🕐02.12.11 - 15:54 Uhr
NORICUM GOLD RAISES £680,000 TO DEVELOP HIGHLY PROSPECTIVE AUSTRIAN GOLD AND PR ECIOUS METALS PORTFOLIO
Noricum Gold Limited / EPIC: NMG / Sector: Natural Resources
2 December 2011
Noricum Gold Limited (Noricum Gold or the Company)
Raises 680,000 to Develop Highly Prospective Austrian Gold and Precious Metals Portfolio
Noricum Gold Limited, the Austrian focussed gold exploration and development company, announces that it has raised 680,000 by way of a placing of 27,200,000 new ordinary shares in the capital of the Company (the Placing Shares), with new and existing shareholders in the Company at a price of 2.5 pence per Placing Share (the Placing).
The funds raised will be used to implement a defined 2012 exploration programme across the Companys five highly prospective gold and precious metal assets in south-central Austria, with a particular focus on the 51 sq km Rotglden gold and precious metal licence.
Work to date at Rotglden has included a 1,800m drill programme designed to intercept massive sulphide targets at the previously producing gold mining centre, as well as facilitate further down hole electro-magnetic (EM) work at this target.
Assay results received to date from this campaign include 3.1 metres at 11.69g/t Au.
In tandem with this, the Company has received bonanza gold and silver grades and encouraging multi-element results from extensive regional sampling work along the 8km of prospective strike running through the licence area.
This has highlighted the Altenberg and Schurfspitze prospects as being worthy of further exploration in 2012, and the Board plans to conduct an airborne EM survey over the licence area followed by exploration drilling at these targets in the next field season.
Noricum Gold Managing Director Greg Kuenzel said, "I am delighted with the support we have received from both our existing and new shareholders in the Company for this placing.
2012 is set to be an exciting year for Noricum as we advance our highly prospective Rotglden licence in Austria, with particular focus on the existing Rotglden underground mine as well as the Altenberg and Schurfspitze prospects, where we plan to commence drilling and further EM work during the next field season.
Work to date has demonstrated the potential scalability of our asset portfolio as our understanding of these high grade precious metal sites has advanced beyond that which we gained from available historical data.
We look forward to strengthening upon this to further underpin Noricums growth potential during 2012."
In addition to the 680,000 being raised through the Placing, Noricum Gold Chairman Marcus Edwards-Jones and Managing Director Greg Kuenzel both intend to subscribe for new Ordinary Shares on the same terms as the Placing.
An announcement will be made shortly when this has been completed.
Additionally, 1,500,000 ordinary shares have been issued to various consultants to the Company, in lieu of fees, at a price of 2.5 pence per share ("Consultants Shares").
The Placing Shares and Consultants Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM (Admission).
It is expected that Admission will become effective and that dealings in the Placing Shares will commence on 8 December 2011.
As a result of the issue of the Placing Shares and Consultants Shares the Company issued share capital will be 525,934,156 Ordinary Shares.
**ENDS**
For further information please visit www.noricumgold.com or contact:
Greg Kuenzel
Noricum Gold Limited
Company
Tel: 020 3326 1726
Roland Cornish
Beaumont Cornish Limited
Nomad
Tel: 020 7628 3396
James Biddle
Beaumont Cornish Limited
Nomad
Tel: 020 7628 3396
Michael Parnes
Old Park Lane Capital plc
Broker
Tel: 020 7493 8188
Luca Tenuta
Old Park Lane Capital plc
Broker
Tel: 020 7493 8188
Nick Bealer
Cornhill Capital Ltd
Broker
Tel: 020 7710 9612
Chris Maule
Cornhill Capital Ltd
Broker
Tel: 020 7710 9610
Stefan Olivier
Cornhill Capital Ltd
Broker
Tel: 020 7710 9610
Hugo de Salis
St Brides Media & Finance Ltd
PR
Tel: 020 7236 1177
Elisabeth Cowell
St Brides Media & Finance Ltd
PR
Tel: 020 7236 1177
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