Indochine reshuffle continues
PERTH (miningweekly.com) – ASX-listed gold developer Indochine Mining has announced a number of measures to secure its financial future.
The junior told shareholders on Monday that it was in the process of appointing a lead manager and book runner for a capital raising to fund the strategic focus of the Mt Kare gold/silver project, in Papua New Guinea.
The company was also in discussions with a number of leading Australian brokers.
Furthermore, Indochine would appoint corporate advisers to identify any future corporate transactions relating to the Mt Kare project.
Mt Kare has a Joint Ore Reserves Committee-compliant resource of 2.1-million ounces gold equivalent, or 1.8-million ounces of gold. The project’s total mineral resource has been estimated at 43-million tonnes, grading 1.5 g/t gold.
Following the completion of the capital raising, Indochine would undertake about 20 000 m of diamond drilling and sampling programmes to enable a reserve and resource base upgrade. The funding would also facilitate the completion of a feasibility study and the mining lease application, while also funding the testing of some additional targets.
Meanwhile, Indochine has taken the decision to move its headquarters from Sydney to Western Australia by the end of August this year, in order to be closer to major service providers.
As a result, director Gavan Farley has taken the decision to step down from the company’s board.
Farley’s resignation came soon after that of nonexecutive director and chairperson Hugh Thomas, CEO Stephen Promnitz and nonexecutive director Robert Thomson.
Indochine appointed Dermott McVeigh as an interim director and chairperson.
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