Newspaper article The Morning Bulletin (Rockhampton, Australia)

ASX Move to Fund Gold Mine; Mining Company Goes Public to Raise Funds for Rockhampton Mining Venture

Newspaper article The Morning Bulletin (Rockhampton, Australia)

ASX Move to Fund Gold Mine; Mining Company Goes Public to Raise Funds for Rockhampton Mining Venture

Article excerpt

Byline: Kerri-Anne Mesner Kerri-Anne.Mesner@capnews.com.au

A MINING company is raising $6.5 million to finance gold mining with a site earmarked in the Rockhampton region.

Traprock Mining Limited has its eyes on the region with its flagship Mount Chalmers project, with the company looking at the site as being the first gold and copper mine it establishes.

It is the third gold exploration/mining site in the region companies are actively working on. The other two are Mt Morgan gold mine and Zhong Hao mining's exploration of the Cawarral area.

Traprock has announced its Initial Public Offering (IPO) on the Australian Securities Exchange (ASX).

Targeting a December 21 listing date and with an offer closing date of December 7, the Brisbane-based explorer aims to raise up to $6.5 million through the issue of up to 32,500,000 fully paid ordinary shares at $0.20 per share.

The bulk of the funds will be used for the exploration and development of the company's portfolio of highly prospective Queensland gold-copper assets, including historical resources.

The lead manager for the IPO is Australian Securities Company (International) P/L.

"The best place to find a gold mine is in a goldfield and that's exactly where Traprock will be exploring with the funds raised from this IPO," Traprock's managing director David Jelley said.

"We also have a number of drill-ready targets beneath past mining operations that need to be drill tested to define resources. We will be moving to speed development with the aim of quickly moving into production and capitalising on the current upturn in gold and copper prices."

The Mount Chalmers gold copper project is located 17km north-east of Rockhampton and consists of a volcanic-hosted massive sulfide (VHMS) system which has produced highly encouraging gold and copper grades, offering high potential for Traprock to establish its first gold and copper mine.

Additionally, the Woods Shaft prospect, located only 800m south-west of Mount Chalmers, will be upgraded in the coming months and scoping studies have already commenced with the aim of taking Woods Shaft into production. …

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