BSG bolnisi gold nl

ive been slacl: age article

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    missed this completely, but found it just in time, 17 march article, enjoy! Focus is on universal resourced but it talks about how goo dthe roseby project COULD be.


    Overhanging shares also look to have become an issue for Peter Ingram's Universal Resources, the group that only joined the lists back in September in a $4 million offering aimed at advancing the big-time potential of the Roseby copper/gold project in north-west Queensland.

    Roseby is in a heavily mineralised part of the world (the Eastern Fold belt of the Mount Isa Inlier) and was picked up from Pasminco just ahead of it going into administration.

    The deal with Pasminco involved the issue of some 6.6 million Universal shares, which have or are coming out of escrow. Pasminco is tidying itself up ahead of its eventual refloat with a focus on its biggest and best assets.

    The resultant expectation is that Pasminco's stake in Universal is earmarked to go, creating the overhang in the Universal market that has largely been responsible for driving down the shares - which were floated at 20¢ - to 8¢ a pop.

    Removing the overhang by having the Pasminco shareholding placed with more interested investors would be a quick fix and there is talk a couple of brokers are now working on doing just that. Because of the steep discount on last year's float price, there is said to be quite a bit of interest among institutions for the stock, which on an all-up basis is a small-beer entry price into what could be a fast developing story.

    That story is based on the two joint ventures with Norm Seckold's Bolnisi Gold on the Roseby project area (1000 sq kms, 65kms north-west of Cloncurry).

    One is managed by Universal and covers regional exploration of sulphide copper/gold targets, while the second is managed by Bolnisi and covers the potential of oxide copper deposits.

    The sulphide joint venture has moved along nicely since Universal's September float by increasing the resource estimate for the Little Eva deposit alone from 72,000 tonnes of contained copper to 161,000 tonnes.

    More exciting than that was the realisation that the rock type hosting the mineralisation is more extensive than first thought, raising the potential for a big tonnage resource to be built up with further drilling.

    Bolnisi also has been kicking goals with the oxide project. A go-ahead later this year of the simple-to-mine and simple-to-treat project is on the cards.
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