ASX and MEDIA
RELEASE
22 OCTOBER 2007
Augur lists on ASX
Drilling to commence in November
Diversified minerals
explorer Augur Resources Limited (Augur) (ASX:AUK) has today successfully
listed on the Australian Stock Exchange following a heavily oversubscribed $5
million IPO.
The company is pleased to
advise it will commence a major drilling programme in November, having secured
two drilling contracts for exploration across its NSW tenements.
Augur, which is
developing a number of projects in the Lachlan
Fold belt of NSW, has signed two contracts with Cobar-based Every Day Mine
Services Ltd (EDMS) (ASX:EDS for up to 18,000 metres of drilling.
Augur Managing Director
Joshua Rogers said the company was hitting the ground running, following its
successful Initial Public Offering (IPO) and listing on the ASX today..
“This is an exciting new phase in Augur’s
development, and we are focussed in investing in drilling programmes to secure
long term value for our shareholders,” Mr Rogers said.
“Securing two drill rigs on listing for a
substantial exploration campaign is an outstanding start for Augur’s
shareholders.
“Augur’s IPO was heavily oversubscribed
and successfully raised $5 million. The funds raised have been allocated to
further accelerate the Company’s plans to define key projects in the Lachlan
Ford Belt in western NSW.
“We expect that first results will be released
early in the New Year,” Mr Rogers said.
Scheduled to begin in
November, the first drill contract is for EDMS to provide a reverse circulation
rig for an initial 3,000 metres at the Company’s Collerina tenement where
it is exploring lateritic nickel potential. The purpose of the drill
programme is to extend and further define the Company’s existing
nickel-cobalt project to a JORC compliant resource.
Augur has an option to
extend the drill contract for up to another 3,000 metres to test for extensions
to the Collerina project as well as an identified high grade copper exploration
target.
For the second drill
program, EDMS will provide a multi-purpose rig for both reverse circulation and
diamond drilling to commence in late November. The program is for an
initial 7000 metres and is designed to define a JORC compliant resource at the
Company’s copper-gold-molybdenum Yeoval project. The Company also
has an option to extend the drill program for a further 5,000 metres which will
test for further high priority exploration targets at Yeoval.
On the basis that the
contracts are a related party transaction, the directors have taken appropriate
steps to apply good corporate governance practice to the contract approval
process. EDMS’s billing rates are the same as those of other
clients and Mr Peter Bradfield, Mr Joshua Rogers
and Mr Roger Jackson, being directors of both companies, all abstained from the
Board resolution approving the contract. The commercial terms were
approved by Mr Tully Richards and approved by Mr Richards and Mr Kimikazu
Yoshioka, both of whom are independent of EDMS.
For further
information, please contact:
Joshua Rogers
Warrick Hazeldine
Managing
Director
Purple Communications
Tel: +61 (0) 2 9267
8333
Tel: +61 (0)8 9485 1254
Mob:
0417 944 616
Augur’s
projects
About Augur
Augur is a NSW-based resource development company,
with a focus on copper, gold and nickel projects within the Lachlan Ford Belt
in western NSW. The region is a known producing area, especially for copper,
gold and base metals and Augur is seeking to JORC define via an extensive
drilling program its key projects with the intention of them moving to the
pre-feasibility stage.
The Company has a highly experienced Board and
Management team, with includes extensive experience in NSW and porphyry
copper-gold exploration.
For more information, please visit www.augur.com.au
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