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Minerva Resources

• BY: Andrew Hore |
• POSTED: 05/09/2008 |
• COMMENTS: Add yours

Minerva Resources plans to raise up to £1.5m to finance the development of its main Ethiopian projects.

It hopes to generate additional funds from the sale of its Kyrgyzstan-based drilling business.

Minvera Resources is an Ethiopia-focused gold and platinum explorer. It was formed on 9 July 2007 when Ambrian Capital-owned Golden Prospect Mining Company reversed into Aim-quoted Palladex.

The main assets are the 100%-owned Tulu Kapi gold project and the Yubdo platinum mine.

Most of the money being raised will go on the exploration that will produce JORC-based inferred and indicated resources. The rest will go on the development of the platinum project.

Minerva also has a number of interests in Sierra Leone. Its partners are Golden Star Resources, Mano River Resources and Jubilee Platinum.

Ambrian Capital still owns nearly 40% of Minerva.

Minerva is valued at £3.5m at 3.125p a share.

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