Golden Saint Resources, the emerging gold and diamond miner operating in Sierra Leone, today kicked off the final leg of its Initial Public Offering by launching a private share placement exercise for sophisticated investors.
Online PR News – 10-April-2013 – Singapore, Perth, London – Singapore, Perth, London, April 10 2013-- Golden Saint Resources, the emerging gold and diamond miner operating in Sierra Leone, today kicked off the final leg of its Initial Public Offering by launching a private share placement exercise for sophisticated investors.
Golden Saint Resources is seeking admission on the Alternative Investment Market of the London Stock Exchange and is aiming for its shares to start trading by the end of May 2013. The shares are being offered at the private placement at 10 pence a share.
“We are very excited to be nearing the end of our plans to list,” said Mr Cyril D’Silva, Executive Chairman of Golden Saint Resources. “It’s been a long journey, but we are looking forward to the challenges that lie ahead as a public company to deliver the best shareholder value that we can. We have good tenements, a strong board and management and are in Sierra Leone in one of its most peaceful and economically strongest moments.”
Golden Saint Resources has a high quality portfolio of alluvial and hard rock diamond and gold assets in Sierra Leone, which is located in West Africa. The assets comprise three granted project areas totalling 345 square kilometres in the gem quality diamond producing fields of Sierra Leone.
The company has a two-part strategy to establish the company as a global diamond and gold producer by commencing near-term small-scale alluvial diamond and gold mining and identifying gold and diamond assets for large-scale mining. The company is anticipating early revenue generation from alluvial production. “We will become a producer within 180 days with alluvial mining,” D’Silva said.
Historical geological data has highlighted the prospectivity of the licences with unexplained diamond occurrences, previous alluvial production and gold occurrences located during initial prospecting. Golden Saint’s optimistic view is also fuelled by initial studies that show three Kimberlyte pipes in the ground of its sites. These pipes are cone-shaped inside which diamonds are found.
Proceeds from the £3M placement will be used to undertake further geological exploration and development and initial alluvial testing at the company’s sites in Sierra Leone and new project acquisitions.
“We are optimistic that we will be able to harness the potential that these sites hold and start production quickly,” said D’Silva. “These are very exciting times for the gold and diamond industry, with long term industry fundamentals suggesting that demand for these commodities will exceed supply, resulting in sustained price growth over the next decade.”
The demand is being driven by the developing economies of China, India and the Middle East. “But that is only a part of our strategy and story,” D’Silva added. “We are acutely aware of the sensitivities involved in operating in a country like Sierra Leona. We have worked tirelessly with local communities in the areas we operate in and have built up strong relationships with the Sierra Leone government.”
Golden Saint Resources was spun off from Golden Saint Australia, based in Perth, Australia, which also holds gold and diamond concessions in Liberia in West Africa. In December 2012, Golden Saint Australia signed a preliminary agreement to sell its interest in its Golden Saint Liberia subsidiary to ASX-listed Narhex Life Sciences Limited.
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