$.02 stock - 10 million shares outstanding - hit's next to Newmont. A/P over 1.5 million so they need to restructure the debt but a market cap of $200,000:
Antipodes JV drills 10.2 m of 5.6 g/t Au at Waihi West
2015-03-27 15:11 ET - News Release
Mr. Thomas Rabone reports
ANTIPODES GOLD ANNOUNCES ENCOURAGING RESULTS FROM WAIHI WEST DRILLING
Antipodes Gold Ltd. has released the preliminary results from drilling being undertaken in joint venture with Newmont Mining Corp. on the Waihi West exploration permit, EP 40767.
Newmont's drill hole 908SP50703 intercepted a quartz vein from 299.2 metres to 308.8 metres; assays from this vein returned 10.2 metres of 5.6 grams per tonne gold and 6.9 grams per tonne silver from 299.2 metres, including one metre of nine grams per tonne gold and 10.5 grams per tonne silver from 300.1 metres and three metres of 14.3 grams per tonne gold and 12.9 grams per tonne silver from 304.7 metres.
The Waihi West permit area is immediately adjacent to Newmont's Martha gold mine in Waihi, North Island, New Zealand. Drill hole 908SP50703 was collared from underground workings outside of exploration permit EP 40767. The proximity of this strong intercept of robust-grade gold mineralization so close to Newmont's existing underground mine is an important development for Antipodes Gold.
To date, Newmont has undertaken ground gravity and resistivity exploratory work on EP 40767 and several drill programs south and east of the Martha mine pit. This recent drill intersection eclipses previous drill results and is testament to the prospectivity of EP 40767. It demonstrates that the high-quality exploration work being carried out by the joint venture continues to reveal new gold mineralization and the potential at the Martha gold mine for additional resources and continuing mining operations.
Under the terms of this joint venture, Newmont currently holds a 50-per-cent interest and is expected to soon grow this to 60 per cent upon reaching its project expenditure milestone of $1.5-million (New Zealand). Antipodes and Newmont also co-operate under the Hauraki joint venture (35 per cent and 65 per cent, respectively), where the primary target is the WKP gold-silver project, approximately 10 kilometres to the north of Martha mine. Previous news releases have provided details of drill results from WKP. A National Instrument 43-101 report on WKP is available on SEDAR.
The company's discussions with an eligible third party to achieve an effective restructuring continue. As advised earlier, the terms of any prospective deal remain to be determined, and shareholder approval will likely be required for any such agreement to be finalized. There is no certainty that any transaction will be completed. The company will continue to actively pursue this encouraging opportunity, plus other financing options, and will inform the market of any substantive developments.
Simon Henderson, MSc, geology (CODES), an AusIMM chartered professional under the discipline of geology, is a qualified person, as defined by NI 43-101, and an employee of the company and has reviewed and approved the technical information given in this release. |
