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FinnAust Mining PLC (JAY)

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Monday 02 December, 2013

FinnAust Mining PLC

Admission and First Day of Dealings

RNS Number : 3465U
FinnAust Mining PLC
02 December 2013
 



FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining

2 December 2013

FinnAust Mining plc

("FinnAust Mining" or the "Company")

(formerly Centurion Resources plc)

 

Admission and First Day of Dealings

 

Further to the announcement made on 13 November 2013, the Company is pleased to announce the readmission of its enlarged issued share capital to trading on AIM following completion of the acquisition of FinnAust Mining plc, an exploration company with extensive and highly prospective holdings in Finland and the placing of new ordinary shares to raise £3.4 million.  The legal name of the Company has been changed to FinnAust Mining plc with immediate effect and the 1 for 10 share consolidation has been effected. Dealings in the enlarged issued share capital will commence at 8.00am today with ticker FAM.

 

The total number of ordinary shares in issue at Admission is 247,097,670, giving the Company a market capitalisation of approximately £12.4 million, based on the placing price of 5 pence per share.  Western Areas Limited owns 167,500,000 ordinary shares in the capital of the Company representing 67.8 per cent. of the issued share capital of the Company.

 

Overview:

 

·    The Company has extensive holdings in Finland covering approximately 4,710 sq km, primarily targeting Volcanogenic Massive Sulphide ('VMS'), high-grade magmatic sulphide nickel-copper and Outokumpu type copper deposits

 

·    FinnAust Mining's Exploration Rights are located in a prolific geological belt, which includes the famous Outokumpu copper mine and other high-grade mines.  Three high-priority target areas have been identified:

 

o Hammaslahti - Targeting extensions to and structural repeats of the Hammaslahti mine sequence.  FinnAust Mining's first drill campaign in 2012 intersected 3.4m @ 11.5% copper and 3 ppm gold down plunge

 

o Outokumpu - Focussing on the copper belt famous for its high-grade deposits. Four targets identified for immediate drill testing between, adjacent to, and along strike from the world famous Outokumpu copper mine 1908-1999 (42Mt @ 3.1% copper + credits from the whole belt)

 

o Enonkoski - Identified extensions and repeats of high-grade nickel-copper mineralisation discovered at the old Enonkoski mine, which included a drill intercept of 15m @ 6.9% Nickel and 2.0% Copper

 

·    Significant investment in exploration and development of Finnish assets to date, which has confirmed the wide spread occurrence of base metal sulphides and the continuation of mineralogy along strike from producing and historically producing mines in a range of different geological settings

 

·    High-impact 10,300m drill programme to commence imminently - follows 3 years of targeted geophysical work and initial exploratory drilling (inc 3.4m @ 11.5% copper and 3ppm gold at Hammaslahti)

 

·    Work at Hammaslahti has commenced with a geophysical crew and drill rig already on site - plan to drill circa. 400m by end of Q4 2013

 

·    Exploration utilises ZTEM, an innovative new airborne AFMAG (Audio-Frequency Magnetics) system - base metal mineralisation is associated with massive sulphides, which tend to act as sub-surface electrical conductors

 

·    Finland rated number one mining destination worldwide in the Fraser Institute Global Mining Survey Results 2012/2013 - local operators include ASX listed Altona Mining Limited, which recently intercepted highs of 108 metres at 2.4% copper including, 58 metres at 4.2% copper, at its Kylylahti deposit contiguous to FinnAust Mining's Outokumpu target

 

·    Acquisition of Finnish assets complements current portfolio - 80% interest in the previously producing Mitterberg Copper Project in Austria

 

·    Proven Board and management team with experience in identifying and developing resource assets

 

Alastair Clayton, Executive Director of FinnAust Mining, said, "FinnAust Mining plc has a highly prospective portfolio in Finland, located in one of the world's most prolific geological belts.  Primarily targeting VMS, high-grade magmatic sulphide nickel-copper and copper deposits, and following significant investment by ASX listed Western Areas, three high-priority targets of Hammaslahti, Outokumpu and Enonkoski have already been identified in a region which hosts multiple high grade mines including the world famous Outokumpu copper mine.

 

"Western Areas has a proven track record in acquiring and developing resource assets having identified from greenfield exploration and put into production two high grade nickel mines.  They remain totally committed to the development process, underlined by their investment of a further £1.8 million and the appointment of Dan Lougher and Graham Marshall, respectively chief executive and general manager of Western Areas, to the Board.  

 

"We are targeting high grade, high impact exploration.  We are in the right location and with an experienced and committed team, a strong cash position of £3.4 million to develop the assets, a defined exploration programme and a highly prospective portfolio, I am confident that FinnAust Mining is an exciting investment opportunity."

 

Further information on the Company can be found in the Admission Document, in the investor section of the Company's website at www.finnaust.com.

 

Contact details:

Alastair Clayton

FinnAust Mining plc

+ 44 (0) 20 3326 1729

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Joint Broker

+44 (0) 20 3463 2260

Laura Littley

SP Angel Corporate Finance LLP

+44 (0) 20 3463 2260

Lindsay Mair

Sanlam Securities UK

Joint Broker

+44 (0) 20 7628 2200

Catherine Miles

Sanlam Securities UK

+44 (0) 20 7628 2200

Elisabeth Cowell

St Brides Media and Finance Ltd

+44 (0) 20 7236 1177

Charlotte Heap

St Brides Media and Finance Ltd

+44 (0) 20 7236 1177

 

 

Notes

 

FinnAust Mining is an AIM listed exploration company focused on copper and base metals in Finland and Austria.  Its proven management team, with its track record of exploring, discovering, financing, constructing and safely operating mines globally, has established a portfolio of highly prospective projects at various stages of development.  Finland is rated the number one mining destination worldwide in the Fraser Institute Global Mining Survey Results 2012/2013.

 

The Company's primary focus of exploration is a portfolio of assets in Finland.  Three high-priority target areas have already been identified, Hammaslahti, Outokumpu and Enonkoski, which are prospective for Volcanogenic Massive Sulphide ('VMS'), high-grade magmatic sulphide nickel-copper and Outokumpu type copper deposits.  The assets are located in one of the world's most prolific geological belts, which hosts multiple high grade mines including the world famous Outokumpu copper mine, which reportedly produced a total of approximately 42 million tonnes of ore at average grades of 3.1% copper, 1.0% zinc, 0.2% cobalt and 0.1% nickel between 1913 and 1988. A defined 10,300m drill programme will be commencing imminently.

 

FinnAust Mining also holds an 80% interest in the previously producing 33 km sq Mitterberg Copper Project in Austria, which the Company are currently evaluating in order to determine the best plan for future development. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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