Hello everyone,, its going to be a great 6 weeks for us!! And a great 2011! Exciting time for the company and its investors!!! There is more and more attention on gold in the Ukraine. Just a example below, thats all. Cheers and we think there will be atleast 2 exciting prs this week!!
PERTH (miningweekly.com) – ASX-listed Korab Resources has taken full ownership of the Bobrikovo gold mine, in the Ukraine, after acquiring the outstanding 26% shareholding from a Ukrainian investor.
The project was now held by Korab subsidiary Lugansk Gold, which was spun-off in July.
Lugansk would seek admission to trade on the ASX during September, following an initial public offering (IPO) of between A$50-million and A$55-million. Korab shareholders would receive a priority allocation in the IPO ahead of other investors, and were being offered one Lugansk share for every three Korab shares, or A$2 000 worth of shares, whichever was the greater.
The IPO issue price was expected to be around 30c a share.
Korab reported that Lugansk would be developing a one-million ounce gold mine at Bobrikovo, through its subsidiary Donetsky Kryzah (DKL).
A gravity processing plant was being redesigned to increased the mine’s production capacity to 60 000 oz/y, and current definitive feasibility studies have indicated that the mine had the potential to be a low-cost producer, at around $250/oz.
The construction of the plant at Bobrikovo was expected to start shortly, after the successful completion of the IPO, with gold production expected to start in early 2012.
The mine is fully permitted and was currently mining and stockpiling oxide ore.
Bobrikovo has a Joint Ore Reserves Committee-compliant mineral resource of around 20,25-million tons, at 1,55 g/t gold, for more than one-million ounces of gold.
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