importance of timing for uau, and 2 gold ipos , page-6

hi , in the library today looking up info on ( + and - issues )of U floats and spotted 2 articles on Korab. Page 31 in today's AFR by David Ciampa and other one on Proactive Investors - Ross Louthean, www.Mineweb.com

Western Australian explorer Korab Resources Ltd (ASX: KOR), which has been persevering with a gold project in the eastern Ukraine, has resumed mining operations. It will stockpile oxide ore in preparation of having a gold plant operating next year. Korab began development of the Bobrikovo mine in mid 2008 through 74% owned subsidiary Donetsky Kryazh Ltd (DKL). Korab's equity in DKL is held by its Australian subsidiary, Lugansk Gold Ltd.
The remaining 26% interest in DKL is held by Ukrainian investors.
DKL is registered under Ukrainian laws and is subject to local corporate tax at a rate of 25%. All funding requirements for DKL's Bobrikovo gold mine are provided by Korab through Lugansk Gold.
In February, Korab announced a plan to seek separate listing for Lugansk on the Australian Securities Exchange, and executive chairman Andrej Karpinski said Koran would call an extraordinary general meeting for this "shortly."
Initially the company will mine oxide ore from surface to 30-40 metres depth.
Karpinski said funds raised by Lugansk Gold would be used to cover the capital for construction and commissioning of the processing plant, for working capital requirements and to repay loans from Korab.
Loans provided by Lugansk to DKL will be repaid by DKL from project's pre-tax cash flows.
"Ukraine has no restrictions on repatriation of capital or profits and is a major investment destination for European Union's institutional investors. Ukraine has ambitions of becoming a member of the European Union while maintaining close working relationship with CIS," Karpinski said.
The mine is in the Lugansk region within the Nagolny Ridge which is part of a large intra-continental Phanerozoic structure that extends from southern Europe east to Central Asia. This structure hosts several world-class gold mining operations including Muruntau, Vysokovoltnoe, and Bakirchic.
Karpinski said the tenor and style of mineralisation at Bobrikovo is similar to the 170 million ounce gold deposit at Muruntau in Uzbekistan and to 57 M oz Sukhoi Log deposit in Russia.
Sulphide gold mineralisation starts at 30-40 m depth and continues to a depth of 3,200m. Veins are easily recognisable and suitable for selective extraction. The Bobrikovo structure strikes for 11 kilometres by 2.5 km.