Indochine Mining (ASX:IDC) will remain in a voluntary suspension pending a "material announcement" to the market concerning an announced capital raising.
An announcement is expected to be released prior to the commencement of trading on 19 March 2014.
High grade zone focus at Mt Kare, PNG
Indochine is looking to fast track drilling and development of a 1,000,000 ounce targeted gold resource at a whopping 10g/t gold from a high grade zone at Mt Kare in Papua New Guinea.
The next key milestone will be a decision to mine in mid 2014, by completing the underground adit to directly access the high grade zones, completing the feasibility study and applying for a mining lease.
Recently, Indochine completed a Landowner Study on-site, which has provided the confidence in the project being developed and a major step forward for Mt Kare customary landowners.
Mt Kare adjoins the world-class Porgera mine produced which has produced 17 million ounces in 23 years, and started similarly with 27g/t ore.
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