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Mining Group asks for trading halt

Mining Group asks for trading halt

Mining Group (ASX:MNE) has requested a trading halt for its shares, pending a proposed capital raising.

The halt will last until 19 March 2013 pending the release of an announcement.

Recently, the company successfully intercepted down dip gold mineralisation in first pass drilling at the Taub Prospect in the Philippines, an area that has not previously been drilled.

Taub is a newly discovered gold prospect about 7.5 kilometres north of the Tagpura copper deposit.

Mining Group previously identified a high grade gold bearing quartz vein system that continued for 300 metres of strike and is around 200 metres wide.

Trench samples confirmed the high grade potential returning up to 52.45g/t gold and 169.7g/t silver, including 4 metres at 17.75g/t gold and 51.45g/t silver.

Zeff Reeves, managing director, commented of the news: "Drilling at Taub has confirmed the potential for the Taub/Ugpo area to host a near surface gold deposit."

 

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