10 December 2003 15:58
Mokuti debuts at premium on ASX
PERTH, Dec 10 AAP - Junior minerals explorer Mokuti Mining Ltd debuted on the stock market at premium to its issue
price today ahead of beginning an exploration program on its West Australian tenements. Shares in Mokuti, which means
"in the outback" in the African Ovambo language, listed at a one cent premium to its 20 cent issue price and
shot to a high of 22 cents before closing at 21 cents. The Perth-based company raised $2.2 million in its recent initial
public offering to kick start an exploration program on its three projects in WA. Mokuti has acquired at 75 per cent
stake in the Menzies project north of Kalgoorlie, from Westex Ltd, and is farming into tenements at the Telfer project,
and the Southern Gregory Range project in the Pilbara. Managing director James Pratt was pleased with the float given
the slightly flat pre-Christmas market. "The next step is to begin exploration at Menzies and Gregory Range and in
the current climate we will be looking at any other projects that add value for the company," Mr Pratt said.
"The way the junior resources sector is at the moment there are opportunities out there." At the Menzies,
Mokuti will be looking for narrow ore bodies containing high grade gold on acreage where most exploration has focused on
finding large low grade gold deposits. "We believe this ground is under explored for those types of
orebodies," he said. The company is earning a 49 per cent stake in each of the Southern Gregory Range and Telfer
projects from Siberia Mining Corp. Base metals will be sought at Gregory Range and gold at Telfer. AAP lk/sjh
[AIW [Asia Africa Intelligence Wire]] |
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