YTC director in Cobar to discuss Hera gold project
Wednesday September 9, 2009
A director from a company hoping to develop a mine at Nymagee was in Cobar last week.
YTC Resources, which recently acquired the Hera project near Nymagee, last week announced plans to raise $22.6million to bring Hera into production.
Company director Stephen Woodham met with mayor Lilliane Brady and Cobar Shire councillors last Friday during his visit to the area.
“It was really a meet and greet visit so we could familiarise ourselves with Cobar,” Mr Woodham told The Cobar Weekly.
“We also spent some time with local businessman Roger Jackson who was very helpful in showing us around and introducing us to the locals.”
Mr Woodham said while last week’s stop was a “flying visit”, the company had plans to return to the area in the coming weeks.
“We have organised a meeting with the Nymagee Progress Association soon, as well as some possible site visits,” he said.
The company is yet to formally complete the acquisition process of the Hera site from CBH Resources, although a settlement date is expected later this month.
“It will take a little while before things really start to happen.
“We want to get ourselves a little more comfortable with the data and settle it, then we will develop a program to move forward,” Mr Woodham said.
Shareholders voted to accept a share placement of 108 million shares at a general meeting of the company on Monday.
The fundraising also includes the purchase of 25.75 per cent of the placement by the company’s major shareholder, Chinese company Yunnan Tin Group.
Company chief executive officer Rimas Kairaitis said YTC also intends to undertake a share purchase plan for retail shareholders ineligible to participate in the first placement.
“This capital raising positions the company to move forward with the high grade Hera Gold Project and ultimately transform YTC from explorer to gold miner,” Mr Kairaitis said.
“The company is delighted with the investor response to the raising and it looks forward to both rapidly bringing the project into production and demonstrating the enormous exploration upside beneath and along strike of the Hera deposit.”
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