000-
    7000 tonnes-a-year producer using a hydrometallurgical
    process that uses nickel sulphide
    LionOre announced a nickel offtake deal and a $20
    million funding agreement with Western Areas last
    week, underpinning the development of Western
    Areas' Forrestania nickel project.
    The Forrestania project is 80 kilometres west of
    LionOre's Lake Johnston nickel operations, where the
    Emily Ann/Maggie Hays operation is building towards
    annual production of 10,000 to 12,000 tonnes of nickel
    (contained in concentrates).
    Forrestania has been planned as a 7000 to 10,000
    tonne (contained) nickel producer from early 2006.
    LionOre shares yesterday closed down 10¢ at $6.70
    on the Australian Stock Exchange.
    By Barry FitzGerald
    Resources Editor
    June 30, 2004

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