23rd Oct 2006 08:49
Davos Resources PLC23 October 2006 Davos Resources plc / Index: AIM / Epic: DVRS / Sector: Natural Resources 23 October 2006 Davos Resources plc ('Davos' or 'the Company') First Day of Dealings on AIM Overview • Trading on AIM commenced following fund raising of £715,000 • Objective is to develop the Pine Creek gold, copper and uranium tenement in Northern Australia and identify and acquire other resource properties • Pine Creek proximal to the highest recorded gold production in the areas mining history • Early exploration has already identified six prospective exploration targets • Resource projects to be considered are not mineral or geographic specific • Highly knowledgeable board with many years experience in the industry provides access to such projects Davos' chairman David Steinepreis said: "This is the next step in our intentionto build a successful mining company, which has a portfolio of assets that withinvestment can deliver significant shareholder returns. The listing not onlyprovides us with a strong platform to explore and develop the Pine CreekTenement, but will also enable us to seek and fund further investmentopportunities and to raise the profile of the Company generally and within itssector. We have an active exploration programme in place and budgeted for, aswell as a management team that has the track record and experience to identifyadditional exciting projects to acquire." Contacts: David Steinepreis Davos Resources Tel: 07913 402727 (U.K.) Tel: +61 8 9420 9300 (Aus) Olly Cairns Corporate Synergy Plc Tel: 020 7448 4417 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Davos Resources plc, an exploration and resource acquisition company, is pleasedto announce its admission to AIM having raised £715,000 (before expenses)through the issue of 54,999,992 new Ordinary Shares giving it a marketcapitalisation of £2.5 million. The funds will be used to develop theexploration programme at its Pine Creek gold, copper and uranium project,identify and acquire additional resource projects, raise the Company's profileand for working capital. The 314.2 km(2) Pine Creek Tenement, situated in the Pine Creek areaapproximately 230 km south of Darwin in the Northern Territory, Australia, isproximal to the highest recorded gold production in the mining history of theNorthern Territory of Australia. A two year exploration programme has alreadybeen developed for the project to reach bank feasibility study status pendingresults from the exploration programme. In addition to this exploration programme, the Company also aims to identify andacquire other resource properties, and to either develop a viable projectindependently or bring it into production through a joint venture programme withan established mining company. Proposed acquisitions may be either quoted orunquoted companies, in partnerships, joint ventures or shareholdings in miningprojects at the exploration, development or production phase. There are nogeographic or class of commodity restrictions with regard to the investmentcriteria. The Directors are widely experienced in evaluating acquisition and investmentprospects in the mineral and petroleum sectors, quoted and unquoted, both in theUK and overseas and are able to call on independent expertise in these sectors. The Pine Creek Tenement The Pine Creek Tenement is in the southern part of the geological feature knownas the Pine Creek Geosyncline. A regional Shear Zone, the Pine Creek Shear,passes through the centre of the Tenement and has been a major locus for thepassage of gold-bearing fluids which have passed through this site. The area surrounding the Tenement has a long history of minerals discoveries andmining (primarily copper, silver and gold). In May 2006, Davos conducted areview of historical exploration data on the Tenement with the aim ofidentifying good potential exploration targets. In August 2006, usinggeophysical data to refine the structural model, six groups of highly potentialexploration targets were defined. Following this positive information that theTenement has all the prospective geological, structural and other geophysicalfactors potentially to host an Enterprise Deposit style gold deposit, theDirectors believe that further exploration work is justified. They havetherefore devised a detailed exploration programme. Additionally, the Tenement is within a 20 km radius of the major Union Reef goldresources discovered in 1873. As at December 1998 total resources were estimatedto be 17.6Mt with a grade of 1.7 g/t gold. In April 2006, a notice of intentfor the reopening of the Union Reef gold plant was submitted by GBS GoldInternational Inc (a Toronto Stock Exchange listed company) to the NorthernTerritory government of Australia. On 26 September 2006, GBS Gold InternationalInc announced that its processing plant was fully commissioned and that it wasmoving ahead with the next phase of production activities with the commencementof mining. The Directors' current intention is for the Group to undertake an explorationprogramme to test the targets identified by its recent work programmes. Workproposed on the Pine Creek Tenement will include some or all of the following:detailed regional structural interpretation, an aerial survey, a programme ofphoto-geological mapping, geochemical sampling, detailed geological mapping,infill soil sampling and rock chip sampling over geochemical trends as well asexploration for vein type uranium deposits hosted within the granitic plutons.An exploration work programme has been budgeted for at $100,000 in year one and$150,000 in year two. Directors and Senior Management David Christian Steinepreis (Executive Chairman) (Age 49) - David Steinepreis isa Chartered Accountant and former partner of KMG Hungerfords (now KPMG) where hespecialised in strategic corporate advice and taxation for listed companies. Heentered commerce as a director, adviser and major shareholder of a number oflisted companies in the gold, diamonds, oil and new mining technology sectors.He is a director of Monitor Holdings Ltd, Toodyay Resources Ltd and RMG Limited,all of whom are listed on the ASX, Leopard Minerals Plc and North RiverResources plc. He has previously been a director of Ascent Resources plc andUranium Resources plc, companies listed on AIM. He is also currently chairman ofAscent Capital. Michael John de Villiers (Non-Executive Director) (Age 43) - Michael de Villiersqualified as a Certified Public Accountant with Ernst & Young in Cape Town. Heis the finance director of Mercator Gold plc, listed on AIM. He gained hisexperience as financial manager at mining and chemicals operations in Namibia,Botswana, Ghana and Bulgaria. He was previously the finance director of OxusGold plc and Navan Mining plc, companies listed on AIM. Scott Sherwood Spencer (Non-Executive Director) (Age 56) - Scott Spencer studiedlanguages, history and politics at the University of Western Australia and StAntony's College, Oxford. He then spent 20 years working for in the AustralianForeign Service on political and economic issues. He was a director of HardmanResources Limited, a petroleum company listed on the ASX and AIM, from 1994 to2006. He is currently a director of Monitor Holdings Limited and Green RockEnergy Ltd, companies listed on the ASX. Pedro Kastellorizos (Consultant Exploration Manager) - Pedro Kastellorizos hasbeen a practising geologist for over 10 years with exploration experience in theNorthern Territory, Queensland and Western Australia. He was most recentlyexploration manager for Batavia Mining Ltd and Tennant Creek Gold Ltd, companieslisted on the ASX. Prior to joining Batavia Mining Ltd, he was ExplorationManager for Thor Mining plc, a company listed on AIM focused on molybdenum,tungsten and uranium exploration in the Northern Territory. Prior to this hegained exploration experience in the Northern Territory with a number of ASXlisted and private exploration companies. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Norseman Gold