viewSouthern Gold Limited

Southern Gold managing director shows faith in the company through on-market purchases

Simon Mitchell is a geologist and finance executive with more than 26 years of resources industry experience in technical and corporate roles.

Southern Gold Ltd - Southern Gold Ltd managing director shows faith in the company through online purchase
Mitchell was previously managing director of Asiatic Gold Ltd, an unlisted public company with gold projects in South Korea

Southern Gold Ltd’s (ASX:SAU) managing director Simon Mitchell has demonstrated his faith in the company's South Korean gold strategy through the purchase of shares in on-market transactions.

Mitchell has acquired 150,000 shares in three transactions with a total value of almost $24,900 for an indirect interest.

The shares were purchased at 15 cents, 16 cents and 17 cents per share, increasing the total number of securities held to 830,000 shares.

Australian exploration assets sold

The company has recently completed a binding sale and purchase agreement with Aurenne Group Holdings Pty Ltd to sell its Australian exploration assets to the Sydney-based private gold mining company for $2.5 million cash.

Assets sold to Aurenne included the Bulong South, Glandore and Cowarna gold projects, as well as the Cannon Gold Mine within Bulong South, which is currently on care and maintenance.

The sale process was managed by PCF Capital Group and involved several stages of bidder selection due diligence and commercial negotiation.

South Korean portfolio

Funds from the sale will go towards drilling operations at the company’s epithermal high-grade South Korean gold-silver project.

The company owns a substantial portfolio of high-grade gold projects in South Korea that are largely greenfields epithermal gold-silver targets in the southwest of the country.

Southern Gold aims to find world-class epithermal gold-silver deposits in a jurisdiction that has seen very little modern exploration.

Quick facts: Southern Gold Limited

Price: 0.16 AUD

Market: ASX
Market Cap: $14.13 m

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on 23/11/19

2 min read