Queensland Gold Assets: Value to be realised in FY2007
SMC commenced trading as a gold producer near Charters Towers. Hadleigh Castle Mine/Rishton Mill were placed on care and maintenance in 2004, pending further exploration.
Value to be unlocked highly prospective exploration ground (268km2) Successful producers within the region demonstrate potential Exploration programme planned from late 2006 Option to purchase the Rishton Mill for a payment of A$2.75m plus upgrades Creates leverage for a trade sale of the portfolio Alternatively might be used for Punitaqui gold ore treatment IPO or Trade Sale? formal review underway package of exploration assets, and mill purchase option board decision by January 2007 Possible in-specie distribution for shareholders
SMO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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