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D’Aguilar Gold's name change to reflect global mining portfolio

As part of the globalisation strategy, Nick Mather will step down as CEO of UK listed Solomon Gold and focus on building D'Aguilar's asset base.
D’Aguilar Gold's name change to reflect global mining portfolio

D’Aguilar Gold (ASX:DGR) will change its name to DGR Global Limited, as part of a strategy to form a world class resources company with interests across the globe.

This change is expected to be ratified by shareholders at the upcoming EGM called for 7 November 2011.

As part of the globalisation strategy, Nick Mather has resigned as the chief executive officer and managing director of associated company Solomon Gold effective at the end of this month.

D'Aguilar holds 35.2 million shares (12.4%) in Solomon Gold plc (LSE: SOLG) currently exploring for gold and copper in the Solomons and Queensland.

Mather will focus on building D'Aguilar's asset base.

The new CEO of Solomon Gold will be Malcolm Norris. Norris headed up the discovery of the Tujuh Bukit porphyry for Intrepid Mines (ASX:IAU), now a A$1.077 billion company.

D’Aguilar also holds 52 million shares (33%) in Mt Isa Metals (ASX: MET) currently exploring for gold in Burkina Faso, 58.85 million shares (53%) in AusNiCo(ASX: ANW) exploring for nickel sulphides, cobalt, gold and silver in south east Queensland, and 27 million shares (29%) in Navaho Gold (ASX: NVG) exploring for Carlin style gold in Nevada (US) and Queensland.

D’Aguilar has defined a 676,000 ounce gold resource equivalent so far at the Rannes project in Queensland.

Interestingly, the resource has been defined on only two of 22 prospects. These prospects now define a completely new 30 kilometre long province on the eastern edge of Queensland's prolific coal basin; the Bowen basin. 

A 2 million ounce gold equivalent resource is targeted in and around Rannes.

D’Aguilar has two rigs turning at its Nevada project and five projects will be drilled before mid-November. Two of these are on the 40 million ounce Cortez Pipeline trend where Barrick Mines (NYSE:ABX) made a recent 3.5 million ounce discovery.

D’Aguilar is progressing the Nevada project and corporate development of Archer Resources, which is focusing on the discovery and development of previously overlooked copper-gold-silver porphyry systems in Queensland, and IronRidge Resources, focused on the exploration and development of lateritised iron titanium systems in Queensland.

D’Aguilar is moving ahead with its planned IPO of Armour Energy, which completed a $14 million seed raising in early 2011.

It expects Armour to be trading on the ASX before Christmas this year. The A$75 million IPO is jointly managed by JP Morgan Australia and Deutsche Bank.

Armour is employing the successful precedent of shale gas technology transfers from the US to unleash the potential of the Macarthur, Georgina and south Nicholson Basins. On just two of the granted tenements, Armour is targeting approximately 20 trillion cubic feet of recoverable gas reserves plus 2-3 billion barrels of liquids.

The shale gas strategy in this area brings competition and strategic advantages of proximity to potential port sites and markets combined with low population densities and the likely absence of aquifiers.

Armour has already raised A$U14 million in seed capital, including A$4 million from Och Ziff Capital.

D'Aguilar's Nick Mather sees "the outlook for commodity prices over the next 20 years as robust".

D'Aguilar has established a project generation base in London, and Amanda Geard and Barry Stoffel have been engaged to provide new opportunity generation capabilities for the group.

The London base will provide coverage predominantly over the Middle East and Africa with a focus on bulk commodities; particularly iron ore, bauxite and fertiliser feedstock, potash and phosphate.

D'Aguilar will focus on the initial generation of substantial new high grade iron ore projects for Iron Ridge Resources, D'Aguilar's iron, titanium and bauxite exploration subsidiary.

D'Aguilar sees the appointment of Norris as strengthening Solomon Gold, as the south west Pacific gold specialist evolves from an explorer to the feasibility and development stages of its lifespan.

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