Article in the Kalgoorlie Miner Saturday Aug 25.Phoenix Emerges...

Article in the Kalgoorlie Miner Saturday Aug 25.

Phoenix Emerges as takeover target. By Jarrod Lucas

Phoenix Gold continues to emerge as an attractive takeover target as the Kalgoorlie-based explorer reached a major milestone this week, growing the resource at its flagship Castle Hill project beyond one million ounces.

(some key points from the article)

* In two years Castle Hill has grown its resource by 40% to 1.05Moz
* Patersons said the company is a compelling t/o target due to its growing resource and suppressed equity price
* Jon Price is aware of investor interest. " There are envious people looking over the fence at us. We would never not talk to people, but the value has to be there for shareholders. "
* Phoenix's total resource 41Mt at 1.7g/t for 2.24Moz, a fourfold increase since listing
* Castle Hill is fast becoming the latest large-scale gold discovery in WA and we have barely scratched the surface
* Last week African-focused Carbine Resources became the second largest shareholder
* Phoenix has identified 400,000oz at Kintore. " The recent Kintore deal will give us near complete ownership over the large gold system and is clearly demonstrating its multi-million ounce potential, " Mr Price said
* " Our focus is now squarely on growing this resource below the current 80m "
* Phoenix aims to reach a mineral resource of 2.5Moz by December
* Diamond Drilling results are expected in two to three weeks

DYOR - SUT