BlackGold Natural Resources intends to raise up to S$8.2 million in a share placement agreement. The company intends to use part of the net proceeds for developmental expenses relating to the Riau 1 power plant project in Indonesia.
Operations at the Way Linggo Gold Project in South Sumatra, Indonesia, are progressing well, with June quarter production increasing 50% from the previous quarter to about 5055 ounces of gold. The project is operated by Kingsrose Mining, which is subject to a deed of company arrangement.
Step-out drilling north of the Midfield Zone at Erdene Resource Development Corp’s Bayan Khundii Gold Project in southwest Mongolia has extended gold mineralisation a further 280 metres towards the Northeast Zone. The Bayan Khundii strike now exceeds 1.3km and is up to 450 metres wide.
Chaarat Gold Holdings has strengthened its management team at its Tulkubash Gold Project in the Kyrgyz Republic. The company remains on schedule to meet its ambitious production timeline.