sumatra copper & gold plc to list on asx

Indonesian gold explorer Sumatra Copper & Gold plc to list on ASX.

Wednesday , 09 Sep 2009
www.mineweb.com

Sumatra Copper & Gold plc - Planned ASX IPO

•Indonesian gold explorer Sumatra Copper & Gold plc to list on ASX
•2.0 million oz gold resource already defined
•6,000 sq km tenement package, including sites of former higher grade mines
•A$12 million raising at A$0.20 per security
Sumatra Copper & Gold plc ("Sumatra" or "the Company"), an exploration company focused on developing gold/silver projects on the island of Sumatra in Indonesia, is pleased to announce that an offer of shares in the Company is now open in Australia.

Sumatra plans to raise A$12.0 million for drilling, exploration and operating/financing costs, via the issue of 60 million new Chess Depositary Interests (CDIs) for Shares, under a prospectus lodged with the Australian Securities and Investments Commission on 25 August 2009. Argonaut Securities has been appointed Corporate Adviser and Lead Manager to the Offer.

Trading on the Australian Securities Exchange is expected to commence in late September.

The Company has a 92.5% economic interest in approximately 6,000 square kilometres of tenements in central Sumatra, incorporating the sites of three former epithermal gold-silver mines which, prior to mining, hosted more than a million ounces of gold each.

Since the Company was formed in 2006, a global mineral resource inventory totalling approximately 2.0 million ounces of gold and 22.3 million ounces of silver has been defined in the project areas.

Sumatra's Managing Director, Jocelyn Waller, commented:

"We are extremely pleased with the high level of interest already expressed by prospective institutional and retail investors in this offer of shares in Sumatra Copper & Gold. It is clear that an ASX listing makes good sense, given our Company's focus on the geologically exciting island of Sumatra, in Indonesia.

"Also, particularly given the known location of former higher grade deposits, we are of the view there is good scope for the Company to enhance shareholder value quickly and effectively."
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ASX : SUM ?