Orbis Gold (ASX:OBS) should trade substantially higher when it resumes trading after appointing Merrill Lynch as its defence adviser.
Orbis is also currently in a trading halt, pending results of a Scoping Study update.
The trading halt will remain in place until the release of an announcement or 10am on Wednesday, 15th October 2014.
Merrill Lynch's appointment follows recent confidential approaches made to Orbis in relation to a range of transactions at corporate and asset level.
Orbis is committed to advancing its flagship Natougou Gold Project in Burkina Faso to production and to growing its high-grade mineral resource inventory through ongoing exploration.
Last month, Orbis entered into binding agreement for Greenstone Resources to purchase US$20 million worth of new shares at A$0.42 per share, which represented a substantial premium to Orbis’ share price at the time.
Orbis is now fully funded to advance the Natougou Gold Project to a construction decision, with capacity to complete a Definitive Feasibility Study, advance the Nabanga Gold Project, and continue exploration activities on other gold targets in Burkina Faso and Cote d'Ivoire.
Natougou is a large-scale high-grade gold deposit, with a Resource of 15 million tonnes at 3.7g/t gold for 1.8 million ounces.
A Scoping Study delivered a positive result indicating potential for a low cost open pit mine production up to 213,000 of gold per annum over an initial 6.2 year mine life.
Shares last traded at $0.42 and a market capitalisation of $100 million.
