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Pioneer Resources Prepares Response To Media Chatter

Pioneer Resources (ASX: PIO) is preparing an announcement in response to an article in the Australian newspaper today and has been granted an ASX trading halt.

The halt will be in place until the open of trade on Friday 20th September 2013, unless announced earlier.

The Australian had reported the company is raising $2 million for exploration through convertible notes secured against repayments due from its neighbour, KalNorth Gold Mines' (ASX: KGM), for the Western Mount Jewell asset.

Pioneer is focused on its Acra Gold Project in the Eastern Goldfields, Western Australia , where the company had made a number of high grade intercepts earlier this year and has identified a number of drill ready targets.

These include Kalpini South, Jubilee East, Camelia South and the first holes into the Camelia Gold Patch.

It is also carrying out ground surveying at its Fairwater project in the Albany Fraser region with drilling planned.

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.