Aphrodite Gold: $3.8m rights underway to progress plus one million gold ounce mine

Aphrodite Gold (ASX: AQQ) is progressing a $3.8 million 1:2 non-renounceable pro rata entitlement issue which will fund the evolving Aphrodite Gold Project near Kalgoorlie, by lodging a prospectus for the issue with ASIC today.

The current approximate timetable includes a closing date of 17 February, with the issue of shares a week later.

The funding injection will continue to move forward the Aphrodite project in 2012, which already boasts a plus one million gold ounce resource.

Adding some spice to the project, an updated JORC Resource is forecast for delivery to the market towards the end of the March 2012 quarter, which will include all of the 2011 drilling data, plus all of the 2010 program conducted by Aphrodite, plus additional information from previous tenement owners.

Highlighting just how much information will be added to the estimate, there was close to 16,000 metres in 87 holes drilled across the Alpha and Phi Lodes during 2011.


Feasibility study to be launched
Aphrodite remains busy at the project with a Feasibility Study to kick-off during the March quarter, with a decision to proceed to mining planned for the September or December quarters this year.

Aphrodite is aiming to begin gold production at the project in the second half of 2013.


Scoping Study

In October 2011, Aphrodite undertook a Scoping Study to follow up on positive metallurgical test work that gave greater than 90% gold recoveries from the Alpha Lode.

This study will examine the staged development of the deposit, with initial open pit mining followed by underground development of higher grade resources. It will also examine the possibility of utilising infrastructure close to the deposit, including processing plants.

One of the major benefits already of the Aphrodite deposit is the strategic location 75 kilometres north of Kalgoorlie and in proximity to regional gold mills in need of feedstock ore.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24422/aphrodite-gold-38m-rights-underway-to-progress-plus-one-million-gold-ounce-mine-24422.html