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Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: ASX:SAU
News: Latest news
Web Site: Southern Gold
Other Articles: 09-12-200908-12-200902-12-2009

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Southern Gold

Southern Gold

Southern Gold is a gold focused resources business with advanced exploration assets within Australia and Cambodia.

Thursday, November 26, 2009

Southern Gold raises $5 million to fund gold exploration in Australia and Cambodia

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Southern Gold (ASX: SAU) is ramping up in Australia and Cambodia after raising up to $5 million to progress exploration on the company’s highly prospective gold projects in both countries.

The funds were raised through the placement of up to 40 million ordinary shares at an issue price of 12.5 cents per share.

In Australia, the exploration programme will primarily involve drilling on the Bulong Gold Project in Western Australia, following‐up a recent outstanding

gold intersection of 66 metres at 2.9g/t gold which was intersected in joint funded drilling amid a range of multiple large gold intersections on the

boundary of the Bulong South Project, 30 kilometres southeast of Kalgoorlie.#

Follow‐up reverse circulation and diamond drilling will be conducted on the Challenger Area Gold Project in South Australia, where Dominion Mining Limited

has recently elected to commence co‐funding exploration to maintain its 49% Joint Venture interest.

A significant RC drilling programme will commence at Bulong in early December.

In Cambodia, Southern Gold will progress exploration on its four 100% owned tenements, where a small initial drilling programme returned excellent first pass

results which included 8 metres at 5.9g/t gold.

Exploration of Southern Gold’s other three tenements in Cambodia will continue to be fully funded by Japan Oil, Gas and National Corporation (“JOGMEC”), up

to a total of US$4.5 million, as JOGMEC earns a 51% interest in these three tenements.

A 7,000 metre diamond and RC drilling programme will commence in Cambodia imminently.

Southern Gold managing director Stephen Biggins said the company was delighted by the strong support for the placement and for Southern Gold’s exploration strategy.

"We are very excited by the recent gold exploration results achieved on each of our projects and eagerly await the next round of drilling which is scheduled

to commence in Australia and in Cambodia over the next few weeks," Mr Biggins said.

The placement shares will be issued in two tranches. The first tranche of shares comprising up to 21 million shares will be issued pursuant to Southern Gold’s ASX Listing Rule 7.1 capacity, while the second tranche of shares of up to 19 million shares will be subject to shareholder approval to be obtained at a general meeting of shareholders on or around 31 December 2009.

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