25 May 2012

Obtala buys into Goldstone

02/02/2011 Robert Tyerman

Mining entrepreneur Frank Scolaro's Obtala Resources (OBT) has acquired 5 per cent of fellow AIM counter Goldstone Resources (GRL). Obtala spokesmen say the abrasive Scolaro is interested in Goldstone's grassroot prospects in Ghana, Senegal and the Central African Republic.

South African-headquartered Goldstone, which raised £2 million last year at 3.5p, has a strategic alliance with Australian gold producer and shareholder Bendigo. Highlighted by Growth Company Investor last year at 3.88p, the shares now trade at 7.45p, valuing the company at £16.5 million.

Partial profit taking might be prudent, but it is worth hanging on to a chunk for potential future gains.

Tags: AIM market, Frank Scolaro, Mining, Obtala Resources, Penny shares

Sector: Mining

Companies: Obtala Resources

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