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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Jul 10, 2013
64708_rns_2013-07-10_b60308cc-9615-42bc-a601-2d8305889267.pdf
Capital/Financing Update
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ASX Release 11[th] July 2013
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Funding update - Mt Adrah drilling program
Sovereign Gold Company Limited ACN 145 184 667
Level 2, 131 Macquarie Street Sydney NSW 2000 Tel: +61 2 9251 7177 Fax: +61 2 9251 7500
Contact Michael Leu CEO
email: [email protected]
Latest News www.sovereigngold.com.au
Directors / Officers John Dawkins AO Michael Leu Peter Meers Jacob Rebek
Today’s market announcement, “1 KM Visual Mineralisation Hobbs gold bearing deposit”, has generated numerous calls from investors, brokers and analysts seeking clarification of costs and ongoing funding requirements for the Mt Adrah drilling program.
At the end of May 2013, cash and receivables for Sovereign Gold Group were approximately $1.5m.
Cost of the initial hole (1,030m) at the Hobbs Pipe 1 deposit, including assays and analysis, is in the order of $300,000.
The next planned drill hole (GHD004) is a sub-vertical, angular hole to test the width of the Hobbs Pipe 1 deposit.
Expected cost is also in the order of $300,000.
In order to preserve existing funds, Sovereign Gold has made arrangements to place up to $500,000 worth of shares it currently holds in Precious Metal Resources Limited (ASX: PMR) (SOC: 81.26%) to professional and sophisticated investors to fund the next planned 1000m hole.
For further information please contact:
Michael Leu, CEO Telephone: +61 2 9251 7177
ASX Symbol: SOC
Media enquiries:
Rebecca Lawson, Mercury Consulting Mobile: +61 432 398 122
Qualifying Statements
The information in this Report that relates to Exploration Information is based on information compiled by Michael Leu who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.
Mr Leu is a qualified geologist and is a director of Sovereign Gold Company Limited. Mr Leu has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources. Mr Leu consents to the inclusion in this announcement of the Exploration Information in the form and context in which it appears.