Marian Webb | Mining Weekly | August 18, 2016
ASX-listed project developer Geopacific Resources has raised $15-million, which it will use to advance its Woodlark gold project, in Papua New Guinea, towards gold production.
Announcing the completion of the “well oversubscribed” placement on Thursday, the company reported that a number of new, high-calibre investors had joined its share register.
“We believe that we have the right strategy to transition from exploration to mining and return value to our shareholders. The support we have received in this capital raising confirms that the market agrees,” MD Ron Heeks said in a statement.
Geopacific believes that Woodlark, in which it is earning an 80% interest, holds potential to be a minimum five-million-ounce goldfield. Currently, the resource is 45.1-million tonnes at 1.50 g/t for 2.12-million ounces.