AI assistant
DGR GLOBAL LIMITED — Capital/Financing Update 2013
Sep 26, 2013
64771_rns_2013-09-26_80626d90-88aa-4a5f-acdb-a16c4ddb0fb1.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [241 x 97] intentionally omitted <==
ASX Announcement
27 September 2013
Project and Corporate Update
The Directors of Navaho Gold Limited (ASX:NVG, Navaho) would like to provide shareholders with the following project and corporate update ahead of the publication of the Company’s Annual Report and the convening of the upcoming AGM in November.
Project Update
As with many junior and greenfields exploration companies around the world, the past 12 months has been a testing time for Navaho Gold. As previously communicated to the market, the Company has responded to the tightening of capital markets and the global pull‐back on commodity interests by embarking on a sustained program to cut its corporate and administrative costs in order to preserve future value for shareholders. This has included Directors and Management taking 50% of their fees as shares, and DGR Global also agreeing to take part of its administrative fee as shares.
The Company recently undertook a review and rationalisation of its portfolio of gold projects to coincide with the yearly renewal process in America which falls at the end of August.
Navaho has retained its interests in its two most prospective Nevada projects, being Utah Clipper and Carlin East, whilst relinquishing its interests in the other Nevada projects given their renewal and exploration spending requirements. With regard to Utah Clipper, Navaho has crystallised its 51% interest, and Carlin East has been retained without a minimum commitment to exploration expenditure.
With regard to its interests in the New Mexico project alliance, all of the gold‐silver projects have been retained, but the project areas have been trimmed as part of the renewal process. Navaho has crystallised its 50% interest in these projects.
In Queensland the Company is still working with Alcyone Resources Limited towards finalising the transfer of a 900km[2 ] tenement package to Alcyone, and has relinquished its other tenement interests due to their expenditure commitments.
Corporate Update
In order that DGR Global maintain its relative holding in Navaho of approximately 27% prior to the recent placement (in which DGR could not participate without approval) and Shareholder Share Purchase Plan, Navaho will include a resolution at the upcoming AGM seeking approval for a placement to DGR Global of up to 22 million shares at 1.2 cents per share (being the price for the SPP) for a total of up to $264,000.
Navaho Gold Ltd ACN 068 958 752 Level 27, 111 Eagle Street GPO Box 5261 Brisbane QLD 4001 p +61 7 3303 0650 f + 61 7 3303 0681 e [email protected] w www.navahogold.com
==> picture [241 x 97] intentionally omitted <==
==> picture [429 x 427] intentionally omitted <==
Figure 1: Location Map for the Company’s Nevada and New Mexico Projects
==> picture [134 x 25] intentionally omitted <==
Karl Schlobohm Company Secretary
For further information contact:
Mr Ben Harrison Executive Director, Navaho Gold Ltd Ph: 07 3212 9200
Karl Schlobohm Company Secretary, Navaho Gold Ltd Ph: 07 3303 0650
Email: [email protected] Electronic copies and more information are available on the Company website: www.navahogold.com
Navaho Gold Ltd ACN 068 958 752 Level 27, 111 Eagle Street GPO Box 5261 Brisbane QLD 4001 p +61 7 3303 0650 f + 61 7 3303 0681 e [email protected] w www.navahogold.com