Quarterly Activities Report
- $235k raised via Rights Issue
- $266k raised via Shortfall Shares under Rights Issue
- Appointment of Mr Gary Steinepreis as Non-Executive Director
- Company continues to evaluate the Kossa Project in Niger and the Mankono Project, Cote d'Ivoire
- Company is actively pursuing additional opportunities
Rights Issue and Placement
During the quarter the Company received $234,830 from eligible shareholders of the rights issue announced 7 June 2016, and placed the shortfall amount of $266,577 to sophisticated and professional investors.
The funds raised from the capital raising activities were used to advance the Company's Kossa gold project in Niger, to identify further mineral opportunities and for working capital purposes.
During the quarter, the Company announced the resignations of Messrs Frank Terranova and Myles Campion, and the appointment of Mr Gary Steinepreis as a non-executive director.
Project Evaluation Activities
The Company has continued to review potential acquisitions and new projects. The Company has not advanced discussions on any project and is continuing to seek projects that the Company will be able to add value to and will have value for our shareholders. The Company has reviewed opportunities in gold, lithium and other metals.
The Company will continue to review opportunities during the December quarter.
Kossa Project, Niger
No field work was completed during the quarter. The Company is reviewing the licences in Niger and continues to assess the Kossa area, which has widespread gold anomalism as indicated in geochemical sampling completed by Taruga and previous explorers. In the regional exploration, sampling has been very wide and a process of geological and geophysical interpretation is being completed to assist in ranking areas for further geochemical sampling to define potential drill targets.
Mankono Project, Cote d'Ivoire
No field work was completed during the quarter. The Mankono concession is subject to a renewal application with the Government of Cote d'Ivoire our team in West Africa are working with the Government to finalise a renewal.
To view the quarterly report, please visit:
About Taruga Minerals Limited
Taruga Minerals Limited is a mineral exploration company listed on the Australian Securities Exchange (ASX:TAR) with a focus on acquiring and developing highly prospective Gold, Copper and precious metals exploration projects in Australia. Taruga's highly experienced management team led by Mr Mark Gasson and key advisors Ashanti Capital, has provided the Company with exposure to the exciting, under explored, High-Grade Flinders Copper-Gold-Silver Project on the margin of the Gawler Craton, South Australia. Taruga has an exclusive, 12-month option to acquire the Flinders Project from Strikeline Resources Pty Ltd.
Taruga Minerals Limited