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Paynes Find Gold in trading halt pending convertible notes announcement

Paynes Find Gold in trading halt pending convertible notes announcement

Paynes Find Gold (ASX: PNE) has been granted a trading halt by the ASX pending the release of an announcement about the issue of eight convertible notes by the company.

The company expects to make an announcement on or before the commencement of trading on Monday 17th October, 2011.

The company completed a $1.2 million capital raising in the June quarter which helped to fund stage one drilling at the Paynes Find Gold Project, which is located between Geraldton and Kalgoorlie in Western Australia.

Exploration at the project during the quarter included reverse circulation drilling of 69 holes for 3800 metres, with the majority of holes intersecting gold mineralisation.

Significant intersections included the bonanza 2 metres at 50.5g/t from 22 metres, 2 metres at 19.0g/t from 39 metres, and 3 metres at 16.0g/t from 32 metres.

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