BLK.ax/BKHRF +.025 to A$.545
JUNE 24, 20169:18AM
Shares in Western Australian gold producer Blackham Resources have soared after major US growth fund Hunter Hall acquired a 9.8% stake in the company.
Hunter Hall is one of the world's premier gold investment funds having previously supported emerging Australian gold companies Doray Minerals and St Barbara Mines.
Blackham will commence gold production at its Wiluna gold plant in outback Western Australia in a matter of weeks and has recently revised its reserves estimates up to 7 million ounces of gold, which has extended the anticipated mine life of the project to over eight years.
News that a major institutional investor had acquired 24.7 million Blackham shares from Orion Fund JV Limited was announced to the ASX on Tuesday this week, but the identity of the new investor was only confirmed this afternoon.
Blackham's share price closed at 52 cents on Thursday, but is expected to gain momentum as the market absorbs the significance of the Hunter Hall stake.
Originally published as Blackham soars on US investor stake
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