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GENESIS RESOURCES LIMITED — Capital/Financing Update 2009
Oct 26, 2009
64980_rns_2009-10-26_938ccb3a-dc61-4140-93f5-ad2fe0eedcbd.pdf
Capital/Financing Update
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27 October 2009
ASX/MEDIA RELEASE
GENESIS RESOURCES TO LIST ON ASX TODAY
Manganese and Iron focussed, Genesis Resources Limited (ASX: GES) will today list on the ASX at 10am. The Initial Public Offering (IPO) recently closed over subscribed and successfully raised the maximum amount sought of $4 million. The total issued capital is now 53.08 million ordinary shares.
On listing, Genesis Resources will have a market capitalisation of over $10 million, with cash backing of approximately $6.27 million. This calculation of cash backing also includes the share holding that Genesis Resources has in Western Desert Resources (ASX: WDR) of 3.78 million shares. The current valuation of these shares is now worth $2.27 million.
Genesis Resources is an exploration company committed to successful mineral exploration and development through cost efficient exploration and Joint Ventures. Genesis Resources has an attractive portfolio of quality iron, manganese, gold, uranium and base metal projects in Queensland and the Northern Territory. The Company has also entered into a Joint Venture in the Former Yugoslav Republic of Macedonia with well-known local conglomerate Sileks. Genesis Resources is currently the only Northern Territory based company that has listed this year.
Following listing, Genesis plans to focus its exploration and aggressively develop its highly prospective, 55 per cent owned manganese projects at Gladstone in Queensland and McArthur River and 100 per cent owned Fenn Gap in the Northern Territory. Bulk commodities, such as manganese, are currently in strong demand and have significant potential upside for shareholders. The Joint Venture agreement over the Plavica copper-gold project in Former Yugoslav Republic of Macedonia covers 210 km[2] in the Carpathian Volcanic Arc. This project is at an advanced stage of exploration with significant copper, silver and gold drilling results already recorded with an outstanding opportunity to identify a high-grade vein-style gold resource in the medium-term.
Genesis’ portfolio also includes the Alice Springs polymetallic project; prospective for copper, uranium and tantalum, the Laura River project; prospective for gold and platinum and the Pioneer Gold project; prospective for gold.
In commenting on this significant milestone for Genesis Resources, Pedro Kastellorizos, Managing Director, said:
“Genesis Resources are delighted to be listing on the ASX today. The Company can now enter into an exciting phase of its development as it moves towards becoming a new and emerging manganese-iron producer in Australia. The availability of the additional working capital, resulting from the IPO, will enable the Company to aggressively explore and develop its various tenements which presents a significant milestone event for the Company.”
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“We look forward to updating the market as we progress with development at our Northern Territory and Queensland based projects. 2010 will be an exciting year for Genesis Resources as we fulfil our goals and ambitions as outlined in our prospectus.”
“It is our intention to immediately progress on a number of fronts post listing and in particular, advance on obtaining the approvals for the Fenn Gap Iron Ore Project. On successful approval, the Company will commence drilling on site early in 2010.
“The Company’s geologists will immediately commence rock-chip sampling on all other projects with a view to progress to the next stage when the assessment and evaluation process has been satisfactorily completed.”
For further information, please contact:
Pedro Kastellorizos Managing Director Genesis Resources Ltd Tel: + 8 8981 8106
Rod North – Managing Director Bourse Communications Pty Ltd Tel: +3 9510 8309 Mobile: 0408 670 706 Email: [email protected]
About Genesis Resources Limited
Genesis Resources Limited is an Australian company with a portfolio of quality iron, manganese, gold, uranium and base metal (copper-zinc-silver) in the highly prospective Archaean and Proterozoic metallogenic provinces of Australia. Genesis has signed a Joint Venture over an advanced copper-gold (Plavica) project within the Former Yugoslav Republic of Macedonia. The Plavica Project lies within Carpathian Volcanic Arc, a major epithermal province running through Eastern Europe, which is highly prospective for gold, copper and silver mineralisation.
Genesis projects are close to established infrastructure including railways, shipping ports, highways, power stations and populated areas. The Company’s objective is to provide rapid capital growth through mineral discoveries and development of economic deposits in Australia and overseas.