Proactive Investor's  Instablog

Proactive Investor
Send Message
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
My company:
My blog:
  • Phoenix Gold Completes Tenement Acquisition In The Eastern Goldfields 0 comments
    Jun 19, 2013 9:44 PM

    Phoenix Gold (ASX: PXG) has now completed the acquisition of 100% of the Kintore Tenement P16/2577 in the Eastern Goldfields region of Western Australia.

    Phoenix agreed to purchase the tenement for a cash payment of $30,000, and 100,000 fully paid shares ordinary shares at a deemed price of $0.30 each.

    The acquisition addes to Phoenix's already substantial tenement holding, with the company currently undertaking a $19.5 million (217,000 metre) accelerated drilling program targeting an interim resource exploration target of 4 million ounces by December 2013.

    Phoenix had $20 million cash at the end of March 2013, with the company fully-funded beyond an investment decision in December 2013.

    Cash-flow generation

    Earlier in the month Phoenix entered a deal to boost near term cash flows with the monetisation of the non-core Blue Funnel Gold Mine asset in Western Australia.

    Blue Funnel joins Catherwood as the first two small scale mines to be developed by Phoenix to generate cash flow, with Blue Funnel delivering some compelling metrics.

    Stage 1 of Blue Funnel provides near term total net cash flow of over A$3 million, based on a gold price of A$1,350/oz.

    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.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.