logo-loader

Northwest Resources MD continues on market buying

Last updated: 12:50 15 Oct 2012 AEDT, First published: 11:50 15 Oct 2012 AEDT

no_picture_pai

Northwest Resources’ (ASX: NWR) managing director John Merity has invested a further A$25,300 on-market to increase his shareholding in the company.

Merity now holds around 3 million shares and 5 million performance rights after acquiring an additional 220,000 shares for an average entry price of $0.115.

Northwest recently received firm commitments for an underwritten private placement to sophisticated and professional investors in Australia to raise around A$3.15 million.

The funds will be used to finalise the Definitive Feasibility Study and material permitting for the Blue Spec Shear Gold-Antimony Project in Western Australia.

The Blue Spec Shear Project has the potential to come into production in 2013/2014 as a high grade narrow vein underground mining operation producing a gold enriched antimony concentrate for direct sale.

A recent Scoping Study indicates the Blue Spec Shear Project will be a low CAPEX, low cost, high margin project.

The project is shown to compare favourably to other Western Australian high grade, narrow vein gold projects.

The Blue-Gold Spec Project has a resource of 329,000 ounces at an average grade of 15.8 grams per tonne gold.

Northwest is planning to undertake an infill diamond drilling program at the Blue Spec and Gold Spec deposits to enable a maiden Ore Reserve estimate for the project to be prepared.


Northwest Resources' John Merity speaks with investors 17 October



***Northwest Resources will be presenting at the upcoming Proactive Investors “Stars in 2012” One2One Forum in Sydney on 17 October. CLICK HERE TO REGISTER***



Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 30 minutes ago