Sihayo Gold (ASX: SIH) is a mineral exploration company with gold exploration projects in Indonesia.
Sumatra oriented Sihayo Gold (ASX:SIH) will issue 42,490,358 fully paid ordinary shares at $0.15 each, with a new Indonesian based investor entering the share register.
A total of $13 million was raised in two tranches to complete the final stage of the Definitive Feasibility Study at the Sihayo Pungkut Gold Project.
The current Sihayo‐Sambung JORC Resource is 16.3 million tonnes at 2.7 g/t gold for 1.425 million ounces of gold.
Recent infill drilling designed to convert the 123,200 ounce resource at Sambung into the higher confidence Indicated category.
The infill drill results included 15 metres at 4.26 g/t gold from 57 metres and 6.85 metres at 3.35 g/t gold from 83 metres.
A resource update for ambung is due in May 2012.
On current market cap., with gold resource ounces and update due, valuation looks light for Sihayo Gold at $120 million.
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