shield mining set for african adventure

Shield Mining set for African adventure
September 27, 2006 - 3:31PM

West Australian gold and base metals explorer Shield Mining Ltd has wasted no time getting its hands dirty, announcing an immediate start to its African exploration program only minutes after listing on the Australian Stock Exchange.

Shield Mining has had a steady first day on the ASX, with stock opening at 20 cents, and at 1515 AEST trading one cent lower at 19 cents.

The float follows an oversubscribed initial public offer of 7.5 million shares at 20 cents each.

Champing at the bit to get started, Shield Mining CEO David Netherway used the explorer's listing to announce commencement of a gold and base metals exploration program in Mauritania, in West Africa.

The program will include a reassessment of geological data and "initial on-the-ground exploration," Mr Netherway said.

"With the successful IPO and now today's listing on the ASX, Shield Mining is now fully staffed up for an aggressive exploration program on its licences.

"Our initial target is the Conchetta-Florence licence in the north of the country (Mauritania) and which includes a 160km strike length of shear hosted gold prospects.

"Previous work on this area was carried out in the 1980s and preliminary findings indicated significant exploration potential for mesothermal gold and base metals and iron oxide copper gold."

Mr Netherway said Shield Mining also had a further four exploration licences in northern Mauritania, covering a total area of 7,381 square km, with six other licence applications pending.