Central Asia Resources Shares Spike 63%
Wednesday 14 September 2011
(Proactive Investors Australia) – Central Asia Resources (ASX: CVR) was the recipient of a price query speeding ticket at the end of last week, with the company responding back to the ASX after the close on Friday.
The query is due to a 63% share spike to US $0.057 intra-day on Friday 9 September, from $0.035 two weeks earlier on Friday 26 August. Central Asia said that the company is not aware of any material information that has not been released to the market that may explain the sudden investor interest.
Central Asia did however state back to the ASX in a response:
On 30 August 2011, the Company released an announcement confirming that it was on schedule to commence mining in September.
The company believes that the market is responding to this approaching milestone.
The mining referred to is at the company’s Dalabai Gold Project in Kazakhstan, where the first gold pour milestone is expected before the end of 2011. Regarding the development of the project, there is currently 15,000 tonnes of ore at 1.15g/t, from mining by previous owners, stockpiled and ready for crushing.
The crushing circuit has been installed and successfully tested, with the processing plant construction on schedule.
Central Asia Resources Limited is a gold and base metals exploration company transitioning to producer. Central Asia has acquired an indirect interest in gold exploration projects in the Republic of Kazakhstan and has commenced development of its first production site at Dalabai. Since listing on the ASX in 2007, the company has focussed on establishing JORC compliant Resource statements for its prospects and in March 2010 achieved a total gold inventory of 1.2Moz with additional silver.