Mintails decides Oz is a safer bet than Africa in bid to return to ASX
Mining & Resources
Junior explorer Mintails is looking to pick up two Western Australian gold projects and relist on the ASX after clawing its way back from administration.
The company plans to buy into two projects north-west of Kalgoorlie, WA — a 51 per cent stake in the Comet Vale gold project and 100 per cent of the Golden Lode gold project.
Mintails was previously in the business of mining gold in South Africa until it was placed into business rescue in October 2015 and then administration in January 2016.
Administrators were successful in securing a deal with creditors and the company emerged from administration in June 2017.
Mintails’ plan now is to begin underground mining this year at Comet Vale and pursue high-grade stranded gold assets in Australia and New Zealand as part of a strategic alliance with mining contractor GBF Mining.
The Comet Vale project currently hosts an indicated and inferred resource of 750,000 tonnes at 8.4 grams per tonne containing 203,100 ounces of gold.
Mintails will launch a $7 million capital raising, change its name to Orminex Ltd and relist on the ASX around April 20.
On completion of the deal, Stephen Brockhurst and Steven Formica will step down as directors and John Correia and Emmanuel Correia will take up their board seats.
Stockhead is seeking comment from Mintails.