AuStar Gold Limited (Mantle Mining Corporation)
AuStar Gold Limited (Mantle Mining Corporation)
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Australian explorer Mantle has named experienced mining engineer and executive Tammo de Vries as CEO to lead it through the start of drilling and development activities at its high-grade underground Morning Star gold mine in the Walhalla-Woods Point goldfield in Victoria.
While de Vries takes on the leadership as a contractor on a daily rate, working from a base at Woods Point, Mantle's current exec director Dr Rick Valenta will transition to a non-executive role and consulting geologist.
People have been trying without success for over a century, but Australian explorer Mantle reckons it's the first to crack the secret of the high-grade gold potential of the Morning Star mine in the fabled Walhalla-Woods Point field 120km east of Melbourne.
Its former flagship Norton gold project near Gladstone in Qld will go on care and maintenance as Australian explorer Mantle accelerates plans to reopen the newly acquired Morning Star gold mine in eastern Victoria.
New exec director Dr Rick Valenta says 95%-owned Morning Star, in the heart of the historically prolific Walhalla-Woods Point field, is significantly larger and higher-grade than Norton. It will immediately start a program to return the mine to production.
Mantle says it's fully funded to re-start production at the Norton gold mine in Qld, Australia thanks to a $A1M placement of 100M shares at 1cps to high net-worth investors. First production is anticipated within months at Norton.
MD Ian Kraemer says the placement strengthens Mantle's share register as well as its balance sheet. The funds will also support development of its Morning Stat project in Victoria.
Australian explorer Mantle is preparing to implement a mine operations contract as part of the accelerated schedule after completing $A2.7M funding for the return of the Norton gold mine 100km south of Gladstone, Qld to production.
Mantle has also begun bulk sampling and has reached final engineering design and delivery schedules for the processing plant.
Australian explorer Mantle has secured about $A2.7M funding for the initial acquisition payments for 95% of Victorian miner Morning Star and restart its namesake gold mine as well as the continued development of the Norton mine in Qld. The funding comes from a placement of 1M shares at 1cps alongside the 66% second tranche of its $2.5M placement of 250M shares at the same price announced in Nov 2015.
MD Ian Kraemer says the funding underpins the next stage of work towards bringing Mantle's 2 gold projects into production.
Australian explorer Mantle has sustained its second project funding setback of the year, failing to reach agreement on a merger with unlisted International Base Metals Ltd that would have brought it $A16.5M in development funding for its Morning Star Gold acquisition in Victoria and Norton project in Queensland.
It follows the decision in January not to pursue a $1.5M deal with machinery supplier and trader China Success International. Mantle says it's committed to completing the Morning Star deal and bringing it and Norton into production.
Mantle has reached a non-binding agreement to raise $A16M via a "merger of equals" with cashed-up unlisted Australian explorer and developer International Base Metals.
The companies say their merger - to be effected by the issue of shares - will fund development of Mantle's Norton and Morning Star gold mines and other projects, and enable the review and acquisition of other projects. IBML will nominate 3 members to Mantle's current 3-member board.
Mantle Mining is ready to begin development and construction work for the Norton gold mine in Queensland after enlisting machinery, processing equipment and trading company China Success International as its development and off-take partner.
Australian explorer Mantle will begin development immediately after finalising a $A1.5M funding and development-plus-offtake agreement with Hong Kong-based machinery, processing and trading company China Success International for its Norton gold mine 100km south of Gladstone in Qld.
Mantle says the deal, including off-take of the first 3 years of high-grade concentrate, enables it to bring the Norton mine into production by mid-2016.