Paulsens resource lift
21st Feb 2012
PERTH, Feb 21 – Australian gold miner Northern Star Resources has raised the JORC-compliant resource estimate for its flagship Paulsens project in Western Australia by 41% to 318,000oz.
The Paulsens resource comprises 197,000oz underground, 61,000oz in the planned open pit, 5,000oz in stockpiles and 13,000oz in new satellite resources Merlin, Belvedere and Mt Clement JV.
More will come in mid-2012 when a maiden resource is released for the recently-discovered Voyager 2 lode at Paulsens, where high-grade intersections included 0.8m at 12,178g/t.
Northern Star is predicting annual production of 100,000oz in calendar 2012, with surplus cashflow forecast to hit $35M.
Meanwhile, Northern Star says it will be pursuing increased production and aggressive exploration at its Paulsens and Ashburton gold projects in WA on the back of a A$45M placement to European institutions. The company has placed 50M shares at $0.90 predominantly to large London-based clients of Morgan Stanley Smith Barney. The proceeds lift cash in hand to $80M.
The placement, managed by Azure Capital, fits Northern Star’s strategy of strengthening its institutional shareholder base.
By standing aside from the placement to enable the institutions to obtain their desired holdings, major shareholders InvestMet and entities associated with Michael Fotios will reduce their equity – InvestMet to 10% and Fotios to 4%.
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