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New Talisman Gold Mines Ltd extends rights issue

Published: 09:30 07 Jun 2016 AEST

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New Talisman Gold Mines Ltd (ASX:NTL, NZX:NTL) has extended the closing date of its 3 for 1 pro-rata renounceable rights issue to Thursday 30th June 2016.

New Talisman extended the offer due to delays in offer documents reaching Australian shareholders in some parts of the country.

The issue date is expected to be Tuesday 5th July, with the quotation date now Wednesday 6th July.

As a consequence, rights trading will now end on the NZX Main Board at close of trading on the 24th June.


Bulk sampling program

The company is ready to initiate a lucrative bulk sampling program at the 100% owned Talisman gold mine in New Zealand.

Based on the average ore reserve grade of 10.8 g/t gold and the strong gold price, New Talisman has the potential to generate NZ$30 million per annum during the bulk sampling phase.

The successful development of the Talisman gold mine has enabled the company to attract institutional interest from globally significant entities such as Newcrest Mining Ltd (ASX:NCM) and Amer International.

The company is expected to soon finalise an agreement with Newcrest over the Rahu tenement, which lies immediately to the north and along strike from the Talisman Mine.

Amer International, a Fortune 500 major Chinese group with expertise in the manufacturing and metals industry are also potentially taking a significant stake in the New Talisman.


Background

New Talisman retains a 100% interest in the Talisman Mine and Rahu Project which is immediately to the north of the Talisman mine.

Historical production from the 10 mines situated within the current New Talisman mining permit is reported at over 4 million ounces of gold bullion at an average recovered grade of 23.1 g/t gold.

The company also holds 17.9 million shares in Broken Hill Prospecting Ltd (ASX: BPL) representing a current market value of circa $1.8 million.

 

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