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Xanadu Mines Ltd to reveal raising

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Mongolian-focused Xanadu Mines Ltd (ASX:XAM) is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

Xanadu has several company making projects within the country.

Recently, Xanadu discovered shallow, high grade gold at its 90% owned Oyut Ulaan copper-gold project, with drilling identifying up to 589.96 g/t gold.

The 79.5% owned Kharmagtai project is located in south Gobi, which contains a 203 million tonne JORC resource with 680,000 tonnes of copper and 2.2 million ounces of gold.

The halt will remain in place until the opening of trade on Monday 20th June 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Xanadu Mines Ltd

Price: 0.043 AUD

ASX:XAM
Market: ASX
Market Cap: $35.48 m
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Full interview: Xanadu Mines boosts flagship Kharmagtai project in Mongolia...

Xanadu Mines Ltd (ASX:XAM) (TSE:XAM) chief executive officer and managing director Dr Andrew Stewart tells Proactive about the increasing oxide gold being found following a recent scoping study at the company’s flagship Kharmagtai Copper-Gold Project in Mongolia. Dr Stewart says the top of...

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