BGF ballarat goldfields nl

new raisings

  1. 236 Posts.
    Ballarat managing director Richard Laufmann said the company raised $2.9 million through the issue of the fully paid ordinary shares arranged by RFC Corporate Finance.

    Part of the money will be used on a $1.5 million exploration program set to get underway at the project next month.

    Laufmann said the company would carry out some geo-technical testing of the area surrounding the existing decline as well as drilling of the Sulieman Line, which potentially contains 1 million ounces to 800m depth.

    "Drilling should get underway at the start of August and we hope to gain information on the existing [Sulieman Line] structure and hopefully hit some gold," he said.

    "We will also be doing some work for our conceptual study for the project."

    Earlier this year the company announced the project had the potential to contain 6Moz after a review of exploration and mining data.

    Laufmann has only been back in the country a week after a trip to London and then Toronto where he said there was plenty of positive support for the company's story.

    "We had about three or four times the level of interest compared to the capacity we had with the capital raising," he said.

    "This is a very exciting time for the company."

    Ballarat Goldfields shares were down 0.1 cent this afternoon, trading at 5.4 cents on the Australian Stock Exchange.
 
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Currently unlisted public company.

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