Neue Nachricht vom 27.02.2006 - 500 Beiträge pro Seite

[sirlawrence]

AngloGold says buys stake in Canadian gold explorer
Mon Feb 27, 2006 10:31 AM GMT
Printer Friendly


MORE

JOHANNESBURG (Reuters) - The world`s third biggest gold producer AngloGold Ashanti Ltd will buy an effective 8.7 percent stake in Canada-based Dynasty Gold Corporation, the company said on Monday.

AngloGold said in a statement it would acquire the stake through the purchase of 5.75 million Dynasty units at a price of

C$0.60.

Dynasty is a Vancouver-based exploration company with projects in China. South Africa`s AngloGold is majority owned by mining giant Anglo American Plc.

AngloGold said it would acquire the stake through a $2 million private placement in shares and warrants.

Dynasty holds 70 percent of three existing projects in northwest China: Red Valley in Qinghai, Wild Horse in Gansu and Hatu in Xinjiang.

"The proceeds of the AngloGold Ashanti investment will be used to fund further exploration of the Red Valley and Wild Horse projects, both located in the prospective Qilian metallogenic belt," AngloGold said.

Added to the equity investment, the two companies said they had agreed to form a broader partnership, allowing AngloGold the right to enter into joint ventures at both the Red Valley and Wild Horse projects, and, by investing a total of $5 million over three years, earn 55 percent in these projects.

"We are delighted to form this partnership with Dynasty Gold Corporation, which marks the next step in building our exploration presence in the prospective Qilian belt in China," Richard Duffy, AngloGold`s Executive Officer for Business Development said.

Shares in AngloGold traded 2.66 percent higher at 335.25 rand by 0806 GMT, beating a firmer gold mining index, which had gained by 2.14 percent.

[linklink]

Korrekte Meldung :

AngloGold has agreed to assist Dynasty in their exploration efforts by purchasing 5,750,000 units of Dynasty at a price of CDN$0.40, representing an 8.74% (undiluted) stake in Dynasty. Each unit will consist of one common share and one half (1/2) common share purchase warrant. Each whole common share purchase warrant entitles AngloGold to purchase one common share at a price of CDN$0.60 for 2 years. The total funds of US$2,000,000 (CDN$2,300,000) will be used by Dynasty to explore the Red Valley and Wild Horse properties. Each of the two projects will receive 45% of the funds, with 10% allocated for governance and administration costs.

[sirlawrence]

Canada:


Bid / Ask (Size)
0.44 (50) / 0.44 (135)

Schlusskurs Freitag: 0,43

[sirlawrence]

0.44 (120) / 0.44 (135)

[sirlawrence]

0.45 (250) / 0.45 (550)

[sirlawrence]

Bid / Ask (Size)
0.45 (250) / 0.45 (415)

[sirlawrence]

AngloGold Ashanti Moves on China
By Charlotte Mathews
28 Feb 2006 at 08:30 AM EST


CAPE TOWN (Business Day) -- AngloGold Ashanti [NYSE:AU] has taken its first stake in a Chinese gold explorer, Dynasty Gold and believes if this produces positive results there could be scope to expand in China.

The move could indicate growing South African gold company interest in China as global gold companies seek new sources of ore. Last week, Gold Fields [NYSE:GFI] announced it had raised to 14% its stake in Sino Gold [ASX:SGX], an Australian-based company with a range of gold projects in China.




Sino Gold has operated a gold mine in China since 1998 and is developing the 4-million-ounce Jinfeng gold mine in southern China.

AngloGold Ashanti is also expected to step up its acquisition activity after parent Anglo American [Nasdaq:AAUK; LSE:AAL] said it would allow its stake to fall below 51%, although AngloGold抯 latest deal in China is a relatively small one to be settled in cash.

AngloGold said yesterday it would take an 8.7% stake in Vancouver-based Dynasty Gold, for $2 million in shares and warrants.

Dynasty owns a 70% stake in three gold prospects in northwest China: Red Valley in Qinghai, Wild Horse in Gansu and Hatu in Xingjiang. AngloGold has also acquired the right to enter into joint ventures at the Red Valley and Wild Horse projects, where it can earn a 55% interest by spending up to $5 million over three years.

AngloGold opened a representative office in Beijing in 2004. Head of exploration, greenfields, Eric Roth said the group had been looking for the right partner and the right projects and this was the first major step in that direction.

