Silver Lake Resources Ltd
Friday, November 9th, 2007
Perth based Silver Lake Resources Limited, announce the companyâ€™s $30 million initial public offering (IPO) has closed early due to overwhelming interest and support for the offering. Patersons Securities Limited acted as lead manager to the issue.
Silver Lake is an emerging gold producer and exploration company with a resource base of 830,000 ozs of gold across its portfolio of assets including the Mount Monger goldfield and its Murchison projects (Moyagee, Tuckabianna and Rothsay). Silver Lake has targeted projects with certain attributes including:
â€¢ Dominant position in a highly prospective region
â€¢ Sound economic indicators
â€¢ Near term production ability
â€¢ Existing JORC resources with significant growth potential
â€¢ Lack of prior systematic exploration
Proceeds raised under the offer will be used to finalise the purchase of Silver Lakeâ€™s projects, re-open the Daisy Milano mine to recommence gold production and advance the neighbouring exploration program.
â€œWe are delighted with the response we have had to the IPO with applications for shares in Silver Lake well in excess of the $30 million we were seeking. The interest in the company is a clear recognition of our corporate strategy, the quality of our projects and confidence in our team to progress our development and exploration plans,â€ Managing Director, Les Davis, said.
â€œSilver Lake is also well placed to capitalise on the strong fundamentals of the gold market, where demand is strong and supply is decreasing,â€ Mr Davis added.
For further information visit: www.silverlakeresources.com.au