Leyshon Resources
Leyshon Resources (ASX: LRL) has a proud history as one of Australia’s most financially successful gold mining companies having produced over 2.7 million ounces from its Mt Leyshon Gold Mine in Queensland and distributed over A$300 million dollars to its shareholders over its 15 year life.
Today Leyshon has divested its Australian mining and exploration interests and is focused on the Zheng Guang project in Heilongjiang, northeast China. Zheng Guang has estimated the resource of 1.21 million ounces of gold, 94,000 tonnes of zinc and 3.72 million ounces of silver. The company forecasts annual revenues of 90 mln usd from the project at current metal prices, and EBITDA of 54 mln usd on cash operating costs of some 155 usd per ounce.
Leyshon Resources suspended pending announcement on Zheng Guang project disposal
Thursday, September 17, 2009
Trading in Leyshon Resources Ltd (AIM & ASX:LRL) shares has been suspended on London’s AIM market pending an announcement concerning the proposed disposal of Leyshon’s interest in the Zheng Guang gold zinc project.
The company will make a further announcement as soon as the contractual terms have been finalised and certain conditions have been satisfied, at which time trading in the shares is expected to recommence.
Leyshon said in February 2009 it was is considering selling the Zheng Guang project in Heilongjiang in northern China to realise value from the business. It was considering various options to fund the development of Zheng Guang but found it difficult to secure funding on attractive terms in the then prevailing economic climate.
It had said it received a number of approaches regarding the potential sale of its interest in the project and progressed these parties under confidentiality agreement.
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