News

Havilah Resources granted trading halt pending details on merger with Geothermal Resources

Frome 1, Drill Site, Geothermal Resources, Australia (source: company)
Alexander Richter 22 Aug 2011

Havilah Resources (ASX: HAV) has been granted a trading halt by the ASX pending the release of information about the outcome of merger discussions with Geothermal Resources (ASX: GHT).

Reported this morning from Australia, “Havilah Resources (ASX: HAV) has been granted a trading halt by the ASX pending the release of information about the outcome of merger discussions with Geothermal Resources (ASX: GHT).

The company expects to make an announcement on or before the commencement of trading on Wednesday 24th August, 2011. Havilah has a 58% strategic interest in Geothermal Resources.

Havilah Resources aims to become a significant producer of copper, gold, cobalt and molybdenum from its 100% owned Kalkaroo, Mutooroo and Benagerie projects, which are at advanced feasibility stage.

Kalkaroo is a medium size copper-gold deposit containing over 320,000 tonnes of copper and almost 1 million ounces of gold in a measured resource of 62 million tonnes of 0.55% copper and 0.44 g/t gold.

The deposit is amenable to a bulk mining operation at the rate of 4.5 million tonnes per annum for a period of twelve years.

At projected long term copper price of US$6,600 per tonne and gold price of US$1,000 per ounce, the project is projected to produce a cash surplus of A$605 million.”

Source: Proactive Investors