Tuesday, 12 June 2007
FRESHLY-listed explorer RMA Energy's share price has soared to $2 since it began trading on the bourse last Thursday, eight times its initial public offering price of 25c a share, on news the company has started drilling at its McCauley Creek and Coane Range projects in Queensland.
Australian Stock Exchange
RMA's rise suggests there is life left in the IPO boom – shares in the company debuted at 85c, rose to $1.50 and Friday and today gained another 50c before cooling half a cent to $1.995.
The company said in its announcement today that it has started drilling at McCauley Creek, which is prospective for copper, lead, zinc and silver, and Coane Range, which has known tin mineralisation.
The company plans to drill 30 holes reverse circulation holes at McCauley Creek and another 60 at Coane Range, with a view to provide a JORC-compliant resource for both prospects as soon as possible.
mining news
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