Perth, Australia (ABN Newswire) - RM Research is maintaining its speculative buy rating on
Taruga Gold Ltd. (ASX:TAR) the back of continued exploration success with a vote of confidence from Sprott who are looking to fund active explorers. Their commercial and corporate capability of Sprott should also provide TAR with a significant boost moving forward.
Background:
Taruga announced (ASX Announcement, 20/5/2015) that it had agreed to place 222m shares @ $0.045 (and 1:1 free attaching options ex. at 0.60 cents exp. 6/17) to raise approximately A$1.0m This includes A$500K to Canadian based fund manager Sprott Inc. The Company intends to immediately follow the placement up with a Shareholder Purchase Plan.
Last Quarter also saw the finalisation of a JV with Resolute who can earn a 75% interest via the expenditure of US$3.0m (minimum of US$0.50m prior to withdrawal with no interest earned until US$3.0m is spent) over 4 years on the Nielle, Tiebissou and M'Baihaikro concessions (Cote D'Ivoire). Following the earn-in by Resolute, TAR will be free carried until decision to mine at which point TAR can contribute or dilute.
To view the RM Research Report, please visit:
http://media.abnnewswire.net/media/en/docs/80040-ASX-TAR-RM201505.pdf
About Taruga Gold Limited:
Taruga Gold Ltd. (ASX:TAR) is a West African focused gold explorer that has compiled, and is currently compiling, a diverse portfolio of exploration projects within the Birimian geology of West Africa. This region is at present one of the world's great gold districts and has had a significant rate of discovery and development on new gold mines over past decades.
Contact:
Taruga Gold Ltd.
Bernard Aylward
T: +61-8-9222-5800
F: +61-8-9222-5810
E: admin@tarugagold.com.au
www.tarugagold.com.au
RM Research
E: info@rmresearch.com.au
W: www.rmresearch.com.au
T: +61 8 6380 9200
F: +61 8 6380 9299
