AuDAX Resources Limited (ASX:ADX) Gold Assets Spin-Off Into New Company
Perth, Jan 21, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (
ASX:ADX) (PINK:ADXRF) is pleased to announce its plan to spin-off its portfolio of about 20 gold and base metal assets into a new ASX listed company.
The assets include possible gold development projects such as Millrose and gold and base metal exploration properties such as Marymia and Mt Webb together with various other joint ventures and royalties as well as new tenements.
AuDAX managing director Wolfgang Zimmer said "With the gold price at record highs the time has come for the AuDAX to monetize its minerals portfolio. This new structure will enable all existing AuDAX shareholders to realize full value for these assets and provide a clear distinction between them and the key oil and gas projects which are the company's main focus."
Full details of the anticipated transaction and corporate structure will be provided to the market in the near future.
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
| ||
|
