Sumatra eyeing $12m on debut.September 14,...

Sumatra eyeing $12m on debut.

September 14, 2009.
http://iphone.theaustralian.com.au/stories/52148

INDONESIAN gold explorer Sumatra Copper & Gold has chosen Australia to make its stockmarket debut.

The resources company hopes to raise $12 million from its initial public offering on the Australian Securities Exchange when it lists later this month. The company’s main focus is developing gold and silver projects on the island of Sumatra. It plans to spend the money raised from its stockmarket float on drilling and exploration projects.

“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,” Sumatra managing director Jocelyn Waller said.
“It is clear that an ASX listing makes good sense, given our company’s focus on the geologically exciting island of Sumatra, in Indonesia.” The company has a 92.5 per cent stake in around 6000sqkm of tenements in central Sumatra.

These include three former epithermal gold-silver mines which each have an estimated one million ounces of gold. Since its formation in 2006, the company has established a global mineral resource inventory of about two million ounces of gold and 22.3 million ounces of silver.