Business
Agreement to Acquire Interest in Georgian Prospect
Agreement to Acquire Interest in Georgian Prospect.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \nRNS Number : 8996C Noricum Gold Limited 01 July 2016 \n\nNoricum Gold Limited / EPIC: NMG / Sector: Natural Resources\n1 July 2016\nNoricum Gold Limited ('Noricum Gold' or 'the Company')\nNon-Binding Heads of Terms to Acquire an Interest in the David Garedji Prospect and Placing to Raise £1.1 Million to Fund Due Diligence and Development\n \nNoricum Gold Limited, the European focused base and precious metals resource development company, is pleased to announce that it has entered into a non-binding Heads of Terms agreement ('the Agreement') with Caucasian Mining Group ('CMG'), its partner in the Bolnisi Copper-Gold Project ('Bolnisi') in Georgia, to jointly evaluate and develop the David Garedji Copper-Gold Prospect ('the Prospect') situated within CMG's mining and exploration licence in Georgia. Due diligence will be undertaken ahead of finalisation of the Agreement.\n \nThe Company is also pleased to announce that it has raised £1.1 million by way of an oversubscribed placing of 785,714,286 new ordinary shares of no par value in the capital of the Company ('the Placing Shares'), with new and existing shareholders, at a price of 0.14 pence per Placing Share ('the Placing').\n \nHighlights\n \n· Adds significant resources to the Company's already robust inventory in Georgia and offers a further opportunity to deliver additional precious and base metals production in the medium term \n \n· Successful placing provides the Company with access to this strategic prospect, which management has identified as a strong value opportunity \n \n· An advanced prospect which includes 5.8 km of underground development and over 25,000 metres of diamond drilling\n \n· Existing Soviet Resource (non-JORC, C1, C2 & P1 Soviet Reserves & Resources) of:\no 460,000 oz gold ('Au') at an average grade 4.63 g/t\no 740,000 oz silver ('Ag') at an average grade of 7.3 g/t\no 50,000 t copper ('Cu') at an average grade of 1.57%\no 130,000 t lead ('Pb') at an average grade of 4.13%\no 150,000 t zinc ('Zn') at an average grade of 4.7%\n \n· 30 ore-bearing zones identified with peak mineralised widths of 23m and grades up to 55g/t Au, 253g/t Ag, 21% Cu, 28% Pb and 35% Zn\n \n· S...