Business
Proposed Admission to AIM and Authorisation to ...
Proposed Admission to AIM and Authorisation to ....
About this update from Great Western Mining Corp. Plc
[{"type":"text","content":"\n \n\n16 December 2010\n\n GREAT WESTERN MINING CORPORATION PLC\n\n (\"Great Western Mining\", \"GWM\" or the \"Company\")\n\n Proposed Admission to AIM and Authorisation to Issue new Shares\n\nOver the past four years Great Western Mining has been carrying out an extensive programme of exploration\nin the Huntoon Valley and Excelsior Mountain area of Mineral County, Nevada, U.S.A.\n\nStarting with a cache of maps and geological reports left by an old resident and prospector in the now\nghost town of Marietta, the Company surveyed and staked twenty-one lode claims covering some 420 acres in\n2006. Since then an extensive programme of trenching, pit-work and sampling has resulted in the area under\nclaim being expanded to 410 lode claims extending over approximately 33 square kilometres.\n\nGreat Western Mining recently commissioned a Competent Person's Report as part of a suite of evidence to\nsupport its initial view of the existence of substantial quantities of readily accessible minerals\nincluding Copper, Uranium and precious metals. This report is supported by Advanced Space borne Thermal\nEmission Reflectance Radiometer imagery data covering the area. This work was carried out by the NASA Jet\nPropulsion Laboratory, and examined in conjunction with aero-magnetic surveys and geophysical\ninterpretations of data acquired. Accordingly, the Directors plan a multi bore-hole, core drilling campaign\nin the spring of next year moving towards an eventual bankable feasibility study.\n\nTo facilitate this major expansion of the Company's exploration budget, Libertas Partners LLP has been\nappointed as NOMAD and Broker to a potential Placing and Admission to AIM. Although the precise details of\nthe Placing have not yet been finalised, the intention is to raise sufficient money to fund a twelve-month\nexploration programme. For this reason the Company plans to seek shareholder approval for an increase in\nthe Issued Share Capital to provide headroom for future funding requirements. A further announcement will\nbe made as and when appropriate.\n\nEmmett O'Connell, Executive Chairman, commented:\n\n \"Significant time and resources have been invested to get us to our present strong position. We\n firmly believe that Great Western Mining is sitting on a substantial asset of accessible minerals\n and are delighted that Libertas is on bo...