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IGO LIMITED — Capital/Financing Update 2003
Sep 23, 2003
65111_rns_2003-09-23_7ef3b85f-a76b-4e58-a277-1f678b10ec38.pdf
Capital/Financing Update
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UREX CONSOLIDATED LIMITED ACN 071 444 061
24 September 2003
Company Announcements Office Australian Stock Exchange Limited 20 Bond St SYDNEY NSW 2000
Dear Sir / Madam
Re: Aurex finalises Chesterfield Acquisition and will move to Mining Board
Aurex is pleased to announce that it has finalised formal documentation to farm-in to the Chesterfield Gold Project.
The Chesterfield project covers 235sq km of prospective greenstone in the Murchison region. The Project Tenements include historic gold work with recent RAB and RC drilling returning high grade drilling intercepts including 9 metres at 21.04 grms per tonne and 7 metres at 26.7 grms per tonne.
The Company is required to spend a minimum of \$100,000 on exploration in the first 12 months of the joint venture. To earn an initial 60% interest Aurex must spend \$400,000 in exploration prior to 30 June 2007 and then pay \$250,000 to each of St Barbara Mines Limited and Independence Gold NL. Each of the other joint venture parties may elect to revert to a 10% net profits interest leaving Aurex with an effective 80% interest in the Project.
Aurex proposes to pursue a number of targets and exploration work which can be undertaken in the short term to improve understanding of the project.
With the Company's focus now primarily in exploration, we have applied to be listed on the Mining Board and anticipate this to occur shortly.
Raising
In order to fund the Chesterfield Project and the Company's efforts to acquire further high quality exploration projects, Aurex has agreed to place 6,000,000 new shares to professional investor clients of Southern Cross Equities Ltd. The placement will be made at \$0.0575 per share. Southern Cross Equities will be paid a 5% Placement Fee and \$15,000 for managing the Issue.
Yours faithfully
Simon Trevisan Chairman bkst/asx/axl/chesterfield and fundraising.doc
Telephone: (08) 9321 5922 Facsimile: (08) 9321 5932 Ground Floor (West), St George's Square 225 St.George's Terrace, Perth, Western Australia 6000