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Middle Island Resources (ASX:MDI) has been granted a trading halt by the ASX, pending details of a capital raising.
Middle Island Resources Ltd (ASX:MDI) has continued to gain support from investors and its shares re-rated as the acquisition of the Sandstone gold replete with an on-site processing plant has been completed. The total consideration for the transaction was $2.5 million. Over 1 million ounces of gold have been produced from the Sandstone area since the 1890’s. Most recently, Troy Resources Ltd (ASX:TRY) extracted and processed 4 million tonnes at 3.
Middle Island Resources Ltd (ASX:MDI) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare. The company recently secured a 100% interest in the Sandstone gold project in Western Australia. The project already hosts a resource of: 11 million tonnes at 1.4g/t gold for 480,000 ounces of gold, with resource and exploration upside. There is also a 600ktpa CIP gold processing plant on care & maintenance, associated infrastructure, spares and camps.
Middle Island Resources Ltd’s (ASX:MDI) shares will move higher after it announced the acquisition of 100% of the Sandstone gold project including an existing CIP processing plant for $2.5 million, located 600 kilometres northeast of Perth. Southern Cross Gold acquired the Sandstone project from Troy Resources (ASX:TRY) which had mined 4.4 million tonnes of ore at 3.6g/t gold for 508,000 ounces. Southern Cross was then placed into administration in September 2015.
Middle Island Resources Ltd (ASX:MDI) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare. During the March quarter 2016 the company was focused on due diligence and documentation on a potential project acquisition. The halt will remain in place until the opening of trade on Thursday 5th May 2016, or earlier if an announcement is made to the market.