Central Asian Minerals to raise £4.26 mln for Aprelevka gold mine, Tajikistan
Thursday 11 August 2011
(Proactiveinvestors.co.uk) – Central Asian Minerals and Resources PLC (LON:CMRP) (CAMAR) has been very busy at the Aprelevka gold mine in Tajikistan since it bought out its joint venture partner in April, and announced today plans to raise £4.26 million in a placing to finance activities there.
In April 2011, CAMAR completed the acquisition of Gulf International Minerals Ltd, the joint owner of the Tajik-Canadian Limited Liability Company Aprelevka which is licensed to operate the gold mine of the same name. Since the acquisition, CAMAR has undertaken extensive mapping and sampling across Aprelevka’s licence areas.
A number of samples are currently being tested at a laboratory in Kyrgyzstan and initial results indicate the existence of significant lower grade reserves. Results are expected to be announced in early September 2011.
CAMAR is also in the process of reviewing overall mine planning and various mining techniques. An initial scoping phase of the mine planning is underway and is expected to be completed by the end of September. In the near future, CAMAR intends to commission additional geochemical and geophysical surveys of its licence areas, including hyperspectral imaging, ahead of a planned diamond drilling programme.
Moreover, the company has been granted permission to commence mining at the Aprelevka East pit and intends to start operations there as soon as practicable. CAMAR has applied for a new mining licence in an area contiguous to its existing operations and the directors are confident that this application will be successful.
It has also appointed Neil Stevenson as chief operating officer, to be based in Tajikistan. Stevenson has over 25 years’ experience with both open pit and underground mining operations, most recently with Hambledon Mining PLC (LON:HMB) in Kazakhstan. His initial task will be to assess the operation of the company’s mill at Kansai and to examine mining methods across the various licence areas as part of CAMAR’s efforts to bring Aprelevka’s historically high recovery costs down to a level equal to or below industry benchmarks.
In order to provide funds for the execution of the strategy and planned, CAMAR is planning to raise £4.262 million through a placing of 6,557,085 units at 65 pence apiece, Each comprises one ordinary share and one warrant to subscribe for an ordinary share at 65 pence each at any time before June 30 2014.
The placing is being arranged by ZAI Corporate Finance Ltd.