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Aphrodite Gold's Funding Negotiations Move Into Due Diligence, SPP Extended

Aphrodite Gold's (ASX: AQQ) negotiations with funding partners is moving than faster than anticipated judging by the beginning of due diligence and a technical site visit to the Aphrodite project in Western Australia.

The project is located 65 kilometres north of Kalgoorlie in the Eastern Goldfields of Western Australia.

In mid-May, the company reported it was is in discussions and negotiations to secure funding for the project with interest from major mining and investment companies, from mainland China, Hong Kong and Singapore.

The preferred funding option was to bring in a Joint Venture partner or major equity investor to raise all the funds necessary to get the Aphrodite Gold Project into production by 2015.

It was noted the recent fall in the gold price has escalated interest from Asian markets, possibly as a result of a perceived better entry price for funding.

Aphrodite had appointed Target Engineering Solutions' Joel Chong to assist in negotiating agreements and act as a link negotiator.

TES has history in the China/Australia mining industry, trade and services.

Share Purchase Plan - extended to 20 June 2013

A Share Purchase Plan has been announced to shareholders at $0.04 per share, with individual shareholders registered at 23 April 2013 entitled to take up to a maximum value of $15,000 (375,000 shares) by the close date of 21 May 2013.

The company said in a statement that in light of the recent advancement of negotiations over the Aphrodite Gold Project, it was decided to extend the Offer so that shareholders will have access to updated information in making the decision whether to invest.

By then Aphrodite said it will be in a position to announce updated details of negotiations with potential Joint Venture partners, and also at that time further technical information on the Aphrodite Project should also have been received for announcement.

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