Funding update 2 - Mt Adrah drilling program
Sydney, July 19, 2013 AEST (ABN Newswire) - On 11 July Sovereign Gold (
ASX:SOC) provided clarification of costs and ongoing funding requirements for the Mt Adrah drilling program.
Sovereign Gold has placed 1.5 million Precious Metal Resources (PMR) shares to professional and sophisticated investors at $0.35 per share to raise $525,000 toward funding its contribution of the exploration costs of Gossan Hill Gold Limited.
At the end of June 2013, cash and receivables for the Sovereign Gold Group were approximately $1.5m.
The next planned drill hole (GHD004) at the Hobbs Pipe 1 deposit is a sub-vertical, angular hole to test the width of the Hobbs Pipe 1 deposit and will cost in the order of $300,000 including assays and analysis.
Sovereign Gold has sufficient funds to meet its current project commitments.
About Sovereign Gold Company Limited
Sovereign Gold Co Ltd (ASX:SOC) is an Australian-based specialist gold exploration company. Sovereign Gold has a portfolio of quality tenements located in Eastern Australia where there is known potential for the occurrence of Intrusion-Related Gold Systems (IRGS). Sovereign Gold has a highly prospective tenement package covering the Rocky River-Uralla Goldfield, 21km southwest of Armidale, NSW, Australia. Sovereign owns the recent Mt Adrah Hobbs IRGS discovery south-east of Wagga Wagga, NSW.
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