Azumah Resources
Limited (ASX: AZM)
Azumah Secures Support of Macquarie Bank as
Substantial Shareholder
Macquarie to
purchase 12,150,000 shares at 16c to raise $1.944M
The Metals and Energy Division of Macquarie has subscribed for
12,150,000 fully paid new ordinary shares at an issue price of 16 cents per
share (based on Azumah?s 30 day VWAP - volume weighted average price) for a
consideration of $1,944,000. Following
the completion of the share placement, Macquarie
will become Azumah?s single largest shareholder with an equity position of 13%.
Commenting on the share
placement, Azumah?s Executive Chairman, Mr Stephen Stone, said, ?We are
extremely pleased that Macquarie has joined Azumah?s growing register of loyal
shareholders, driven by the excellent progress we have been making recently at
the Company?s 100%-owned Wa-Lawra Gold Project in north-west Ghana?.
?Macquarie
has a detailed knowledge of the West African resources industry, and holds a
number of strategic investments in several well regarded explorers and
producers in the region. We look forward to working with Macquarie
to achieve Azumah?s ambitions,? he added.
?Even with just the 516,000
ounce inferred and indicated Kunche gold resource, the market capitalisation of
Azumah per ounce of gold resource - after subtracting its present cash - is
well below that for other West African exploration companies at a similar stage
in the exploration cycle.?
?With the maiden Bepkong
resource estimate just weeks away, Azumah must certainly represent one of the
best value junior gold explorer investments available right now,? Mr Stone
continued.
?Over coming weeks, investors
in Azumah can look forward to a steady news flow from the Company. This
includes final results from recently completed drilling at the newly discovered
Bepkong prospect followed by a maiden independent JORC Code compliant
estimation of initial resources for Bepkong. Results are also due shortly from
drilling at new targets at Basabli and Kuo, and metallurgical testwork results
on Kunche mineralisation are also due in coming weeks,? said Mr Stone.
NB: No fees or commissions are
payable to Macquarie. An Appendix 3B will
follow shortly.
Stephen
Stone
Executive Chairman - Tel: +61 (0)418
804564
stone@azumahresources.com..au
Competent Persons and Forward Looking Statements:
The information in this report that relates to Exploration Results is
based on information compiled by Mr Bernard Aylward. Mr Aylward is the
General Manager of Azumah Resources Limited. Mr Aylward is a Member of
The Australasian Institute of Mining and Metallurgy and has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the ?Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Mr
Aylward consents to the inclusion in the report of the matters based on
information in the form and context in which it appears. Statements regarding
plans with respect to the Company?s mineral properties are forward-looking
statements. There can be no assurance that the Company?s plans for development
of its mineral properties will proceed as currently expected. There can also be
no assurance that the Company will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to be economic
or that a mine will successfully be developed on any of the Company?s mineral
properties.
All notes pertaining to
the Kunche resource estimation of September 2006 can be found at www.azumahresources.com.au
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