One of the important elements in building a presence in China was to develop the right relationships. The Chinese gold mining industry was relatively fragmented and there were not many foreign players, affording AngloGold Ashanti room to move, said Roth.

< Back Respond to this story >

[sirlawrence]

Das ist eine interessante Aussage aus diesem Artikel:


AngloGold Ashanti is also expected to step up its acquisition activity after parent Anglo American [Nasdaq:AAUK; LSE:AAL] said it would allow its stake to fall below 51%, although AngloGold抯 latest deal in China is a relatively small one to be settled in cash.

[sirlawrence]

Noch eine Nachricht (aus stockhouse) v.03.03.2006:

RNS Number:2323Z Avocet Mining PLC 03 March 2006


Avocet Mining PLC
7th Floor 9 Berkeley Street
London W1J 8DW
Tel [phone]
Fax [phone]
E-mail [e-mail]
www.avocet.co.uk



AVOCET AGREES EARN-IN ON CHINESE GOLD PROJECT

Avocet Mining PLC ("Avocet" or "the Company") is pleased to announce that it has signed a memorandum of understanding ("MOU") with Dynasty Gold Corporation of Canada ("Dynasty") to earn up to a 36% of Dynasty`s interests in Xinjiang Province in China.

Avocet first invested in Dynasty in November 2005 and currently holds an undiluted interest of 29% in Dynasty. Dynasty is listed on the TSX Venture Exchange in Canada and controls a large area of prospective ground in Western China. This includes 1,000km2 at Hatu in Xinjiang Province ("the Hatu JV"), 100km2 at Red Valley in Qinghai Province (within an Area of Mutual Interest of 1,000km2) and 2,000km2 at Wild Horse in Gansu Province (Area of Mutual Interest of 13,000km2, where permitting is awaited). Dynasty recently announced an investment by AngloGold Ashanti on the latter two properties.

The Hatu property encompasses an ENE-trending basin approximately 1,200m above sea level. The Qi-2 deposit on the tenement is the most advanced project and has an independently verified inferred resource of 16,855,400 tonnes at 1.68 g/t Au (912,600 ounces gold) using a cut-off grade of 1.0 g/t. Dynasty can earn up to 80% of the Hatu tenement by spending US$12 million with no conditions on the timeframe in which this expenditure must be made. So far Dynasty has spent over US$3 million towards this commitment. The Company believes there is substantial opportunity to increase the resource at Qi-2.

The terms of the MOU are such that Avocet can invest up to US$1.8 million, with a minimum commitment of US$800,000, in the Hatu JV by 31 March 2007 in return for a maximum 36% interest in Dynasty`s interest in the Hatu JV. The funds will be used to bring the existing resource up to a measured and indicated category, undertake step out drilling to expand the resources and finalise metallurgical testwork, with a view to moving the project to feasibility. Following the minimum commitment Avocet will also have the right to negotiate further interests in the property until 30 September 2007.

On account of Avocet`s current shareholding in Dynasty being greater than 20%, under TSX Venture Exchange rules the Company is seen to be a related party and therefore the MOU is subject to TSX Venture Exchange approval and Dynasty minority shareholder approval.

John Catchpole, Chief Executive Officer, commented:

"China continues to be centre stage in the current strong market in the commodities business. Our initial foothold in China, through an equity investment in Dynasty Gold of Canada, has now been strengthened with our deal to earn-in to the Hatu project. I am very excited at the Company`s prospects throughout Asia and China will be an important part of the Company`s growth plans. It is also pleasing to see the interest AngloGold Ashanti have shown in Dynasty`s other properties and we look forward to Dynasty`s continued success alongside Anglo."

Avocet is a mining company listed on the AIM market of the London Stock Exchange. The Company`s principal activities are gold mining and exploration in Malaysia (as 100% owner of the Penjom mine, the country`s largest gold producer), Tajikistan (as 75% owner and operator of the ZGC, Tajikistan`s principal gold mine), and Indonesia (as 80% owner of the North Lanut gold mine in North Sulawesi). Additionally the Company has a number of advanced mining and exploration projects in Asia. ________________________________________________________________________________ For further information please contact: Avocet Mining PLC John Catchpole (Chief Executive) Jonathan Henry (Finance Director) 020 7907 9000 www.avocet.co.uk


This information is provided by RNS
The company news service from the London Stock Exchange


END