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Middle Island Resources to lift cash balance

Middle Island Resources (ASX:MDI) has been granted a trading halt by the ASX, pending details of a capital raising.

Middle Island Resources Ltd draws admirers with Sandstone Gold acquisition

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 increasing cash balance following gold acquisition

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 to soar after WA gold project acquisition

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.

Amended trading halt request


Middle Island Resources Ltd gets ready to raise

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.

Trading Halt


Quarterly Cashflow Report


Quarterly Activities Report


Becoming a substantial holder


Half Year Accounts