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Xanadu Mines in trading halt ahead of capital raising announcement

A recently completed scoping study for an open pit development at the Kharmagtai project confirmed the viability of near-surface copper and gold mineralisation.

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Xanadu is a copper and gold exploration company with a focus on Mongolia

Xanadu Mines Ltd (ASX:XAM) has an announcement pending on the outcome of a proposed capital raising and has been granted a trading halt by the ASX.

The halt will be in place until the beginning of trade on Tuesday, June 18, 2019, or when an announcement is made to the market, whichever occurs earliest.

Shares in the Mongolian focused copper-gold explorer last traded at 6.1 cents.

READ: Xanadu Mines upbeat about strong copper market fundamentals

The company’s managing director and CEO Andrew Stuart spoke at Proactive’s CEO Sessions in Melbourne and Sydney last month about the annual copper shortage of up to 10 million tonnes which is forecast by 2027.

He said the company was well placed to help meet this shortage with its Kharmagtai project in southern Mongolia “marching towards” being a tier-1 discovery.

Ongoing drilling is returning broad, high-grade results which look certain to add to the existing resource.

READ: Xanadu Mines in prime position with Mongolian copper project iced with gold

The project already has an open cut resource estimate of 598 million tonnes containing 1.9 million tonnes of copper and 4.3 million ounces of gold.

Within this is a shallow open pittable high-grade resource of 54 million tonnes at 0.86% copper equivalent for 317,000 tonnes of copper and 1.13 million ounces of gold.

Quick facts: Xanadu Mines Ltd

Price: 0.032 AUD

ASX:XAM
Market: ASX
Market Cap: $22.81 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...

on 4/9/19

2 min read