smh likes tusker and idg

This story from today's SMH


Tusker gives 4 million reasons to be happy
BARRY FITZGERALD
December 7, 2009
If gold equities are flavour of the month it is doubly so when you're talking about African gold equities. That is why the $10 million float (50 million 20c shares) of Tusker Gold is going down a treat, with a listing likely on December 17 if all goes according to plan.

It's an unusual float in that Tusker comes to the market with a gold resource under its belt. More than 4 million ounces of the yellow stuff, if you don't mind.

Tusker, a spin-off by Indago Resources of Perth, takes its name from the Tusker gold deposit, a joint venture with the world's biggest goldminer Barrick Gold in the Lake Victoria region of Tanzania.

Tusker lies about 35 kilometres from Barrick's big Bulyanhulu mine, and it has a stock-exchange compliant resource estimate of 102 million tonnes grading 1.3 grams of gold a tonne (4.2 million ounces).

Tusker Gold has its foot on 49 per cent of the action and can increase its position to 68 per cent by taking the project through to the completion of a bankable feasibility study, with mid-2011 the target. Indago will own 67.5 per cent of Tusker after the float.