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Gippsland

  • BY: Andrew Hore |
  • POSTED: 05/03/2009 |

Tantalum mine developer Gippsland Ltd is talking to a potential new nominated adviser.

Shares in Gippsland were suspended on Aim at 2.25p a share after Seymour Pierce resigned as nominated adviser on 11 February. That valued Gippsland at £7.28m. Gippsland shares are still being traded on ASX and on the Open Market in Frankfurt.

The Aim quotation will be cancelled on 12 March if a new nominated adviser is not found. Gippsland says that the potential replacement would raise more cash for the company.

Gippsland raised A$100,000 (£45,000) at 2.2c (1p) a share at the beginning of March 2009.

A lack of cash has hampered Gippsland’s ability to complete the required technical and legal due diligence on its the Abu Dabbab tantalum project.

Gippsland has a resource base of 142.5m tonnes and this will be enough to supply tantalum for more than four decades.

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