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Stonewall Resources to consolidate shares and change its name to Theta Gold Mines

The re‐branding is in line with the focus on start-up gold mining at the Theta Hill Open‐cut Project.

Theta Hill project area
Theta Hill is a near-term open-pit gold mine opportunity

Stonewall Resources Ltd’s (ASX:SWJ) shareholders will vote at the AGM on November 30, 2018  to consolidate its shares and options on a 10:1 ratio and to change company name to Theta Gold Mines.

The re‐branding is in line with Stonewall’s strategy to focus on start-up gold mining at its Theta Hill Open‐cut Project in South Africa.

READ: Stonewall Resources Theta Hill scoping study supports open cut gold mine

Stonewall recently received positive scoping study results from Theta Hill which has a shallow, high-grade resource of 4.5 million tonnes at 4.14 g/t gold for 600,000 ounces.

Theta Hill is a near-term open-pit gold mine opportunity and the resource has been estimated within the confines of an open pit shell with a maximum depth of 100 metres.

The scoping study indicates a net present value (NPV) of US$152 million, 7.6-year mine life operation, capital cost of US$16 million and gold production of 67,000 ounces per year.

 

The company is now drilling for reserves to get the impetus for production.

Stonewall expects to complete funding and to take a decision to mine in 2019.

Relative valuation

Quick facts: Theta Gold Mines Ltd

Price: 0.16 AUD

ASX:TGM
Market: ASX
Market Cap: $69.87 m
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Theta Gold Mines successfully enters subscription agreements for $8 million

Theta Gold Mines Ltd (ASX:TGM) chairman Bill Guy updates Proactive Investors on the release of a positive feasibility study for the Theta project to support further exploration on the large historical goldfield in South Africa The company also has completed a capital raising with subscription...

on 12/8/19

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