Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: SBL
News: Latest news
Web Site: Signature Metals
Other Articles: 19-01-201011-01-201021-12-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Thursday March 11, 10:17Eco Animal Health Group: moves into US and China could be transformational

Aivlosin® now accounts for more than half of global sales for ECO. Sales in China during FY 2009 were more than 60% ahead of the previous year, and expectations for FY 2010 indicate similar progress.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Thursday March 11, 07:27BP shells out US$7 billion for Devon Energy's assets in Brazil, Gulf of Mexico and Azerbaijan

In addition, BP will sell to Devon Energy a 50 percent stake in BP's Kirby oil sands interests in Alberta, Canada, for US$500 million.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Tuesday March 09, 09:55Nidec Corporation adds third factory and laboratory in Dalian City, China

Nidec Corporation (NYSE:NJ), the Japan headquartered manufacturer of small-to-mid-size motors, fan motors, and pivot assemblies, is to expand its presence in China through the construction [...]

FULL ARTICLE ►
Signature Metals

Signature Metals

Signature Metals Limited is an Australian based minerals exploration company whose primary objective is to deliver long-term shareholder value. The Company strives to achieve this through the discovery, acquisition and development of economic mineral deposits.
Monday, December 21, 2009

Signature Metals completes acquisition of Konongo Gold Project

company news image

Minerals explorer Signature Metals (ASX: SBL) has exercised an option to acquire 70% of the Konongo Gold Project from Mwana Africa.

The move gives Signature Metals a majority holding in a million ounce resource in the world class Ashanti Gold Belt of Ghana.

The property has outstanding exploration potential as well as the opportunity to rapidly move into production through a CIL plant and associated infrastructure on site.

Managing director Bill Oliver said the decision to acquire the project followed receipt of final approvals from the Minister of Lands, Forestry and Mines in Ghana as well as from the Ghanaian Minerals Commission.

Encouraging initial results from the Company’s mining study into the Konongo Gold Project, coupled with outstanding drill results, have led all parties to the agreement to agree that the best way to develop the project is under the ownership of Signature Metals.

The Company will issue 50 million shares to Alpina Group (a wholly owned subsidiary of Mwana Africa PLC) to settle the transaction. Approval for the issue was granted by shareholders at last month’s AGM.

Under the terms of the agreement a further payment of 50 million shares or A$1 million cash will be made once the project achieves 1 million ounces in Measured and Indicated JORC resources. A final payment of A$3 million in cash or shares will be made following the production of 100,000 ounces of gold from the project.

The project currently contains JORC Code compliant resources of 15 million tonnes at 2.0g/t gold in the Indicated and Inferred categories, representing over 975,000 ounces of contained gold.

As previously announced initial drilling results include 14 metres at 5.44g/t gold from 129 metres, including 5 metres at 9.39g/t gold from 129 meters, including 4 meters of stope material from 134 metres; 3 meters at 10.4g/t gold from 159 metres, 10 metres at 5.70g/t gold from 173 metres, including 4 metres at 10.4g/t gold from 174 meters and 4 meters at 10.5g/t gold from 127 metres.

Diamond drilling continues on site and an RC rig has been contracted to commence in January.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Other Signature Metals articles


Other Signature Metals news

More news ►

Investors interested in Signature Metals recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.