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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Mindax Begins Exploration At Western Australian Gold Project, Completes Placement 0 comments
    Jan 14, 2013 12:48 AM

    Mindax (ASX: MDX) has begun 2013 field programs at its Meekatharra North Gold Project, which is located along strike from the Paddy's Flat gold field where 2.5 million ounces has been produced.

    A ground geophysics team has mobilised to site and has commenced surveying.

    Importantly, the current work at the Meekatharra North Project is fully funded by a $2.5 million farm-in agreement executed by Mindax in October last year.

    Work will be completed within 10 days, depending on weather, and once results have been received and interpretations completed a drilling program will be designed.

    The ground geophysics survey will help to identify potential structures that may host gold mineralisation.

    The Meekatharra North Project lies immediately along strike from Doray Minerals' (ASX: DRM) high grade Andy Well gold project, which hosts a resource of 831,000 tonnes at 12.7 grams per tonne (g/t) for 338,000 contained gold ounces and where mining has begun.

    Work by Doray suggests that the mineralised structures encountered to date continue southwards into Mindax's tenements.

    Field activities on Mindax's other projects are due to begin in the coming weeks.

    Placement

    Mindax has also completed the placement of 16.5 million shares to sophisticated investors, raising A$1.65 million.

    Funds raised from the placement will provide additional working capital for the company.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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