Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Gold related post (KGC) ***

>>>Probably will be very boring in the miners for a few weeks now. Except KGC that one may have something going on. g<<<
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I don't think KGC's 'news' has been all that good and fwiw, I'm looking to reshort it somewhere above $6.50 if the opportunity arises.


Consortium buys Kinross gold holdings, mulls float
August 02, 2005

An investment consortium, including the nephew of colourful former magnate Joseph Gutnick, is eyeing a multi-million-dollar float in the coming months after yesterday striking a deal to buy Canadian miner Kinross Gold's extensive gold holdings around Norseman.

Kinross, which put the big tenement package on the block earlier this year, yesterday executed a sale agreement with the Australian Gold Investments (AGI) consortium for an undisclosed sum.

An unlisted public company, AGI's sole listed director is Sholom Feldman, the son of Mr Gutnick's estranged sister Pnina Feldman. Mr Feldman was previously the general manager of Diamond Rose, the diamond and gold explorer chaired by his mother until March.

The consortium also includes a number of New York-based private investors as well as Malaysian-born businessman Siew Hong Koh and Sydney-based mining investor David Evans.

Mr Evans previously helped negotiate the sale of Kinross' big Guanaco gold-silver mine in Chile to Diamond Rose in 2002, and also vended a number of tenements around Widgiemooltha into the float of Bill Ryan's Jupiter Mines in 2003.

Speaking from Sydney, Mr Evans - who will join the board of AGI today - said the consortium planned an aggressive development strategy for the Kinross ground to establish production by the end of 2006 and start building a substantial mid-tier mining group.

The collection of tenements, hosting low-grade resources in excess of 1.3 million ounces, is believed to be the second biggest Norseman landholding behind Kalgoorlie company Croesus Mining's Central Norseman operations.

"With our backers internationally, I think we can get the money we need - maybe $20 million, or in the range of that sort of figure - to become a producer down there near Croesus and really go for it," Mr Evans said.

"We're going to move it along very quickly once we get control over the next few weeks and I think within 12-18 months we could be in production."

Mr Evans said Kinross had pursued a large-tonnage low-grade development, but the AGI consortium would target high-grade zones already identified as the basis for an early start-up.

http://www.thewest.com.au/20050802/business/tw-business-home-sto131868.html