25 May 2012

Mining shell seeks £2m

06/04/2011 Robert Tyerman

Looking for up to £2 million from AIM investors is ambitious Aurum Mining, which recently entered a joint venture in north-west Spain with fellow AIM counter Ormonde Mining.

The company, chaired by Sean Finlay, ex-boss of lacklustre Glencar Mining, and boasting Jersey-based entrepreneur David Williams as a major investor, is looking for new acquisition and deal opportunities.

It has committed $442,000 to earn majority stakes in four permit areas in the provinces of Zamora and Salamanca, where grades have so far been in the range of a low 1.1 to 1.5 grammes of gold per tonne of ore, with a one-metre higher-grade interval at 16.6 grammes a tonne.

Aurum floated on AIM in 2004 at 147p in order to develop the Andash gold and copper project in Kyrgyzstan, central Asia, and later raised £28.5 million to build a mine. Following a legal challenge to its title, the company disposed of its Andash stake and returned more than £23.5 million to shareholders last year.

It is understood that Aurum’s directors rate the company’s Spanish prospects highly. The company’s shares, which have traded between 16.5p and 2.6p over the past year, now stand at 4.5p, valuing the company at £2.2 million. They have speculative growth prospects.

Companies: Aurum Mining , Ormonde Mining

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