Sydney, Australia (ABN Newswire) -
Zijin Mining Group Co. Ltd. (SHA:601899) (HKG:2899), one of China's largest gold miners, announces today its intention to make an off-market takeover offer for Phoenix Gold Limited (ASX:PXG). Zijin intends to make an off-market takeover offer for $0.10 per Phoenix share valuing Phoenix at $47.0 million. Zijin has executed a pre-bid agreement with Phoenix's largest non-interested shareholder Geologic Resource Partners LLC and now holds a 17.9% relevant interest in Phoenix.
Xanadu Mines Ltd (ASX:XAM) (OTCMKTS:XANAF) is pleased to announce that diamond drill KHDDH371 at its flagship Kharmagtai copper-gold project has intersected a significant zone (up to 50m) of very high-grade breccia hosted massive sulphide mineralisation within a broad zone (up to 415m) of porphyry-related breccia mineralisation. The discovery resulted from systematic drill testing of high priority targets lying under shallow cover along strike from existing deposits within the Kharmagtai project.
Mozambi Resources Limited (ASX:MOZ) is pleased to announce that three key tenements on the Nachingwea Project have progressed with an offer to grant received from the Tanzanian Ministry of Energy and Minerals. The three tenements include the targets identified in the initial reconnaissance mapping. Further mapping has continued to identify additional outcrops on the two primary graphite targets defined on the project to date.
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ABN Newswire Andrew Xiang
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