28th Dec 2005 10:00
Frontier Mining Ltd28 December 2005 Frontier Mining Ltd. ("the Company" or "Frontier") New Shares Admitted to AIM Further to the announcement regarding the placing dated 14 December 2005, theCompany is pleased to confirm today that 40,000,000 shares of common stock of$0.01each ("New Shares") have been admitted to trading on the AIM market of theLondon Stock Exchange. The Company therefore confirms that, pursuant to theplacing, it has raised a total of £8 million before expenses for the Companyfrom institutional investors, at a placing price of 20p per New Share. Enquiries: Frontier Mining Ltd Brian Savage +44 (0)20 7849 6530Parkgreen Communications Cathy Malins / Annabel Leather +44 (0)20 7493 3713 About Frontier Frontier Mining Ltd. is a mineral exploration and development company that wasincorporated in the state of Delaware, USA, on August 5, 1998 for the purpose ofexploring and developing gold and copper deposits in the Republic of Kazakhstan.Through its subsidiaries and affiliates, Frontier locates, evaluates,acquires, explores and develops mineral properties. Frontier has two licenses owned by its wholly owned subsidiaries in Kazakhstan.They are the Naimanjal exploration and mining licence, held by FML Kazakhstan,and the Baltemir exploration licence, held by Baltemir LLP. Frontier has oneproducing gold mine, Naimanjal; one pre-feasibility stage gold project,Koskuduk; and one exploration stage gold prospect, Baltemir. Naimanjal isforecast by management to produce 25,000 ounces of gold in 2006 at a cash costof $250 per ounce. Frontier currently intends to double its gold production to50,000 ounces in 2007 and double it again to 100,000 ounces in 2008. Managementbelieves its gold projects contain more than two million ounces of oxide goldresource. Frontier also has one pre-feasibility stage copper porphyry deposit withassociated gold and molybdenum, Baitimir; and several copper/gold prospectsalong a 25-km trend including both VMS and porphyry types. Metallurgical testson its Beschoku and Yubileiny copper projects confirm the oxide copper ore isamenable to extraction using low cost SX-EW technology. Management believes thecopper projects contain more than 1,000,000 tonnes (2.2 billion pounds) ofcopper (P1) resource with significant potential for increase. Frontier iscurrently evaluating acquisition opportunities in uranium, gold, and copper inKazakhstan and the CIS countries. Frontier shares are traded on the AIM market of the London Stock Exchange.Frontier has 129,209,931 ordinary shares issued and 10,723,747 outstandingoptions and warrants, giving 139,933,678 fully diluted ordinary shares. Further company information may be accessed at the Frontier Mining Ltd. websiteat: www.frontiermining.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FML.L