Quarterly Activities and Cash Flow Reports
Commenced Planning, Financing and Development of High Grade Gold Zones by Underground Adit
Drilling Commences on Underground Adit into High Grade Gold Zones
- Drilling commenced on the underground adit and portal, on 31 October, for direct access to wide, high grade gold/silver zones;
- Adit will access two high grade gold zones: 466,000 oz at 10 g/t Au, 52g/t Ag in 1.4Mt in the WRZ North and BZ zones;
- Drilling: targeting a rapid increase to +1 Million oz at 10 g/t Au;
- Bulk sampling for bankable results will also be undertaken;
- High margin, low cost production of 150-200,000 oz per year is targeted in 2015, with <$100M capex targeted.
Secondary Listing - Port Moresby Stock Exchange
- POMSoX listing, under IDC, demonstrates the Company's confidence in PNG's mining sector and investment community
Finance - Underground Drilling & Development
- Detailed planning of the drives and drilling required was completed after a reassessment of the high grade zones, with a capital raising required primarily to fund this rapid development;
- A 2 for 5 Accelerated non-renounceable Entitlement Offer and Placement to raise up to $26.3 million at $0.07 per share was launched on 3 October 2013.
- The institutional accelerated entitlement offer received strong support from major shareholders and raised $5.6 million.
- From 4 November 2013, any shortfall in the Entitlement Offer will be available for firm bids in accordance with the Offer.
Cambodia - Capital Mining Agreement
- Heads of Agreement signed with Capital Mining (ASX:CMY) to acquire up to 85% of the Cambodian exploration assets, in return for 40% equity in CMY and sole funding $10,000 on the projects over maximum term of 3 years. The agreement is subject to certain conditions, including due diligence and raising capital.
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About Indochine Mining Limited
Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.
In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.
Indochine Mining Limited