News blog
Spitfire Oil Ltd
- BY: Andrew Hore |
- POSTED: 21/09/2009 |
Spitfire Oil Ltd is exploring for gold at the site of its lignite deposit in Australia.
Mining companies have been staking claims in areas adjacent to Spitfire’s exploration area. This area hosts the intersection of two prospective gold trends. The exploration programme will be completed early next year.
Coal-to-liquid technology developer Spitfire has a lignite deposit in Western Australia. The Salmon Gums lignite deposit has an indicated resource of 406m tonnes and inferred resource of 470m tonnes - at 4m coal thickness. Tests have shown that the company’s technology that turns the lignite into oil still needs further research. A financial and technical reappraisal of the project has been started. This will include the investigation of other coal-to-liquids technologies.
In February, Spitfire changed nominated adviser and broker from Collins Stewart to Investec and Ocean Equities was appointed joint broker in July 2009.
The shares fell 2p to 19p each, which values Spitfire at £8.08m.
There was cash of A$11.7m in the Spitfire balance sheet at the end of 2008. The results for the year to June 2009 will be reported before the end of 2009.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|