Perth-based gold explorer and developer, Azumah Resources Limited (ASX:AZM TSX:AZR) (�Azumah� or �the Company�) is pleased to advise that it has completed a $1.0M placement comprising 20M new shares at $0.05 each to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal.
Mr Agarwal, who will now hold a 5.6% interest in Azumah and be its third largest shareholder, is the Managing Director of United Arab Emirates based gold refiner, Fujairah Gold FZE, a wholly-owned subsidiary of the LSE listed Indian mining conglomerate, Vedanta Resources PLC (�Vedanta�) of which Mr Agarwal�s family is majority shareholder.
He is also Non-Executive Chairman of Hindustan Zinc Ltd and Non-Executive Director of Sterlite Energy Ltd, both of which have Vedanta as their major shareholder.
Azumah will apply funds from the placement towards the completion of a revised Feasibility Study on Azumah�s 100% owned Wa Gold Project, northwest Ghana, West Africa (the �Project�) (Figure 1).
�Azumah welcomes the investment by Mr Agarwal and the opportunity this provides to leverage off his industry expertise and affiliations,� Azumah Managing Director, Mr Stephen Stone said.
About Azumah Resources Limited
Azumah is focused on the exploration and development of the 100%-owned, 3,100km2 Project, which contains a JORC & NI 43-101 independently estimated Mineral Resource that was increased this year to more than 2 million ounces of gold (refer Table 1 and ASX/TSX release dated 15th January 2013).
A Feasibility Study and Mineral Reserve completed in August 2012 is being revised to reflect the expanded Mineral Resources, including an 84% growth in resources at the Julie deposit and a larger 1.3Mtpa plant producing an average of 100,000oz Au per annum over a mine life of more than six years (refer ASX/TSX release dated 19 June 2013).
The Company also holds a 15.5% strategic stake in neighbouring junior explorer, Castle Minerals Limited, which has ~10,000km2 under licence in the region.
Azumah now retains cash and listed investments of ~$4.4 million.
Download the full announcement including figure and tables.