Gold-focussed Excelsior Gold (ASX:EXG) is heading to market with a capital raising, with the ASX granting a trading halt to allow the company time to prepare.
Excelsior is advancing the Kalgoorlie North gold project in Western Australia, which currently hosts: 1.37Mozs of gold resources – 23.7Mt at 1.80g/t gold at 0.6 and 3.0g/t gold cut-offs.
The reserve is 0.49Mozs of ore reserves – 7.6Mt at 2.00g/t gold.
Excelsior has the potential to produce in the near-term, with a processing term sheet signed with Norton Gold Fields (ASX:NGF) in June 2014, including:
- Minimum 500,000tpa allocation at Paddington Mill for 5 years with option to extend; and
- Similar cost structure to PFS standalone option at <20% capital requirement.
There is also the potential for a future standalone development.
The halt will remain in place until the opening of trade on Monday 29th September 2014, or earlier if an announcement is made to the market.
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