Hill End Gold Attracts $1.36m From Malaysian Investor

Jul. 31, 2013 7:11 PM ET

517 Followers

Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

http://www.proactiveinvestors.com.au/

Short Only

Seeking Alpha Analyst Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

Hill End Gold (ASX: HEG) has received strong support out of Malaysia to continue its exploration programs, raising $1.36 million through a placement of 170 million shares at $0.008 each to investor Soh Han Chuen.

Chuen is a resident of Malaysia. Proceeds will also be used for working capital and for the acquisition of high potential growth opportunities.

The first tranche of 125 million shares will be placed on or before 5 August 2013 while the second tranche of 45 million shares will be placed on or before 2 September 2013.

These shares will be issued under the Company's 7.1 and 7.1A capacity, which equates to 25% of its current issued capital.

On allotment, Soh will hold 19.9% of the company's capital.

Hargraves Gold Project

At the wholly-owned Hargraves Gold Project in New South Wales, a conceptual project development plan is being finalised for submission to the State Government.

The project is 30 kilometres south-west of Mudgee. The resource estimate for Big Nugget Hill is 2.9 million tonnes at 2.7g/t gold for 245,000 ounces.

Open pit designs using a base case gold price of $1,450/oz indicate that the Hargraves project would produce 1.2 million tonne of ore at 2.9 g/t gold (100,000 oz).

Mining at 300,000 tpa provides an average annual production of 25,000 ounces. Waste to ore ratio is approximately 11:1 over the life of mine. The pre-development study incorporates both Indicated and Inferred resources.

Process design studies indicate the processing circuit can be built at a very low capital cost.

HEG said that as neither whole ore flotation nor cyanidation is required, capital costs and operating costs are significantly reduced and any potential environmental impacts minimised.

A design for the Hargraves plant has been completed which includes the location for a ROM stockpile, crushing, milling, gravity separation and administration buildings.

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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You