Kingston Resources Ltd (ASX:KSN) has a capital raising announcement pending and has been granted a trading halt by the ASX.
The company’s securities will remain in trading halt until the beginning of normal ASX trade on Wednesday, May 27, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 18.5 cents and have been in an upward trend since closing at 7 cents on March 23.
Misima resource update
Kingston recently boosted the gold bounty of its Misima project in Papua New Guinea by 15% to 3.21 million ounces with silver resources also up 30% to 18.2 million ounces.
The new resource which incorporates results of recent successful drilling programs and updated gold price assumptions is 105 million tonnes at 0.93 g/t gold and 5.4 g/t silver.
It also delivered a 17% increase in total indicated gold ounces, which are available for conversion to ore reserves, to 49.9 million tonnes at 0.95 g/t for 1.52 million ounces.
At the time managing director Andrew Corbett said: “This is a great result for Kingston shareholders, with the substantial increase in gold and silver ounces firmly establishing Misima as one of the most exciting new mid-tier gold development opportunities in the Asia-Pacific.
“The significant increase in overall ounces, and in particular the 17% increase in indicated ounces to 1.52 million ounces, provides a fantastic platform from which to launch our mining studies.”
